How to Handle Multiple Offers As an Irvine Seller

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Selling a home? Click here for a FREE Home Price Evaluation 

Call me at 949-552-7653 for a FREE home buying or selling consultation

We are in one of the most active real estate markets that we have seen in recent years. Right now, it is very common to be involved in a multiple offer situation when buying or selling. As a seller, there are a few things you need to do to select the best offer.

Obviously, the first thing you should look at as a seller is price. The higher the price, the better your bottom line is. However, price is not the only factor you should consider. You also need to evaluate the terms and conditions in each offer in order to determine which is highest and best.

For instance, one condition you should pay attention to is financing. There are many different types of loans: government loans, conventional loans, and other programs. Pay attention to loan-to-value ratios, down payments, and the buyer’s ability to obtain a loan.

If a buyer is obtaining a loan from a local lender, you can verify the information consistently. It’s more difficult to keep track of the information when a buyer uses an out-of-state, online source.

You also need to evaluate the buyer’s source of funds. Find out if the buyer’s funds are viable and readily available, or if the funds are contingent upon the sale of the buyer’s home. The buyer may even need to transfer funds from another country.

 

"Price is one of the most important factors to consider."

Pay attention to things like inspections, appraisals, and loan contingencies. The buyer will ask for a certain amount of time to satisfy these conditions, meaning they will have a set number of days to order the inspection and the appraisal. As a seller, it is advantageous to you to have a shorter time period in order to reduce your risks.

You should also consider whether the buyer is able to close escrow at a time that is agreeable to you. Maybe you need to close quickly, or maybe you need some time to find your next property.

Finally, figure out if there is a way to add value to the offer. For example, you might need a rent-back. You could also get the buyer to remove some - or all - of the contingencies. That way, you can sell your home without needing to worry about the inspection or appraisal.

Look out for Part Two of our series - we will discuss how to handle multiple offers as a buyer. If you have any questions in the meantime, give me a call or send me an email. I would be happy to help you!

Are Zestimates Accurate for Irvine Homes?

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation 

Call me at 949-552-7653 for a FREE home buying or selling consultation

Recently, I’ve received a lot of questions about the accuracy of Zillow and the reliability of the site’s home value estimates. Today, we’re going to discuss Zestimates in Irvine. Are they accurate and reliable?

Should clients use these numbers to sell their home? In my opinion, Zestimates are not accurate, nor reliable. If you’re looking at a particular Zestimate, Zillow will explain how they arrived at that specific number. For example, Irvine’s Zestimate includes data from Los Angeles, Long Beach, and Anaheim. Through an algorithm, they calculate values in Irvine, but we already know that’s inaccurate.

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Zestimates are not accurate, nor reliable.

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For example, let’s say a home is priced according to market value around $750,000, but Zillow shows it’s worth $700,000. A buyer can compare a home’s price to its Zestimate online. Is the home overpriced or is Zillow underpriced? If a seller relied solely on Zillow, they could miss out on earning top dollar if their home is underpriced, oriented around a Zestimate.

If you want to investigate the true value of your home, contact a trusted professional in your area with experience and proven results. I would be more than happy to provide a complimentary home market value report if you’re interested in selling your home. Give me a call or send me an email! I’d be happy to discuss and serve your local real estate needs.

The Best Ways to Increase Your Home’s Value

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation 

Call me at 949-552-7653 for a FREE home buying or selling consultation

Today we’re excited to be talking about how you can get a better price when you’re selling your home. We’ve got four tips for you today that will help you sell for top dollar in Irvine. Here they are:

1. Time it right.

Real estate is all about timing. In any given year, homes sell better in spring and summer than in fall and winter.

2. Price it right.
It’s better to price your home competitively and aggressively. You want buyers to compete for your home, which won’t happen if you overprice it. If you overprice your home, it will stay on the market longer. The longer it stays on the market, the more buyers will want to negotiate on price.

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Take the time to make your home look right.

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3. Showcase your home. 

Take the time to make your home look right. You want buyers to fall in love with it. Many buyers decide on a home based on their heart, not their head. They decide based on emotion and the more emotionally appealing a home is, the higher the offer will be.

4. Get aggressive with online marketing.

Get your home out to the masses. We are in a global market, and buyers come from everywhere. They choose their homes based on their first impression, which is the online listing for the home. Make sure you have professional photography for your listing, as this will get you more interested buyers. The more buyers you have, the more offers you get. The more offers you get, the higher your final sale price will be.

If you have any questions for us or want even more tips to get the best price possible for your home, give us a call or send us an email. We would love to hear from you!