How to Pick the Right Home

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

How do you know that you’re buying the right home? If you are looking for a home and you find one in the neighborhood that you want with the right number of bedrooms and bathrooms and in your price range, that could be the right home.

However, as many of you know, these are not the only factors to consider. Things like lighting, upgrades, layout, and the condition of the home make a big difference. These factors make you feel a certain way about the home and help you figure out if you like it enough to make an offer.

Still, what happens if there are four or five homes in the same area that meet your wants and needs? Which one do you pick? As a general rule, if a home meets 80% of your wants and needs list, that should be the right home. It is very rare to come up with a home that meets 100% of your wants and needs.

" Stay firm with your need list
and be flexible with your wish list. "

When you evaluate the homes to select which one is right, make sure you are in the location that you want and that the home is orientated the way you want. You should also evaluate the price of the home. Look at comparable properties with your Realtor to determine whether or not the home is overpriced. Don’t rely on sites like Zillow for home value; Zillow’s estimates are often way over the actual value of the property.

As I mentioned, one factor you should pay attention to is the layout. The home should have the layout you want or be easily modified. Cosmetic issues are important but, again, it’s very rare that a home has 100% of the cosmetics and upgrades you want. If everything else is right about the house, don’t let cosmetics be the deciding factor.

Ultimately, keep in mind that you need to stay firm with your needs list and be flexible with your wish list. If you have any questions, give me a call or send me an email. I would be happy to help you!

How Buyers Can Successfully Compete in Multiple Offer Situations

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

Welcome back to the second part of our series on how to handle multiple offers in the surrounding Irvine area. As a buyer, how can you compete and increase the likelihood of getting your offer accepted in a bidding war?

"Reduce the contingency
period at all costs."

Of course, sellers will the take the price into account first. However, it’s not the only thing they look for. Although sellers are looking for the highest bidder, they also want to make sure the buyer can close in a timely fashion. As a buyer, it’s your job to assure the seller you are that buyer they can rely on. Here are six useful tips to remember when submitting an offer.

1. Provide detailed documentation on the source of your down payment.
2. Reduce the contingency period at all costs.
3. Get pre-approved with a local, reputable lender and provide the pre-approval letter, including your FICO scores and your assets.
4. Inquire about the seller’s motivation through your agent, such as what they’re looking for or why they’re moving.
5. Get personal and include a family photo with your offer.
6. Be flexible with the closing date.

If you’d like more tips, please reach out. Give me a call or send me an email. I’d be happy to talk! I can answer any and all of your questions as well.

How to Handle Multiple Offers As an Irvine Seller

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

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!