There Are Multiple Offers. Now What?

There Are Multiple Offers.  Now What?

Your Realtors in the Mountains of Northeast Georgia and Western North CarolinaAs the real estate market starts to recover, homes are selling and many areas are reporting serious declines in inventory.  I have read several reports lately which had less than 60 days inventory!

When there are more buyers than desirable properties, you are very likely to get into a Multiple Offer situation.  Will you get the opportunity to make a “highest and best” offer? That’s up to the seller.  You see, the seller is not required to give notice and ask for highest and best. Instead, he is free to take any offer he deems to be acceptable.  We’ve seen the buyers who don’t get the house say “well, I would have paid that too if they had just asked”. When they asked for your highest and best, they DID!!

How can you increase your odds of coming out on top?  Have your agent put together the cleanest offer you can.  This includes price, earnest money deposit, inspection period, closing date, you name it.  Don’t ask for concessions or contingencies.  Is it worth losing the house because you asked the seller to leave the patio furniture and the other buyer(s) didn’t?  Increase your earnest money deposit to show you’re serious.  If you’re paying cash then  offer to close quickly.  We have used this several times and always came out on Your Realtors in the Mountains of Northeast Georgia and Western North Caroinatop!

Just remember, if you get into a multiple offer situation and the seller asks for your highest and best – you have ONE shot.  Make sure it truly IS your highest and best.

Bill and Cyndi

BUYER FAQ: Do I Need To Get A Home Inspection?

Do I Need To Get A Home Inspection?

Do I Need To Get A Home InspectionOne question we are frequently asked when working with buyers is “do I need a home inspection”?   Unless you are purchasing a brand new, custom built home that has been inspected through each step of the building process, then the answer is a resounding YES! Believe it or not, there are some times when I would even recommend a home inspection for a brand new home too!  Trust me, not all builders are created equal!

A home inspector is going to do a more thorough check with a different set of eyes – and with a different set of expectations than your real estate agent.  They are going to crawl UNDER the house (most agents don’t do that), they are going to crawl in the attic, they are going to get ON the roof, they are going to poke, prod and peer into every nook and cranny.   As a neutral party to the transaction, they are going to tell you what you NEED to know about the house you’ve fallen in love with.

Another question we are asked frequently is whether or not you should attend the inspection.  If you are able, I strongly suggest it.  If the home inspector finds something that needs to be fixed, he can take the time and show it to you if you’re there.  You can ask him any questions and get a good reading of how serious it is, or isn’t.  This is much better than you just reading the report and not knowing if you should be freaking out about something you read there or not!

Case in point.  Last week we closed on a house.  When I wrote the offer, the buyer asked me “do I need to get a home inspection” and as usual I said yes.  Armed with the names of a couple of inspectors, she called them and set up an appointment for the next day with one.   Since I had to open the lockbox and let them all in, I went as well.  The majority of the inspection went perfectly except for one issue – the corner of foundation/crawl space had a significant crack on each side of the corner.  He took us under the deck (I could stand upright so no crawling) and showed it to us. By being there she was able to ask him questions and get herDo I Need To Get A Home Inspection concerns addressed and we moved forward with the closing and made arrangements to have it fixed.  I am afraid that if she had received the report via email and read the home inspectors comments rather than hearing them and asking questions, she might not have been so anxious to proceed.

Keep in mind that the inspector is going to cite any issue he finds, even it it might be functioning properly today.  They may say something  like “the roof is nearing the end of it’s useful life”. That doesn’t mean it’s leaking and needs to be replaced.

Always check the home inspectors “warranty” period.  Many are only 30-90 days.  This warranty covers anything that the home inspector should have seen and didn’t.  It won’t cover a stove that goes bad 30 days after closing.  It should cover a big crack in the foundation that is apparent was there before closing.

In closing, I will always recommend a home inspection.   It’s always better to find out if there is a problem BEFORE you close rather than after.

Happy Shopping!

Cyndi

Bill and Cyndi Daves are REALTORS in the mountains of NE Georgia and Western North Carolina.

If you are in need of the services of professional, caring and qualified brokers, please give us a call.

We’ll treat you like family – or better!