Posted by Betsy Graziano on 3/26/2018

When you find a home you love, you most likely will want to take the steps you can to buy it. When a home is already under contract, there’s actually a little-known strategy that can be used to help you have a chance at getting the property. 


When you make a backup offer, you’re doing all of the same things you’d do under normal circumstances. The only difference between a normal offer and a backup offer is that you’re not guaranteed to get the home. The first deal needs to fall through in order for you to have a shot.


Advantages To Backup Offers


The backup offer is a bit of a stretch, but it still does give you a little bit of a chance to get a home. When a backup offer is in place, the home won’t just go back on the market if something falls through. This is especially smart when it comes to lower inventory markets. When a home is re-listed, you’ll need to compete against other buyers. If a bidding war is initiated, the home’s price will keep going up. The backup offer being in place helps the seller to feel secure in the sale of their home one way or another. If for any reason the first buyer falls through, you’ll be able to swoop in and get the home yourself.


Timing Is Everything


Keep in mind that there’s a certain period of time before a deal needs to be closed on for a home. The original buyer will need to close the deal on the home in an average of 50 days. Knowing the time frame that you’ll need to wait around for a decision is helpful for you in your own search for a home.


You can also have your agent check in with the listing agent for the property on a frequent basis. This lets the agent ad seller know that you have a keen interest in the property in case there are any difficulties coming from the other side of the deal. 


If The First Deal Doesn’t Go Through


If the first deal on a home does fall through, you’re not the new owner of the home just yet. There’s always a possibility that the first buyers found some very difficult problems with the home during the inspection. These could be big issues like an issue with the roof or the foundation of the home. Be sure to include a home inspection contingency with your contract so that you can have your own inspection conducted. This way, you’ll know if there are any problems with the home and that you will be able to deal with them.


A backup offer can be a great tool to use in tight markets to help you get a home that you love. It’s always a good idea to proceed with caution in any home deal to make a sound financial decision.





Posted by Betsy Graziano on 1/1/2018

After you receive an offer to purchase your house, you likely have only a short period of time to make your decision. Ultimately, determining whether to accept, reject or counter a homebuyer's proposal can be tricky. But if you plan ahead, you should have no trouble performing a comprehensive analysis of a buyer's offer, regardless of how much time is available.

Now, let's take a look at three tips to help you review a homebuying proposal.

1. Weigh the Pros and Cons

Creating a pros-cons list may prove to be ideal, particularly for a seller who is struggling to decide how to proceed with an offer. With this list in hand, you can evaluate the advantages and disadvantages of accepting a proposal and determine the best course of action.

Furthermore, it may be beneficial to assess your homebuying goals relative to an offer. If you goal is to maximize your profits, for example, you may want to accept an offer only if it matches or exceeds your house's initial asking price. Or, if your goal is to move out of your current residence as soon as possible, you may be willing to accept a proposal, even if it falls short of your home's initial asking price.

2. Assess the Housing Market

Housing market data is readily available that may help you make the best-possible decision about a home offer. If you analyze this information closely, you may be better equipped than ever before to decide whether a buyer's proposal is "fair" based on the current real estate market's conditions.

Oftentimes, it helps to conduct a home appraisal before you list your residence as well. Following a home appraisal, you'll receive a property valuation that may help you price your residence and evaluate home offers down the line.

3. Consult with a Real Estate Agent

There is no need to examine a home offer on your own. Instead, collaborate with a real estate agent, and you can receive expert recommendations as you assess a homebuying proposal.

A real estate agent is happy to work with you at each stage of the home selling process. This housing market professional will make it simple for you to list your house and promote it to the right groups of buyers. Next, a real estate agent will set up home showings and open house events to showcase your residence. And once you receive an offer on your house, a real estate agent will allocate the necessary time and resources to help you make an informed decision.

Lastly, if the first home offer that you receive fails to impress, there is no need to worry. You should not feel pressure to accept the initial offer on your house. In fact, you can always counter this proposal to set the stage for negotiations with a buyer, which could increase the likelihood of a successful home sale.

Get ready to review a homebuying proposal – use the aforementioned tips, and you can fully assess any offer that you receive.





Posted by Betsy Graziano on 1/2/2017

The real estate market is filled with many high-quality residences, and after a comprehensive search, you've found a residence that fits your personal needs and budget perfectly. However, you may need to think twice before you submit an offer on this residence. There are many factors that homebuyers should consider before they make an offer on a house, including: 1. Neighborhood Ideally, you'll want to find a home in a community filled with friendly neighbors. But in many cases, homebuyers may focus exclusively on a residence and ignore the neighborhood entirely. Taking a walk around a neighborhood often allows you to get a better feel about what it is like to live in a neighborhood and may give you a chance to meet some of the neighbors as well. Also, a simple walk around the block will provide you with a better idea about whether a house's value may rise or fall in the foreseeable future. For instance, a neighborhood filled with houses with well-maintained front lawns, nearby parks and schools and other local amenities may prosper for years to come, and home values may rise in this neighborhood over the next few years. 2. Crime No one wants to live in an unsafe area, and you can learn about crime near a prospective home before you submit an offer on a residence. Contacting a local police station usually is a great idea for homebuyers who want to find out about crime statistics in a particular area. Furthermore, your real estate agent can provide insights into crime in a specific area and help you determine whether a particular house is the best option. 3. Traffic Although your dream home features all of the amenities you want, it might fail to provide you with quick, easy access to your office day after day. For example, traffic can be a problem if your house is located in or near a major city. And if you need to travel to work every day, it is important to understand how traffic could affect your daily commute. To better understand traffic patterns in a particular area, try driving to a residence at different times during the day. By doing so, you can learn about traffic patterns near a house and be better equipped to make a more informed decision about whether to submit an offer on a residence. 4. Taxes You've been pre-approved for a mortgage and have established a monthly budget for a new home, but taxes may vary depending on where you move. Thus, you'll want to learn as much as possible about potential taxes that you could face at a new residence before you submit an offer. Taxes may add up quickly, but homebuyers who budget accordingly can minimize the risk that they'll fall behind on tax bills. And with support from your real estate agent, you can learn about taxes that you may encounter if you purchase a particular residence. If you're fully satisfied with a residence after you consider the aforementioned factors, you'll be ready to submit an offer and move one step closer to moving into your dream house.