Be Prepared!

Friday, June 23, 2017

Those Boy Scouts & Girl Guides have it right! As words to live by, 'Be Prepared' are equal to the more popular 'Just Do It' - in fact thorough preparation enables us to just do it. Nowhere is this more true than in today's real estate market where the difference between winning and losing is preparation, both in buying and selling.
When buying in a multiple offer situation, the winner and losers are clearly defined. The winner successfully purchases the home of their choice, while the others move on to make, often many, more offers on different homes. Aside from the price, which has to be strategically decided based on asking price (Is it unrealistically low inviting a full on auction situation? Is it at market with the reasonable expectation of buyers bidding up the price? Or is it drastically overpriced?). The best strategy a buyer can employ when competing is to ensure that her offer is subject free, so that when a seller accepts this offer, there is no uncertainty - no waiting to see if the financing comes through or the buyer doesn't like the inspection report. Often a seller will accept a lower price based on the sure thing. This strategy employs full preparation and due diligence before the date that the seller is reviewing offers. It starts with the prequalification for mortgage, which many buyers assume means talking to the bank, telling them their income and asking how much money the bank would loan them for a mortgage - this is not adequate and would certainly pose a large risk if relying on a conversation to put forward an offer without a financing clause. You need to have submitted every document the bank requires in order to give you a precise written approval in terms of spending power in order to move forward. The building inspection can also be completed ahead of offer - the moment you know "this is the one" - small price to position yourself as the successful buyer of the home you really love.
The seller's strategy is often one taking more time & effort - starting early is the secret. Decluttering, getting rid of the items you are not taking with you, all required handyman items done, furnace serviced , staging to showcase your space, sparkling clean and landscaping looking its best. This is the preparation which makes the home sell more quickly and at the top of its price range.
If you have questions about any of this, we'll buy the coffee! We are always happy to be your resource and even more happy to make our clients winners in every sense of the word. Remember no matter what our real estate market is doing, we have you covered. No umbrellas this weekend - just parasols.

Enjoy - Michelle & Sheila

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