Cove Real Estate



Posted by Cove Real Estate on 12/29/2017

From the time an offer is made on a property, and the deal is done, you may face quite a few challenges. Whether you’re buying or selling a home, the process can be dizzying. There are a lot of things that go on from the time an offer is accepted, and the closing table is reached. The entire process of home buying and selling is designed with built-in protections to help both buyers and sellers avoid feeling a lot of regrets. Below, you’ll find some familiar situations in the buying and selling process, and what’s available to help you avoid disappointment.


Once An Offer Is Accepted, Is It Binding? 


If you were overzealous to accept an offer on the home you’re selling and wish you had looked at others before making a decision, you’re not out of luck. Once you’re under contract, you’re obligated to sell to a buyer. The reason you may want to look at other offers is that it doesn’t hurt to have a “backup” buyer. If something falls through with the first buyer, the second buyer in line becomes automatically under contract. While you may not necessarily sell for more, in this case, there’s a sure way available to help you sell your home fast. 


The Buyer Doesn’t Have The Financing They Thought They Did


If a buyer’s financial backing falls through or if the buyer is unable to get financing by the closing date, as a seller, you can walk away. Any financial changes to the contract that would impact you as a seller including a change in the type of loan, downpayment amount, or any variation from the contract terms allow the seller to end the contract unscathed. 


Something Wasn’t Disclosed About The Property


Not everything is required to be disclosed by a seller. It all depends upon the rules within the state where you are buying. Understand what’s required to be revealed. If you feel uncomfortable with something, you can inquire about it, or add a contingency to have the problem addressed. Things like a death on the property can't be changed, for example. Your state may not even require that these events be disclosed.


The Home Inspection Raised Some Concerns 


If the home inspection reveals some issues that the seller isn’t willing to fix, you have the right as a buyer to walk away. In many cases, these problems would be things like wiring or plumbing issues. 


The Property Appraised For Less Than The Offer


If the property appraises for less than what you offered for the home, you may feel quite upset as a buyer. Don’t worry! There are a few things that you can do. Lenders won’t give you more than what the property appraises for. You can, however, bring more of your own cash to the closing table. You can also wait for the seller to adjust the asking price, or withdraw your offer altogether. The problem with the last solution is that you may lose any earnest money deposits      






Posted by Cove Real Estate on 12/8/2017

What happens if you receive an offer on your home that fails to meet your expectations? Ultimately, you may want to decline the offer. But before you do, there are several questions you'll want to consider, including:

1. Is the offer "fair"?

Let's face it – one home seller's definition of a "fair" offer may differ from another's. However, an informed home seller will be able to differentiate a "lowball" offer from a strong proposal.

A lowball offer typically fails to account for a home's condition and the current state of the housing market. As such, this proposal may fall far below a home seller's initial asking price.

On the other hand, a strong proposal may meet or surpass a home seller's initial asking price. This offer likely accounts for a home's strengths and weaknesses, along with the needs of a both the homebuyer and home seller.

2. Are there any other offers on the table?

If you receive an offer on your home, you'll probably have one to two days to decide how to proceed. And if you have multiple offers in hand, you likely have a lot to think about in a short period of time.

In some cases, the best offer is not necessarily the highest offer, and for good reason.

For instance, a homebuyer may submit an offer on a home that exceeds a home seller's initial asking price. But if this homebuyer has not been pre-approved for a mortgage, he or she likely will need to obtain financing to proceed with a home purchase.

Conversely, a homebuyer who has been pre-approved for a mortgage knows exactly how much money is at his or her disposal. When this homebuyer submits an offer, he or she may be better equipped than other homebuyers to acquire a residence.

3. Can I afford to be patient?

Consider your timeline as you debate whether to decline an offer.

If you're in no rush to sell your home, you can afford to be patient with offers on your house. Or, if you want to relocate to a new address as soon as possible, you should price your home aggressively from the get-go.

4. If I decline an offer, what will happen next?

After you decline an offer on your home, the homebuyer has the option to submit a new proposal or move on to other houses.

As a home seller, it is important to take an informed approach to home offers. With a real estate agent at your side, you should have no trouble making the best decisions on any proposals.

A real estate agent understands the ins and outs of the housing market and can help you evaluate all offers on your residence. He or she can provide you with honest, unbiased real estate recommendations and ensure you can get the best results during the home selling journey.

Collaborate with a real estate agent – you'll be glad you did. A real estate agent will enable you to evaluate home proposals and maximize the value of your house.





Posted by Cove Real Estate on 10/13/2017

Selling a home in a buyer's market may seem like a major struggle, particularly for those who are listing a residence for the first time.

Fortunately, we're here to help you streamline the process of selling your house so you can get the best price for your residence, even in a buyer's market.

To better understand how to succeed in a buyer's market, let's take a look at three factors that every home seller should consider before they list a residence.

1. Your Home's Condition

What is the current state of your home? Ultimately, your home's condition will play a key role in how quickly you can sell your house, regardless of whether you're operating in a buyer's or seller's market.

Before you add your residence to the real estate market, it often is a great idea to complete a property appraisal. This evaluation will allow you to learn about your house's strengths and weaknesses and prioritize home improvement projects.

Furthermore, there are many quick, easy ways to enhance your home's interior and exterior.

Removing clutter from your home offers an excellent option for those who want to free up space inside a residence. Or, you can always trim the hedges, remove dirt and debris from walkways and perform other home exterior tasks to bolster your house's visual appeal.

2. Your Timeline

When do you need to sell your home? If you're in a hurry to sell your home, you'll need to proceed cautiously, especially if you're operating in a buyer's market.

In this scenario, you'll want to establish a competitive price for your home from the get-go. This will require you to analyze the prices of similar homes in your area so you can better understand how your house stacks up against the competition.

If you have several months to sell your home, you may be able to wait out a buyer's market. In the meantime, you can always complete assorted home improvements to upgrade your house both inside and out.

3. Your Housing Market Expertise

How do you intend to get the best price for your home in a buyer's market? You may need extra help along the way. Lucky for you, a real estate agent is happy to provide you with the assistance you need to succeed.

A real estate agent is a housing market expert who understands what it takes to sell a home in a buyer's market. He or she will be able to help you prep your home for the real estate market so you can speed up the home selling journey.

Usually, a real estate agent will promote your house to potential homebuyers, keep you up to date about offers on your house and negotiate with property buyers on your behalf. This housing market professional also can provide honest, unbiased home selling recommendations at each stage of the home selling cycle.

Remove the guesswork that is commonly associated with selling a home in a buyer's market – use these tips, and you should have no trouble generating plenty of interest in your residence as soon as it becomes available.





Posted by Cove Real Estate on 12/4/2015

Today's homebuyers are savvy and they know what they want. If you are looking to get top dollar or a quick sale you will want to make sure you home has what it takes to meet the high standards of today's buyers. Here are a few things that top buyer's lists: 1. Smaller: Believe it or not buyers are purchasing smaller homes but that doesn't mean they are sacrificing for smaller spaces. Open and flowing floor plans are big hits with buyers today. 2. Energy Efficient Appliances: Buyers know energy efficient appliances save money and they want them in the home they purchase. 3. Storage: Who doesn't love storage? Built-ins, custom closets and shelving sells homes. 4. Outdoor living space: Living space on a deck or patio increase the square footage and usable space and buyers are looking for a private outdoor area to relax and entertain. 5. A kitchen with eating area: Kitchens sell homes. Buyers want a large kitchen with a designated eating area. 6. Home office: More and more people are working from home and need a place to work that is away from the hustle and bustle of the main living area. Think about inventive ways to use space in your home to show a buyer that your home has everything they want. You may want to use a home stager to help you showcase these areas.  





Posted by Cove Real Estate on 10/16/2015

Did you know that a mobile website can help sell your home? According to Mobile Marketing Association Asia  5.1 billion people own a cell phone. The world population is 7 billion people.  More and more consumers are shopping via their mobile phones.  A recent statistic says 91% of all smart phone users have their phone within arm’s reach 24/7 – (Morgan Stanley, 2012). Mobile marketing will account for 15.2% of global online ad spend by 2016. (Berg Insight, 2012). Having a mobile web site allows for your property to come up higher in a mobile search and be viewed more easily on a mobile device such as an iPad, iPhone or Android device. Go ahead and type in the website address of this site on your mobile device to see what it looks like. Mobile consumers are more ready to act too. 70% of all mobile searches result in action within 1 hour. 70% of online searches result in action in one month. (Mobile Marketer, 2012). Search Engine Land found that 9 out of 10 mobile searches lead to action, over half leading to purchase. (Search Engine Land, 2012). If your home isn't being advertised on a mobile device you are missing out. Mobile marketing produces more immediate responses, and a higher response rate, than any other marketing method. So, are you ready to list today and get effective marketing for your home?