Home Inspections, Part 2
Home inspections may reveal needed repairs or questionable situations, and allow the Buyer to request those repairs or a price reduction.
Although the Buyer may request repairs or reductions after the home inspection, the Seller is not required to agree to them.
The Buyer may just accept the results of the home inspection and continue with the purchase without additional negotiating.
Backup Offers
A backup offer means you are next in line for the home if the current buyer backs out or something happens.This is not legally binding, it just lets the seller know that you are interested in the property if the original offer falls through.
The MLS
The MLS is a tool we use to upload listings. But what do the different statuses mean?
NEW, Active (ACT), Contingent (CTG), Kick Out Clause (ACT), Under Agreement (UAG), Back on Market (BOM), Reactivated (REC), Temporarily Withdrawn (WTH), Expired (EXP), and Sold (SLD).
Contract Dates on an Offer to Purchase
This is a very important topic as these are legally binding documents!
We will always be there to help you through this process, but it is important that you are familiar with these dates as well. Our goal is to get your to the closing table on time!
So you just accepted an offer, what's next?
1. As your buyers agent, I will schedule an inspection within 7-10 days.
2. Inspections take about 2-3 hours.
3. Allow for more time if additional testing is needed.
4. Pest inspection may be required by your lender.
5. The inspector checks everywhere, including crawl spaces and attic.
6. Be mindful of the deadline to communicate issues after inspection.
As always, reach out with any additional questions. You can find me at Coldwell Banker in Leominster!
Open House Etiquette for Buyers
DO sign in! Sellers have a right to know who is in their home.
DO ask as many questions as you want about the home.
DON'T overshare personal/financial information.
DO open closets & cabinets.
DON'T open personal belongings (ex: dressers).
DON'T treat an open house as a home inspection.
Lastly, remember that Open Houses are open to everyone - neighbors, agents, other nearby sellers, etc!
Preparing to Close
Sellers, there are three little words in real estate that we absolutely love to hear... Clear to Close! So what do we need to prepare for a closing?
1. Get final readings for utilities.
2. Utilities should be transferred, not terminated.
3. Plan to be out of the house 24-48 hours before closing.
4. Don't leave 'gifts' behind without buyers approval.
5. Leave the house move-in ready for the final walkthrough.
So you just accepted an offer, what’s next?
1. Massachusetts is an attorney state, so I will notify your attorney right away and provide them with documentation.
2. The buyer may choose to have an inspection done. Usually within 7-10 days.
3. Sign the Purchase & Sale Agreement.
4. The buyers lender will order an appraisal if the buyer is financing.
5. The lender may also order a tape survey; you will not be notified. Exterior only.
6. Smoke detectors must be inspected by the local fire department.
But, as your listing agent, I will be there to guide you through each of these steps as we prepare to close on your home!
Different Types of Showings
So you just put your house on the market, what happens next?
SHOWINGS!
In today’s episode, we dive into the multiple types of showings, private and public, and how each can be beneficial in getting your home sold for top dollar!
Who is #1? Does it matter?
As real estate agents, it does matter. All agents can say they were #1 at something for a given moment, but can they say they are #1 consistently?
Scheduling a Showing through a Third-Party Website
When we put a new listing on the market, we upload them to the Multiple Listing Service (MLS). Then, many third party websites pull our listings to show on their website (Zillow, Realtor.com, etc.).
On these third party websites, there is an option to schedule a showing directly from the site. The problem with this, is it usually connects you with a different buyers agent that may not know everything about this property.
Best practice is to have your real estate agent that you are already working with make these showing appointments for you! If you do not have an agent, reach out to the listing agent directly to learn more about the property.
What, Why, & Who - Agency Disclosure Form
Lana & Sherri discuss Agency Disclosure Form. What they are, who they are for, and why we need them!
Inflation & Interest Rates
Lana & Sherri discuss the current market. Sellers, it is still a great time to sell with low inventory. Buyers, don't get discouraged with rising interest rates, the market is balancing - not crashing! Now is the time to buy!
Lending Insights with Total Mortgage's Sophia Bell
Lana & Sherri sat down with Sophia Bell of Total Mortgage to discuss current real estate lending insights in today's tricky market.
Interview Questions to ask your Potential Realtor®
Meet Suzi the Seller and Rita the Realtor! Interviewing your potential real estate agent is essential to find a real estate agent that fits your needs and wants.
Are you full-time or part-time?
How well do they you the local market/area?
How well do you negotiate?
What is your communication style?
How do you plan to market my home?
Why should I hire you?
The Importance of getting Pre-Approved
Lana and Sherri discuss the importance of getting pre-approved for a loan before you start looking at home!
Once you have that pre-approval in hand, it's time to go shopping!
Winter is a great time to Sell!
Lana and Sherri discuss why the winter months are a great time to sell your house!
A Funny Thing that Happened...
Sherri and Lana share a funny story about a house showing from Sherri's early days as a Realtor®.
Sellers Disclosure
A sellers disclosure form is a great tool to show potential buyers what improvements have been done on the home. And although not required, you should disclose other information about the property as well as any upcoming future repairs you do not intend on fixing!
Upgrades & Updates Before You List
In this episode, Lana & Sherri discuss what updates and upgrades give the most bang for the buck to maximize your return on investment (ROI).
Best Time to List your House
In this episode, we discuss the pros and cons of listing your home during the different real estate market seasons.
The Foreclosure Market
In this episode, we discuss the foreclosure property market with local expert Eric Callahan of Prospective Realty Inc!
Making an Attractive Offer
In this episode, we discuss how to make an attractive offer in order to stand out from the crowd in this competitive market!
Navigating Today's Market
Curious as to what the future holds for the real estate market?
In this episode, we meet with Kim & Peter, colleagues and also top agents in our area, about their thoughts on the current market and where we can expect it to go!
Get Ready to List your Home!
Are you thinking about selling your home but not sure how to get your home ready for sale?
It all comes down to decluttering and minimalizing!
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©2022 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Anywhere Advisors LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.
