Posts Tagged ‘price’

• Consider comparables. What have other homes in your neighborhood sold for recently? How do they compare to yours in terms of size, upkeep, and amenities?
• Consider competition. How many other houses are for sale in your area? Are you competing against new homes?
• Consider your contingencies. Do you have special concerns that would affect the price you’ll receive? For example, do you want to be able to move in four months?
• Get an appraisal. For a few hundred dollars, a qualified appraiser can give you an estimate of your home’s value. Be sure to ask for a market-value appraisal. To locate appraisers in your area, contact The Appraisal Institute or ask your REALTOR® for some recommendations.
• Ask a lender. Since most buyers will need a mortgage, it’s important that a home’s sale price be in line with a lender’s estimate of its value.
• Be accurate. Studies show that homes priced more than 3 percent over the correct price take longer to sell.
• Know what you’ll take. It’s critical to know what price you’ll accept before beginning a negotiation with a buyer.

For more information or tips, call Prudential Vision Properties at 573-449-6200 to speak with a real estate expert without any obligation or cost. You can also email your questions to info@PrudentialVision.com (email responses usually come back within the hour)

All offers to purchase must be reduced to writing. Verbal offers to a seller or the selling agent have no credibility and are not binding.

Your sales professional will use standard contract forms approved by the real estate commission for specific use. Your offer should be precise regarding terms, dates, and special requests. Since your sales professional is not licensed to practice law, only factual business details may be added. You may request that your offer be examined by your attorney.

All buyers should sign the initial offer. Your sales professional will take or fax the offer to the listing agent who will present it to the seller. The selling agent may be present at the time the offer is presented. Most times seller/agent location or schedules prevent this.

The listing agent will present the offer to the seller along with written proof of the buyer’s financial qualification. The seller will weigh the merits of the offer and the buyer, assess the bottom line, and make a decision. The seller can accept the contract ‘as is,’ reject the contract, or make a counter offer.

If the offer is accepted, all sellers should sign the contract and an effective contract date is set. If the contract is rejected, no further action is required except informing the selling agent.

If the offer is countered, the seller will change the terms that are unacceptable, initial all changes, and sign the contract. The countered contract is then delivered either in person or via fax to the selling agent for presentation to the buyer. The buyer can accept, reject, or make another counter offer. The offer does not become a binding contract until all parties have signed and all changes have been initialed by all parties.

For more information, call Prudential Vision Properties at 573-449-6200 to speak with a real estate expert without any obligation or cost. You can also email your questions to info@PrudentialVision.com (email responses usually come back within the hour)

Learn more about making the initial offer.

The right fit between lender and mortgage products furthers your financial goals. Your lender will counsel you about the best mortgage product for your financial profile. You should be candid with your lender about the specifics of your financial information and share future goals and explore any concerns about your mortgage.

Your lender weighs how much money you have, your debt load, and your income. Other considerations should be the likelihood of a significant change in your income, future financial goals, your ability and willingness to save, your spending habits, and how mobile you will be in the near and long term.

The property itself may influence your choice. A property in need of major repairs may dictate the balance between the money for down payment and funds designated for repairs. Your lender can provide the best advice when you’ve provided a true picture of your situation.

Your lender provides the pathway to your mortgage by packaging information to showcase you to the underwriter. If your credit is tarnished, your lender can help you clear it up. If your credit has been damaged, your lender can work with you to design a repair strategy and obtain a mortgage at a later time.

Get more tips on how to choose your lender. Also, learn about your mortgage choices and the types of mortgage products available.

For more information, call Prudential Vision Properties at 573-449-6200 to speak with a real estate expert. You can also email your questions to info@PrudentialVision.com (email responses usually come back within the hour)

By Vickie Wallace
Prudential Vision Properties

The last step in the home buying process is what real estate professionals commonly refer to as “the closing.” The closing, or settlement or close of escrow, is when all the progressive steps in buying a home from the acceptance of the offer, title search, home inspection, mortgage approval, and so on, come together in a final transaction. The documents are ready to sign, the buyer is ready to hand over the purchase price and the seller is ready to transfer title—and most importantly the keys!

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