Offers:
While receiving your first offer is one of the most exciting aspects of selling your home, it’s important to remember to stay levelheaded and know that one offer doesn’t necessarily mean that future offers are going to be higher or lower. Every buyer is different.
Under-asking:
Receiving an offer under your asking price is disappointing, but it’s not the end of the world.
Buyers are always looking to get the best deal they can. We will discuss the finer points of all offers and decide, based on its strengths, if we will accept or make the buyer a counter-offer.
The main idea here is that ALL of the terms are acceptable and that “time” has value. If you need an extra few weeks or months to make your next move, it may be worth taking a little less in order to have a smooth sale vs a higher price with a stress-induced frenzy to move quickly.
It’s always been different. Rarely are any 2 scenarios the same.
Receiving an offer at your asking price can mean many things. You might assume that more offers will come in and that having competing offers will drive up the price.
You may receive more offers at-asking, but it’s also possible that you may not.
Think about some of the goals you had when you first decided to sell your home. If you get an offer that’s over your asking price, it’s likely because you’ve already received multiple offers and Kurt has made new buyers aware of this.
It can also be a lack of inventory in a certain area or, it may be a sellers market overall and property is being traded at higher than expected price points.
All things combined, this is where his experience and market knowledge can help you get more than you initially thought you would.
All-cash vs. Financing:
All-cash offers mean that a buyer is making their offer with assets they already have.
A financing offer means that a buyer is making their offer through a bank. An all-cash offer means that, as a seller, you don’t have to worry about a buyer potentially getting denied a mortgage by their bank. Therefore, all-cash offers are almost always better.
On the other side of that, appraisals almost always come into play.
In 2021 and 2022, the market had been so hot that many cash buyers were making offers with no appraisal contingencies, because they don’t need one.
When it comes to a bank being involved, some buyers are still cash heavy enough to bridge any shortfalls between acceptance price and appraised value.
In some rare instances, the bank (depending on the loan program) may have a say in this too.
Again, each deal is specific to itself and we will cover each offer and its overall terms as they come in.
If your home isn’t selling:
Whether the offers you’re getting are too low or you’re not getting any at all, you may have reached a point where you feel like your home just isn’t selling the way you want it to. There can be many reasons for this.
Your home might not be properly priced, the market could be down, or your home is not reaching the right audience. Kurt should be able to help give you an idea about why it’s not selling and suggest adjustments to the selling strategy.
Reducing your price, de-listing and waiting for a better time to sell, and re-staging are viable options.
Again, your initial selling goals will help inform what you decide to do if you find yourself in this situation, and Kurt will help advise you along the way.
Contract, closing, and celebration:
Once you’ve accepted an offer, the process of sending out a contract and negotiating the finer points of the sale begins.
Everything from the move-in date and ownership of specific appliances and furniture pieces to who pays for repairs, assorted fees in the case of any HOA, and closing fees gets ironed out until both parties are satisfied.
In the state of Arizona, real estate attorneys are not required to complete a transaction.
As always, you are more than welcome to seek one out and employ them for any contract review at your own expense.
Appraisal:
A crucial step during the contractual process is when a licensed appraiser assesses your home on behalf of the buyer or lender.
An appraiser will inspect your home and determine its actual value. An appraisal can change the negotiation dynamics and even lead to a buyer backing out of an offer depending on how the initial contract has been agreed to by all parties and if there are or are not any appraisals, waivers or shortfalls.
Closing:
With contracts signed and everything in order, closing is the final step in the selling process.
It is when you will transfer legal ownership of your home to the buyer and when you will receive your funds from escrow. The Escrow Agent (Title Company) will walk you through the specifics of what will happen, but most often, you will need to be prepared to sign closing documents and pay closing costs.
In the state of Arizona, it is very common for the buyer and the seller to sign independently, even electronically, with a mobile Notary service provided by the Title Company 3 days in advance of the actual closing date.
If the parties are in AZ at the time the closing is to take place, the Title Companies are usually more than welcoming to have any interested parties set an appointment at their offices and complete everything in person, in a post-Covid environment.
Buyers are allowed final walkthroughs of the property to ensure that negotiated items like repairs and furniture have been honored.
This usually takes place a few days previous to the closing to allow time for anything that might have been missed, to still be rectified prior to signing and transferring.
The people of the process:
There are many more people involved in the sale of a home than just a buyer and a seller. Here is a quick list of some of the most common.
Agents:
Real estate agents are licensed professionals that represent buyers and sellers during the sale of a home. They give advice; negotiate offers, market properties, set-up showings, and more. Their compensation is based entirely on commission.
Stagers:
Stagers can help transform the look and feel of your home in preparation for sale. They have access to a diverse range of furniture, art, and lighting options and have invaluable interior design experience.
Photographers:
Professional photographers/video production techs know how to maximize space and natural light to make your home look as spacious and inviting as possible.
Lender:
Loan officers who assist in collecting buyer information, qualifying them, and keeping them on track during the entire escrow process are paramount. Diligent, hardworking, reputable, and communicative loan officers are always the best to work with. We must keep things moving forward and on time!
Appraisers:
An appraiser is hired by the buyer or the buyer’s lender to assess your home’s true value using multiple factors before the lender decides how much money they will be willing to lend on any given home.
If an appraisal falls short, the gap must be bridged somehow. Normally, buyer and seller work together to find a solution. This varies on a case-by case basis and it will be discussed should it ever become an issue well in advance.
“I am an agent who strives from the heart with top level communications and does everything within my power to arrange for people’s wants and desires when it comes to Real Estate. I specialize in individual service and I take great pride in that fact.” – Kurt
Please browse and window shop as anonymously as you like, for as long as you like. When we do connect, my goal is to be a welcomed guest on the phone or in your home. I apply no pressure at all and you will never be hounded. Whatever form of communication works best for you, will also work for me. Feel free to text, call, email or request a zoom meeting with me. I do not use auto-text responders and your privacy is 100% protected. It will be my honor to help you.
Email: Kurt(at)kurtmboyd(dotted)com | Text Direct: 480.203.3704