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.
Plumbing problems can end up causing major damage to your home. While some plumbing issues can occur suddenly due to factors beyond your control, you can take steps to reduce the risk of a few common plumbing problems. Keep the following tips in mind to help keep your home plumbing issues to a minimum.
Keep Toilets and Drains Clear
Clogs are among the more common plumbing problems you may experience. When a clogged toilet or drain isn’t dealt with, it can lead to serious leaks or water damage. You can prevent clogged toilets and drains by restricting what you flush into the system. For instance, avoid flushing wipes down the toilet, even if they’re labeled as “flushable.” Wipes generally do not break up the same way toilet paper does. Try to keep larger items from falling into shower and sink drains, and consistently remove hair and other debris from around the drains, so they don't have the chance to accumulate in the drainpipe.
Prevent Pipe and Faucet Leaks
Leaks are one of the more serious plumbing problems that homeowners encounter. Even a minor leak can end up causing severe damage when it goes unnoticed. While faucets can develop leaks as they deteriorate over time, you can reduce wear and tear by carefully and slowly turning the handles on and off. Pipe leaks can be hard to prevent altogether, routinely check for signs of potential leaks. These include a buildup of moisture on pipes or rusty areas. If you suspect you have a pipe leak, consult with a plumber about repairs as soon as possible to prevent a larger issue from developing.
Avoid Running Toilets
Toilets that run constantly can indicate a leak or other problem with the interior components is present. This kind of plumbing problem can be tough to prevent entirely. However, checking your toilet mechanism on a regular basis or testing for leaks using food coloring in the tank can ensure that you catch issues early on. Your toilets may need something as minor as untangling the chain that connects to the flapper valve, to work again properly.
Inspect Your Water Heater
Problems with your water heater might include a lack of hot water or water that isn’t getting hot enough for showers and other household uses. Water heaters can develop problems over time due to damage, deterioration, a mineral buildup or other problems. Inspecting the pressure valve, flushing the tank from time to time and doing other maintenance checks can help lower the risk of these problems.
128 Mechanic St, Bellingham, MA 02019
Are you considering buying a home with a Home Owner's Association (HOA)? Living in an HOA community can be very rewarding. But if you're accustomed to living without one, it can bring some challenges.
Know in advance what to expect with HOA living. Checking out the biggest pros and cons HOA homeowners face.
Pro & Con: Lawn Maintenance
Some HOAs may pool HOA money together to cover landscaping costs for the neighborhood. Not only does this mean you never have to do yard work again. It also provides a consistent aesthetic throughout the community that you'll come to appreciate.
This can be a con as well. You'll have less say about the flowers you can plant. And some HOAs don't handle landscaping but give you basic landscaping rules you must follow.
Pro: Access to Amenities
An HOA may maintain a community swimming pool, clubhouse, golf course, or mini-gym. As a member of the HOA, you'd have access to these shared spaces.
Pro: Fewer Worries about Unruly Neighbors
Is your neighbor throwing loud parties at all hours? Are they letting their dog run around and relieve itself in your yard? In a non-HOA, these are neighbor disputes. But in an HOA, these are community issues.
When you join, you each agree to by-laws. If someone is out of line, they may face penalties. But beware, if you're the unruly neighbor, you might face the same.
Pro: You May have Automatic Friends
If you've moved across the country and don't know anyone, you'll appreciate the organized social events most HOAs host.
Con: Fees Can be Expensive
If you get a lot of amenities, you'll be paying for it through the HOA. It's much cheaper than if you paid for all of it separately. But it's essential to move into an HOA with amenities you'll use to get your money's worth.
You owe these fees regardless of changes in financial status. The by-laws may give the HOA the right to put a lien on your home that will have to be paid before you can sell or refinance.
Con: You Can't Paint your House
The HOA will typically choose one or more colors for your exterior. You have little say.
Are you a rebel? This level of control over your life may take some adjustment.
Con: The HOA Organization
Not all HOA's are run well, try to gain insight into how the Association's governing board functions. Before joining one--which is automatic when you buy a house there--we recommend that you talk with your future neighbors and the HOA to get a feel for things. Also, walk through the neighborhood to see how well yards, roofs, and other outdoor features are maintained.
The Pros & Cons of HOAs
Every HOA is different. So consider what you're looking for. Speak with your real estate agent about your desires and expectations. And for more tips on finding the home you'll love, follow our blog.
As a home seller, you'll likely want to do whatever you can to promote your house to the right groups of homebuyers. Thus, hosting an open house is a must, particularly for a seller who wants to enjoy a fast, profitable home selling experience.
Ultimately, there are many reasons to conduct an open house, and these include:
1. You can stir up interest in your house.
An open house enables you to provide homebuyers with an up-close look at your residence. It allows these buyers to look beyond a home listing, and as such, may lead to many potential offers on your home.
Of course, an open house empowers you to show off the true size and beauty of your home as well. If you allocate the necessary time and resources to clean your home prior to an open house, you may increase the likelihood of securing offers at the event's conclusion.
2. You can respond to homebuyers' questions.
Although a home listing may include details about your house's age and condition, it fails to provide homebuyers with a "feel" of what it's like to walk around inside and outside your residence. Fortunately, an open house allows buyers to get a first-hand look at your residence and determine whether your house matches or exceeds their expectations.
Furthermore, an open house provides homebuyers with the opportunity to ask questions about your house. And if you provide buyers with the information they request, you can make it easy for them to decide whether to submit an offer on your home.
3. You can analyze homebuyers' interest in your residence.
Believe it or not, an open house can help you gauge the effectiveness of your marketing efforts.
For instance, an open house that features dozens of potential buyers likely can be considered a resounding success. On the other hand, if no buyers attend your open house, you may need to reevaluate your home's initial asking price and other home selling factors.
When it comes to hosting an open house, there is a lot to consider. Luckily, you can work with a real estate agent to streamline the process of putting together a successful open house.
A real estate agent is a home selling guide who can offer expert tips and insights at each stage of the home selling journey. He or she will learn about your residence and help you map out a successful home selling plan. Perhaps best of all, a real estate agent will set up open houses, help you assess offers on your residence and ensure you can make the best-possible decisions throughout the home selling process.
If you're worried about hosting an open house, there is no need to stress. Hire a real estate agent today, and you'll be able to receive comprehensive home selling support. In fact, with a real estate agent at your disposal, you can seamlessly navigate the home selling cycle.