With the housing ‘crunch’ in Nome it has become pretty common to see multiple offers on homes we list. Which is good. If you are the seller.
When we get multiple offers on a house, it’s typically one where we have gone in and helped the owner stage, gave a list of suggested repairs, and priced the home at market price.
Pricing too high so that ‘there’s room to negotiate’ doesn’t bring in multiple offers. Multiple offers do drive the price up, and allow sellers to negotiate more favorable terms (ie closing costs etc). In fact I’ve seen two homes in the last six months go well over list once the multiple offer situation set in.
Multiple offers stink because only one buyer will get to be happy at the end of bidding. And if you want to be that buyer, read on!
So what happens if you submit your offer and there are other offers on the table? All offers will be submitted to the seller as they come in. The seller then has the option of counter offering one, or asking everyone to submit a “best and final”. The terms “best and final” means that you want to submit your very best offer. The seller will then pick one to either accept as is or to counteroffer. They are under no obligation to disclose any of the other offers, and I am prohibited from disclosing the other offers, so please don’t ask!
- Get pre-approved for your loan BEFORE you make your offer.
- Don’t be afraid to offer $10k over asking price, sometimes that’s exactly what it takes to get the house you want.
- Asking for seller to pay a portion of your closing costs makes your offer weaker.
- Lender required repairs can be done by the buyer, offering to pay for lender required repairs is a great way to make your offer more attractive.
- Furniture, snowmachines, etc should not be included in the purchase contract
Good luck and happy shopping!
I have had several calls recently for buyers who are looking for derelict properties for rebuilding. So if you are sitting on a city lot that has an abandoned building on it please give me a call!
AHFC Single Family Rates Published on 02-Apr-12 at 07:07:37 AM
Alaska Housing Finance Corporation
Interest Rate Summary – Single Family
Rates valid from 4/02/2012 to 4/02/2012
Loan Programs 30 Year
Rural Housing* 3.875
Rural Non-Owner Occupied* 3.875
Tax-Exempt First-Time Homebuyer & Veterans Tax-Exempt** 3.62
Veterans Mortgage Program** 3.87
Non-Conforming I 4.375
Non-Conforming II 4.125
Taxable First-Time Homebuyer 4.00
* Rural Housing and Rural Non-Owner Occupied Loan Programs – Interest Rates are applied to the first $250,000 only. The balance is at the Rural Rate plus 1%.
** For a limited time, new purchases under the Tax-Exempt First-Time Homebuyer, Veterans Tax-Exempt and Veterans Mortgage Programs will receive these lower rates. Streamline Refinances under any of these programs will receive rate +0.25%
Additional rate reductions are available for low to moderate income borrowers and for properties meeting energy efficiency criteria.
Senator Murkowski introduced a new senate bill aimed at speeding up the short sale process. This bill gives the loan servicer 75 days to reply to a homeowner’s written request, which must include a copy of the contract with the prospective buyer. Homeowners would receive $1,000 each time the lender or servicer fails to respond, along with other “appropriate relief;, according to the requirements of the bill.
According to most loan servicers, the biggest problem with short sales is that the homeowner requests the sale with incomplete or missing paperwork.
Nome Sweet Homes is experienced in facilitating short sales in today’s lending climate. We have closed several short sales and foreclosure sales in Nome, working closely with lenders, buyers, sellers and HUD to ensure timely closing.
Don’t let a pending foreclosure ruin your credit. You no longer need to be late on payments in order to pursue a short sale. Call Melissa today 907-443-7368!