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Why Was my Offer Rejected?

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Your offer was accepted! This is something nearly all home buyers want to hear after placing an offer on a property, however, in some cases, you may not be receiving the news you had hoped for. We tend to hear about accepted offers more than offers that were rejected, however, rejected offers happen nearly just as often as those that are accepted. There are many different reasons as to why an offer could be rejected, however here are a few of the most common.

Related: 5 Ways to Get Your Real Estate Offer AcceptedWhy Was my Offer Rejected?

Your Offer was Low

This is generally the most common reason for an offer being rejected, especially when you are purchasing in a seller’s market. When the market is hot homes will generally receive multiple offers and thus, your offer may be less than others that are placed which in turn, results in your offer being rejected.

Closing Times Clash

This can go many different ways. For example, if the seller wants to close asap, but you as the buyer want to close at a later date, the seller may reject your offer and choose to accept an offer that aligns with their desired close date.

All Cash Offer

Even if you placed an offer that was at full price, and in some cases even above asking price, your offer will generally always be rejected if the seller has received an all cash offer. Financial institutions always prefer to work with all cash offers, so unfortunately there isn’t much you can do to rectify the situation or counter with a different offer.

Requested Repairs

It is fairly common for offers to be placed with the contingency of repairs being made. This can be a small repair such as replacing broken slats on a back deck, or larger repairs such as roofing or electrical. In some cases, a seller is perfectly fine accepting the repairs and either fixing them themselves or deducting the cost of the repairs from the sale amount, however in other instances, a seller is not interested in completing or compensating for the repairs and thus could reject the offer.

Related: 4 Things to NOT Pack When Moving

Contingencies

Offers that are placed without contingencies are nearly always accepted faster than those that include them. Placing an offer with a contingency isn’t a bad thing, and oftentimes protects you as the buyer from unforeseen issues, however, placing contingent offers can play a huge role in your offer being rejected vs. accepted.

If you’re currently searching for a new home, are in need of a qualified seller’s agent to assist you in the sale of your property or have any general questions regarding real estate or the current market, please feel free to contact my office at any time.

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Additional Tips for Buyers

Home Repairs and Upgrades – What to do When

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Home Repairs and Upgrades - What to do When

Home Repairs and Upgrades – Purchasing a home is one of the single best decisions you can make to help invest in your future, especially when purchasing a home that is likely to provide a great return to investment. Whether you’re purchasing your first home or your 5th it is easy to want to instantly make improvements or upgrades to bring a true sense of pride and ownership to the house you now call home.

While there is nothing wrong with fixer-upper projects or home improvements, you want to be sure that you pace yourself and plan out the projects you hope to complete. In general, it is best to limit your “to do” list to 10 items at once, this helps you stay organized, create accurate budgets, and helps eliminate the risk of becoming overwhelmed. Once you’ve completed the first list, you can then move on to creating your next list of “to do’s.”

Related: How Do I Refinance my Home?

Once you think of the first 10 projects you want to tackle, you should sit down and figure out a few things. First, try to prioritize your list by need vs. want. You should generally always tackle the “need” section first so that if there are small problems or upgrades that need attention you can fix them before they cause further problems or damages. Upon prioritizing your list, you can then do research on budgets and costs for each project, this will help you figure out what you can afford and when, which will help you from starting a project you won’t be able to finish.

In a perfect world you can complete your items 1-10 and move onto your next list, however, it is important to take a few things into consideration when choosing to start a project. The time needed to complete the job, costs associated with the job, as well as potential risk or damages that could arise are all things that should be considered prior to choosing and beginning to tackle a project.

Related: Making Your Home the Best on The Block

As a homeowner you can take great pride in improving and upgrading your home, whether it be by choice or need. Whether you choose to purchase a fixer upper or a turn-key new construction home, always try to plan for repairs as needed and set aside a small amount monthly to help cover any unexpected costs and repair bills.

Schedule a Consultation

If you are currently searching for a new home, are in need of a qualified buyers agent or listing agent, or have any questions regarding today’s markets, please feel free to contact our office at any time. 

Additional Tips for Buyers and Sellers

5 Ways to Get Your Real Estate Offer Accepted

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You want your offer to be accepted but what if there are multiple offers on the table? How do your offers stack up to the others and how can you make it stand out. Because we worked with buyers for decades we know key negotiating strategies that will help our buyer’s offer get accepted, but there are some tricks of the trade. Here are five ways you can get your real estate offer accepted.5 Ways to Get Your Real Estate Offer Accepted

Work with a real estate agent.

Anyone can technically make an offer on a property but if you don’t know all of the legal jargon and real estate terms, you could be missing out on how to write up a solid and tight offer. Always have your own agent representing you, the buyer, when submitting an offer.

Make sure your offer is first.

Some sellers will hold off accepting offers just in case they might get more offers. However, being the earlybird can have benefits. Try to ask your agent to get in an offer early and always be the first one.

Be careful about contingencies.

Sellers technically have the upper hand in a multiple offer situation so the price isn’t the only thing that will get your offer accepted. Minimal contingencies can also be very attractive. While we don’t highly recommend waving home inspection, it can entice sellers to accept your offer knowing that there are minimal things standing in the way from you buying the home.

Consider a higher price.

Sellers are more likely to review your offer if it is over the asking price. You have to be careful, though, because you want the home to appraise for the inflated asking price. If you are in a hot market, writing an offer over the asking price you feel the deal for the seller.

Write a letter.

Agents have long since touted the benefit of writing a letter to the seller but this isn’t always a good idea. We had a seller who received seven offers in two weeks, five of them had letters and they ended up going with the offer that didn’t provide a letter. So it depends on the seller. Having your buyer’s agent talk to the listing agent may make this tactic more clear.

Again, working with a seasoned and experienced real estate agent on how to write up a solid and tight offer is really the key to getting your offer noticed and accepted.

Schedule a Consultation

If you are currently searching for a new home, are in need of a qualified buyers agent or listing agent, or have any questions regarding today’s markets, please feel free to contact our office at any time. 

Additional Tips for Sellers:

3 Mistakes When Buying a House Sight Unseen

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3 Mistakes When Buying a House Sight Unseen

In a world full of virtual tours and social distancing, sight unseen home purchases have increased drastically. With virtual tours, 3D tours, floorplans, and good listing photos, despite never seeing a property in person, you can actually get a pretty good feel for the flow of a home without ever stepping foot inside the front door. In order to purchase a house sight unseen there are a few key factors that you want to be sure to include throughout the purchase process.

Never Rely on Photos

There is a reason that virtual tours are offered. While photos definitely aid in your perception of the home, a virtual tour will allow you to put the rooms together into a floor plan and experience the flow of the home, something photos cannot provide. What may look like a large open room in a photo could actually be closed off by a wall that wasn’t photographed and could thus change the room completely.

Related: How to Improve Your Real Estate Listing Photos

Tech Savvy Real Estate Agent

Unfortunately, many agents are not up to speed with the technology of virtual tours. When selecting an agent for your purchase make sure that they are not only knowledgeable of the real estate market, buying and selling processes, but also come highly recommended and are very familiar with sight unseen purchases as well as the tech that is needed to view the properties you are considering.

Smells

This is crucial. When touring homes in person you have your senses to rely on, unfortunately with virtual tours you may miss a few things that could be easily discovered in person. The main one being unwanted smells. While you can do some research to find things like nearby sewer plants, farms, etc. other smells derived from mold, musty attics, dust, etc. will not be as easily detectible. Be blunt and always ask your agent to discuss your concerns with the seller’s agent. In addition, you can make sure to bring up any concerns regarding smell with your inspector who should find any signs of mold or other sources or unpleasant smells within the home.

Related: Best Features to Look for When Buying a Coastal Home

As with any real estate purchase, never be afraid to ask questions. You always want to do your research on the property prior to placing an offer. Things like the neighborhood, school district, commute to and from work, surrounding areas, etc. should all still be looked into just as you would with a regular in person tour and potential purchase.

If you are currently searching for a new home, are in need of a qualified buyers agent or listing agent, or have any questions regarding today’s markets, please feel free to contact our office at any time. 

 

Best Features to Look for When Buying a Coastal Home

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Best Features to Look for When Buying a Coastal Home

It is a common dream worldwide to own a coastal home. While it does seem that any coastal home would be a good home, there are a few things you should look for prior to signing the purchase agreement. When making a purchase as large as real estate, it is vital that you think of your long-term happiness as well as your investment protection should you choose to sell the property later down the line. When purchasing a coastal home, try to keep the below checklist in mind.

Related: Why Beach Homes Are So Desirable

Outdoor Space

When purchasing a coastal home, oftentimes you spend your days and evenings outside, and thus should ensure that you have a great space for outdoor living or entertainment. Whether this is a backyard patio with a build in fire pit, front porch with a swinging bench, or a master bedroom with a large balcony to enjoy a morning cup of coffee, always check to make sure the property has the outdoor space you need and want.

Storm Resistant

Coastal homes are subject to high winds, rain, and salt from the ocean air. This can cause storm-related damages as well as corrosion. When looking at coastal properties always ask about the building materials used for the properties construction to ensure they are able to withstand the coastal weather. In addition, you should always review the areas flood warnings and flood zones.

Directional Facing

Are you a sunrise or a sunset person? Make sure that your home faces in a way that will allow you to enjoy your morning sunrise, evening sunsets, or both. Oversized windows, balconies, patios, etc. should all be looked at when it comes to purchasing a coastal home, if all of these features are facing the wrong direction, they may not provide the enjoyment you are looking for. Purchasing a coastal home that is faced in a way that provides no views will not only decrease the value but could also decrease your happiness in the home.

Related: Top 10 things First time Home Buyers Should Know

Location

As mentioned above, any coastal home seems to be a good home, right? Wrong. A great home in a bad neighborhood can ruin the home completely. Prior to purchase, you should always research the area to make sure that the property is in a friendly neighborhood. This is especially important if you plan on using the property as a rental property for a portion of the year or weekends as your renters will want to be surrounded by friendly neighbors to ensure they have an enjoyable stay.

If you are currently searching for a coastal home, need a qualified buyer’s agent, or have any questions regarding the real estate within the Carolina Coast, please feel free to contact our office at any time.

Additional:

Best building materials for a storm-resistant home

How to Avoid a Bidding War

 

 

Why Beach Homes Are So Desirable

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Why Beach Homes Are So Desirable

When you hear the term, “Beach Home” you tend to take a deep breath, and instantly think of relaxing days spent listening to the waves with a nice salty breeze blowing through the palm trees, however, what is it about a beach home that is so appealing to buyers? There is of course the main fact, it’s on or near the beach, but there are so many other factors that help make beach homes desirable.

When purchasing a beach home, you are nearly always guaranteed a protected investment. This is a huge bonus as home purchases are generally one of the most expensive transactions you will make, so having that extra cushion of protection provides great relief. Beach homes have and will most likely remain one of the more coveted housing options on the market, which not only protects your investment but allows you to feel confident and safe when making your purchase knowing that your return to investment is nearly always protected.

Related: 3 Things to Consider When Buying a Beach Home

Beach vacations have always been popular and within the last 5 years the options to rent out privately owned beach homes have skyrocketed with the help of rental companies such as Airbnb. While each area may have specific rules or guidelines on rentals, purchasing a beach home often gives the buyers a chance to rent out the home for a portion of the year. This provides exceptional investment opportunities to the homeowner and can provide a substantial income to help offset the costs of living as well as pay for needed maintenance, repairs or upgrades the homeowner may desire.

Why Beach Homes Are So Desirable

Additional: Do all homes need an inspection?

There’s a saying, “Create a life so grand that you don’t need a vacation” and by purchasing a beach home you are oftentimes doing just that. When purchasing a beach home you are purchasing a year round vacation. Whether your home is beachfront, has beach access, or is a short walk or drive away, a beach home provides year round fun and entertainment for all. Having a home that doubles as your vacation home could quite possibly be the simplest and most true reason as to why beach homes are so popular and why so many people dream of owning one.

Related: What is Earnest Money and How Much do I Need?

If you’re looking for a beach home, have questions regarding beachfront real estate, or are searching for an agent to help you in the buying or selling process, please feel free to contact our office at any time.

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