Tips for Getting a Lowball Offer ACCEPTED!

author Andrew Finney Team   10 мес. назад
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7 ways to get real estate offers accepted

Attorney & Best-Selling Real Estate Author Bill Bronchick (http://www.legalwiz.com) discusses how to get your real estate offers accepted more often

6 Reasons Why Pending Home Sales Fall Through!

In today's real estate faq's episode you'll learn 6 reasons why pending home sale fall through! **Watch the full video to know how to avoid being a statistic and why do pending sales fall through. Thank you!** Yes, even in the strongest of seller's markets homes will drop out of the closing process. Every week someone asks me how often do house contracts fall through. In short, roughly about a third of the time. Now that number pending sales falling through is likely to make you gasp in horror. Just as it should! So knowing why home sales fall through is crucial to both buyers and sellers. Buyer's can safeguard themselves by ensuring they have a true and complete loan pre-approval letter with a great local loan officer prior to looking at a single home. The #1 reason homes fall out of escrow is issues with the buyer's financing. To answer, what percentage of sales fall through, factor about a third on a conservative estimate. To know for sure, ask your trusted real estate advisor about how many homes fall out of the closing process in your city. Often buyer's ask, how often do home sales fall through after inspection. That's a great question and is largely up to the buyer's first understand the purpose of a home inspection. A home inspection IS NOT a pass or fail grade. It's simply the homes current condition as seen through the eyes of a professional home inspector. So buyer's flip out over minor things like a settling crack and want to back out while other's back out due to substantial issues like a leaky roof. In both cases, a buyer can and should request repairs from the seller or a seller's credit for the actual cost to fix the issue. Seller's can protect themselves by working a strong trusted real estate advisor that will call the buyer's lender to ask what steps the lender took prior to issuing a loan pre-approval letter. Seller's can further insulate themselves by getting a home pre-inspection to identify issues prior to listing and making the corrections beforehand, then providing the home inspection to buyers along with the repair receipts/ invoices showing the work was completed by licensed professional tradesmen. Share your favorite part of this video along with your estimates of how many pending home sales fail in your city with us in the comments section below. Thanks! To get honest information the next time you're buying a home or selling a house, contact a great local trusted real estate advisor. If you want help finding one of the best real estate agents in the nation, a CRS please let me know. I'm here to help! If you want to know more about buying a house in Las Vegas or simply more about Las Vegas real estate, please let me know. I'm happy to help! Thank you for watching! =) Enjoy an amazing day! -Your Real Estate Geek, Andrew Finney Contact info: Andrew Finney USMC Combat Veteran/ Trusted Real Estate Advisor License #S.0173260 Call/ Text: 702-710-0287 Email: Andrew@AndrewFinneyTeam.com https://www.andrewfinneyteam.com/ BHHS, Nevada Properties 7475 W. Sahara Ave. Suite 100 Las Vegas, NV 89117 Designations- Certified Residential Specialist (CRS) Accredited Buyer's Representative (ABR) Sellers Representative Specialist (SRS) Certifications- Military Relocation Professional (MRP) Awesome Music Courtesy of: Song: Syn Cole - Feel Good [NCS Release] Music provided by NoCopyRightSounds. Video Link: https://www.youtube.com/watch?v=q1ULJ92aldE Download this track for FREE: http://bit.ly/SynColeFeelGoodDL

Calculating Numbers on a Rental Property [Using The Four Square Method!]

Learn how to analyze a rental property with the unique "four square" method and make sure your next rental property investment is a cash cow! In this video from BiggerPockets.com, Brandon Turner (author of The Book on Rental Property Investing and co-host of the BiggerPockets Podcast) shares with you the step by step method for determining the monthly cash flow and cash on cash return for any rental property investment. Calculating the numbers on a rental property doesn't need to be difficult - and this video proves it.

Buying a House (Knowing When to Walk Away!)

In today's real estate faq's video you'll learn about buying a house and knowing when to walk away! Of course, you should absolutely be committed to following through and committed to the house you write an offer on. That being said, sometimes things pop up unexpectedly with a house during the closing process. (i.e. home inspection, low appraisal, etc...) So a great question to answer beforehand is how to know when to walk away from buying a house. Know when to walk from a house negotiation now will actually help you look a bit closer at the homes you like best are considering making an offer on. By knowing what to look for and questions to consider prior to making an offer you'll be able to know the answer to the question, "can you get out of a home purchase agreement." Again, I'll stress the importance of being committed to the offer and not looking for ways to get out of purchase agreement simply because someone becomes wishy washy. In many of the videos I've made for buyers from how to make an offer to what is escrow, etc... I share it IS NOT prudent to remove contingencies when buying a home. (i.e. home inspection, appraisal, financing, etc...) Here's why... What happens if you need the inspection contingency walk away clause to get out of the contract if the home inspection uncovers nightmarish issues with the roof, foundation, or other major issues. We're not talking about the obvious little things which normally comprises the majority of a home inspection report like: crack in stucco, needs paint, socket not working, leaky faucet, etc... All of that stuff is simply normal home maintenance issues and doesn't cost a lot to fix. We're talking when something really isn't right and you may not be able to fix it even if you wanted to after closing. Know when to walk away from a house after inspection will save you much drama later on in the closing process. We're also talking about a low appraisal situation when you may want to come to the price or meet in the middle but simply may not have the financial wherewithal to do so if the seller either does not have the range to sell for the appraised value or is foolishly greedy and doesn't budge off the price. Then what? Both cases highlight the importance of having an appraisal contingency in place. To get the most of this video, watch it start to finish and share your questions & comments, about when to walk a way from a home purchase with our community below. Thank you. To get honest information the next time you're buying a home or selling a house contact a great local trusted real estate advisor. If you want help finding one of the best real estate agents in the nation, a CRS please let me know. I'm here to help! If you want to know more about Las Vegas real estate, please let me know. I'm happy to help! Thank you for watching! =) Enjoy an amazing day! -Your Real Estate Geek, Andrew Finney Contact info: Andrew Finney USMC Combat Veteran/ Real Estate Consultant License #S.0173260 Call/ Text: 702-710-0287 Email: Andrew@AndrewFinneyTeam.com https://www.andrewfinneyteam.com/ BHHS, Nevada Properties 7475 W. Sahara Ave. Suite 100 Las Vegas, NV 89117 Designations- Certified Residential Specialist (CRS) Accredited Buyer's Representative (ABR) Sellers Representative Specialist (SRS) Certifications- Military Relocation Professional (MRP) Awesome Music Courtesy of: Song: Syn Cole - Feel Good [NCS Release] Music provided by NoCopyRightSounds. Video Link: https://www.youtube.com/watch?v=q1ULJ92aldE Download this track for FREE: http://bit.ly/SynColeFeelGoodDL

How Much Does it Cost to Fix up a House?

I get a lot of questions about how much to pay for a rehab. You can find a full article on the subject here: https://investfourmore.com/2014/11/03/much-cost-fix-repair-house/ I also did a video on how much it costs just to repair a kitchen here: https://www.youtube.com/watch?v=3xZmEA7J3RA&lc=UgyD0TGx0qHp3fb6FyB4AaABAg You can find much more information on how to flip houses in my book Fix and Flip Your Way to Financial Freedom. The book goes over all the details on how to find, finance, repair, and sell house flips. It is available as an audiobook, paperback, or eBook on Amazon here: http://amzn.to/2Bi8v0O You can see a video on how long it takes to repair a house here: https://www.youtube.com/watch?v=Fi6i6hl3Opo I am a house flipper with 19 active flips at the moment. I spend a lot of time with contractors and budgeting for repairs. This video gives an idea of what I pay for a rehab on one of my houses. The costs can vary greatly based on the contractor you use and where you are located. The more subcontractors you use, usually the cheaper the rehab is. If you use a general contractor the costs can really increase because they will charge a premium to manage the project. There are some contractors who are super expensive because they know homeowners do not know what repairs should cost. You have to take your time finding contractors and comparing prices to find affordable, but reliable companies. You usually do not want the cheapest when hiring contractors, but it is tough to make any money if you go with the expensive contractors. Here is another article on how to find a great contractor. https://investfourmore.com/2014/03/10/find-great-contractor-fix-home/ Here is the after video of the home! https://youtu.be/cSDEdW4iN-c If you are interested in learning more about real estate investing I have multiple books on Amazon. https://amzn.to/2NOOqsl

In today's real estate FAQ's episode you'll learn tips for getting a lowball offer accepted!

Let's begin with some basic how to buy a house questions that come up frequently.

Nearly every buyer always asks, "can I offer less money for the house," when they are ready to write an offer.

When buying a house, the list price and terms of the contract are negotiable. To weigh the odds of what is considered a lowball offer on a house, begin with understanding if the current market is a: sellers market, buyers market, or balanced market. Depending on the type of market will determine the likelihood of getting an offer accepted on a house, especially one quite a bit under list price.

The next question that usually pops up is, "how much should I offer on a house below asking price?" That's a great question! Real estate lowball offer mistakes occur when a buyer first doesn't understand the current market conditions and trends. Working with a savvy buyer agent, when a home buyer gets ready to write an offer, the agent will double check value. If higher than reasonable then the offer should be less than asking price. If the list price and valuations check out, then it's matter of motivation on behalf of the seller and the market conditions. (i.e. are multiple bids occuring? how long has the house been on the market?)

So, how to make lowball offers on a home successfully? First, understand the market conditions. (Yes, I'm driving this point home because it's critical to your success!) Next up, find the homes with the longest days on market that you like best. Next, schedule with your trusted real estate advisor to check them out asking your agent to "comp" the property before viewing the home. Ask your real estate agent if the home is overpriced, underpriced, or at the right list price. Chances are, if a home has a many days on the market over the average in your area, the price isn't right and the seller must come down if they hope to sell.

So, what percentage is considered a lowball offer. If the home is priced correctly, anywhere from 3%- 5% under list will definitely be low. If the home is overpriced then anywhere from 7%- 10%+ will be considered a lowball offer.

Here's the deal... In practice, me and my teammates have assisted home buyers get as much as 15% off the list price on occasion even in a seller's market. While it's certainly not the norm, every property, buyer, and seller thus negotiations are unique.

To balance that fact, if a buyer wants to consistently be unreasonable by making lowball offers on correctly priced homes or underpriced homes and not listen to the prudent counsel or learn how to make a successful offer, then I will consider the buyer unmotivated to buy a house and simply fire the client.

Please understand that when real estate agent's represent home buyers, we are looking out for your best interest and will assist you in getting the deal possible for the current market on both price and terms that help you get the home you want. Depending on your motivation to get the house, days on market, price, and market conditions, terms needed (i.e. buyer closing costs, home warranty, etc...) will determine the best way to make an offer on a house.

Be realistic, be smart, and listen to your trusted real estate advisor whether you'll be able to get your lowball offer accepted or not. Sometimes it does work out.

To get the most of this video, watch it start to finish and share your questions & comments, about when to walk a way from a home purchase with our community below. Thank you.

To get honest information the next time you're buying a home or selling a house contact a great local trusted real estate advisor.

If you want help finding one of the best real estate agents in the nation, a CRS please let me know. I'm here to help!

If you want to know more about Las Vegas real estate or buying a home in Las Vegas, please let me know. I'm happy to help!

Thank you for watching! =)

Enjoy an amazing day!
-Your Real Estate Geek, Andrew Finney

Contact info:
Andrew Finney
USMC Combat Veteran/ Real Estate Consultant
License #S.0173260

Call/ Text: 702-710-0287
Email: Andrew@AndrewFinneyTeam.com
https://www.andrewfinneyteam.com/

BHHS, Nevada Properties
7475 W. Sahara Ave. Suite 100
Las Vegas, NV 89117

Designations-
Certified Residential Specialist (CRS)
Accredited Buyer's Representative (ABR)
Sellers Representative Specialist (SRS)
Certifications-
Military Relocation Professional (MRP)

Awesome Music Courtesy of:
Song: Syn Cole - Feel Good [NCS Release]
Music provided by NoCopyRightSounds.
Video Link: https://www.youtube.com/watch?v=q1ULJ92aldE
Download this track for FREE: http://bit.ly/SynColeFeelGoodDL

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