I can’t imagine writing a title two years ago like how to pick best offer when selling a house in Tooele Utah. It implies that selling your Tooele home might cause you the problem of evaluating a number of offers at the same time.
That wasn’t happening 2 years ago. In fact, when you listed your property out here then, any good agent would disclose that you had better be prepared to make a few more house payments.
Well, not in this market.
Home sales are jumping in what Forbes Magazine has called one of the top 10 friendliest places to live. Tooele County.
With that kind of action, comes a new set of problems.
And,,,,,,as promised yesterday, we are going to deal with that problem.
Yesterday I published a set of blog posts sent to me by Bill Gassett of Massachusetts Real Estate Exposure that offered his slant on some of the problems of the day. He outlined some problems that this HOT market could cause and tips on how he would handle them.
I promised to go over them and offer my take on those and to make any contribution that I thought might be more “local” than what was published.
Selecting Offer With Greatest Net To Seller
Bill makes good suggestions here and you should discuss with your agent. I would add to the list a suggestion that a good way to eliminate negotiations after the home inspection, would be to pay for a home inspection of your own.
Acknowledge that the property may have some flat spots and you have already taken them into consideration and priced accordingly.
Pre Approved or Pre Qualified?
In the old days, and during any buyers market, pre qualified was sufficient. But, in to days market a pre approval letter makes a world of difference when evaluating offers. The rub comes when an offer comes in that is superior to other offers in all other respects but where buyer has only a pre qualified letter from the lender. Waiting for the “real thing” could cause other potential home buyers to look elsewhere.
Talk to your agent and determine a strategy for dealing with this situation. It is likely to come up.
Type Of Mortgage Buyer Is Getting
I would only add to this section, that some types of loans (usually government backed or insured products) dictate what closing costs & fees buyers can pay and in some cases are NOT allowed to pay. Make sure you know what you will be responsible for at the closing table.
How Much Time Till Loan Commitment Date
Bill mentioned a few points about the date that is required for loan commitment that is part of the standard REPC in Utah. (Real Estate Purchase Contract). Worth noting are:
Even with pre approval, loans can “fall thru”.
Short time frame is good indicator of whether Tooele house will close or not.
Once date has passed, mortgage is no longer a concession
If transaction fails after date, seller is entitled to keep earnest money.
In general a short finance contingency is better.
A lot can happen in 30 days.
Importance Of Earnest Money
Some people call this “good faith money”. Sometimes it is referred to as “skin in the game”. Whatever it’s called, the purpose it to express the level of interest and assure the Tooele home seller that all items on the contract will be met. In the event the are not, all or a portion of the earnest money will be forfeit to the seller. Another way to describe it would be to liken it to bail. Show up, or lose the bail. Other points made are
Earnest money is generally held in escrow (trust) by the real estate broker, or title company that will be closing the Tooele Utah property.
The amount varies by market, from almost nothing in parts of Ohio to substantial amounts in the East.
Standard in Tooele County Utah has been $500. Market dynamics dictate more to be competitive.
.The larger the E.M. the more comfortable a seller can be.
What About Time Frame?
Selecting the time frame for closing ranks right up there while discussing how to pick best offer when selling a house in Tooele Utah. Don’t treat these dates casually and don’t let any of the agents say a few days doesn’t matter. Time is of the essence. Remember that, and for good reason. I have even suggested penalty clauses for delayed closings and suggest talking with your agent about making sure everyone understands that those dates are not just “suggested”. Other points in the article I think you need to consider are:
- Logistics If you are selling and buying at the same time.
- How long after closing will you have to pack and vacate
- Provisions for lease back if required
One final thing I did not see addressed was the idea that buyers could move in prior to recording. This is NEVER acceptable unless covered by a written agreement. Discuss with your agent.
What About Contingencies When Selling Your Home?
In the past, offers to purchase were likely to contain a ton of contingencies. Bill addresses many of them in his post. But there are many more that could be added. But that was yesterday. Yesterday may have been a “buyers market”.. Sellers were grateful to get an offer that was even worth negotiating. Today, not so much.
Read thru these and then discuss with your agent any offers that attempt to create wiggle room for the Tooele UT homebuyer.
Here is Bills article. ENJOY
Click on to see what Bill Gassett says about picking the best offer to sell your house.
|How to Pick The Best Offer When Selling a Home
Posted: 09 Apr 2018 04:03 AM PDT
Things to Consider Before Picking an Offer You are selling your home, and the first offers are coming in. It is an exciting time, and it can be tempting to jump on the first offer or even the highest offer immediately. But it is best to slow down for a moment and look more closely […]
Well, there you have it.
If you have an agent, you can discuss some very important issues, and know what needs to be said. If you don’t have an agent, I would like to apply for the job.
I’m local, call me @ 435-840-5029. I’m experienced, (read my blog, about Berna Sloan). And I want to serve you.
There are more things to Tooele real estate than how to pick the best offer when selling a house in Tooele Utah.