Sell Your Home or Become a Landlord?

For Rent SignIf you’re thinking about selling your home or holding onto it and becoming a landlord, you’re not alone. Whether to keep a home as a rental investment or to sell it is a common question. Oftentimes, the decision to sell or rent the home comes down to finances. If you’re planning on buying a new home your lender may require that you sell your home. Here’s what homeowners who are thinking about selling or renting need to know and what they need to consider.

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“What Do You Mean There’s Another Offer?”

Worried FaceBy Jon Miller, Realtor®

After months of searching, you’ve found the perfect house and you’re ready to make an offer. You’ve decided on your offer price and your getting ready to write the offer and have it sent over to the seller.

This is one of the most exciting times in the home buying process. You’ve seen hundreds of homes online. You’ve seen a dozen, or more, in person. This is the one that has everything that you’re looking for. All you have to do is get your offer in, maybe negotiate a bit, and get ready to move into your new home. Then, your agent calls.

“So, I just got off the phone with the seller’s agent and they have another offer in hand. They’re also expecting another to come in later tonight.”

After a brief silence you say, “What do we do?”

Unfortunately, this is a situation that happens a lot as real estate markets have shifted into seller’s markets. There’s a shortage of supply and a lot of demand. Recently, I had a client who made an offer on a house that had 10 other offers (it sold for more than the asking price). I tell buying clients that if they fall in love with a house that just hit the market there’s a good chance someone else has, too.

So, what can you do?

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What Buyers Need to Know about Multiple Offer Situations

By Jon Miller, Realtor®

Seller’s Markets are tough for buyers. There are few homes to choose from and home buyers often find themselves competing for homes. Knowing what to expect when competing with other buyers will help you put together your best possible offer and give you the best opportunity to have the winning bid.

Before getting into the strategies, it’s helpful to put yourself into the seller’s shoes to understand their position. Most sellers want to sell for the highest possible price and the smoothest possible transaction. Sellers typically don’t want to negotiate repairs or reduce the price after inspections. They also don’t want their sale to fall through due to financing or inspection issues leaving them to start over and re-list their home. Sellers may also want a quick sale so they don’t have to keep paying the mortgage or they may want a flexible timeline because they may still have to find their next home. Understanding the seller’s position, wants, and needs can go a long way when crafting your offer.

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Home Inspections: What Should Buyers Expect?


By Jon Miller, Realtor®

Home inspections are usually the most stressful part of buying a home after negotiating an agreement with a seller. Many home buyers aren’t sure what to expect from inspections and that can make the home inspection process especially difficult to deal with. The best ways to minimize stress during home inspections is to be prepared, to understand the process, and to understand what to expect from negotiations. There are a few key points to be aware of before getting into the details . . .

  • More home sales fall apart during the inspection process than at any other time during the home buying process.
  • There’s no such thing as a perfect home. Every home has issues. Some are major issues, some are minor issues.
  • Sellers aren’t required to make repairs, provide money for repairs, or fix anything. Those things may be negotiated.
  • Homes don’t pass or fail inspections. Inspections are an assessment of the condition of the home.

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The Suspended FHA Mortgage Insurance Rate Cut

By Jon Miller, Realtor®

Highlights

  • FHA Home Loans are government backed low-down payment and are often used by first-time home buyers and home buyers with lower incomes.
  • Borrowers pay a monthly insurance premium to protect the lender in the case of default on the loan.
  • The monthly insurance premium was reduced under the Obama Administration.
  • The new Administration suspended the reduction within hours of the inauguration.

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Buying and Selling a Home at the Same Time

How to Buy and Sell a Home at the Same Time

By Jon Miller, Realtor®

Sell First or Buy First?

There’s a lot to balance when buying and selling a home at the same time. And, there are plenty of things to take into consideration. The most important piece of the puzzle will be to find out if you’ll need to sell your current home in order to get a mortgage for your new home. Many homeowners won’t qualify for their new loan until their current home is sold. This often means that the sale of the current home and the purchase of the new home have to happen on the same day.

Many who are looking for a new home and currently own a home begin the process by searching for their next home before listing the current home for sale. This approach often leads to weeks or months of searching for the right home only to find out that they’re not ready to make a serious offer when that perfect home goes on the market. Few sellers will consider an offer that’s contingent on the sale of a home that isn’t on the market yet. They simply don’t know if that home will sell and, if it doesn’t, the sellers will have taken their home off the market and missed other opportunities to sell.

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