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Kingman Arizona Real
Estate Professional
"For Life"
Tim Nutt
Email Tim
Phone:(928)-753-6400 ext 226
Cell: (928)-530-8086
Fax: (928)-753-7773
Address: 3001 E Andy Devine
City: Kingman
State: Arizona
County: Mohave
Country: United States
Kingman Arizona Info
Kingman Arizona Airport Information
Kingman Arizona Golf Courses
Mohave County Resources
Kingman School Information
Kingman Tourism
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BULLHEAD CITY HOME FORECLOSURES
Writing Purchase Offers in a Buyer's Market
Simply put, buyers' markets exist when there are a lot of homes on the market and very few buyers. If inventory--the number of homes on the market in your neighborhood--has been rising, it's likely that the days on market have been increasing. Couple that with declining sales figures over previous months, and home buyers are in an enviable position to negotiate. Here is how you can write a buyer's offer to your advantage.
1. Request E-Mail Listings & Updates
Almost 80% of home buyers today start a home search online. However, many buyers are unaware that the data they are viewing could be dated. Many Web sites reboot every 24 hours. On other sites, agents sometimes leave expired and sold listings as active, hoping for ad calls. To avoid wasting your time, ask your agent to register your e-mail address so you can receive daily MLS changes of reduced prices and new listings. This is one way to gain access to the same data agents receive.
2. Tour Price ReductionsIf you're like most buyers, you will want to offer less than asking price. It's just human nature. But if you plan to low-ball, you'll probably be unsuccessful at getting that type of offer accepted if the home was just listed. Instead, tour homes that have had recent price reductions or have been on the market for at least 30 days or more. These sellers are more likely to be receptive to a low-ball offer.
3. Obtain Comparable SalesWhen you find a home you want to buy, ask your real estate agent to print out a list of similar homes in the same neighborhood over the last six months sorted by:
- Active Listings
- Pending Sales
- Sold
The list should contain the following specifics:
- Property Address
- Age
- Square Footage
- Lot size
- Bedrooms & Baths
- Sales Price
Compare this data with online home value sites such as Zillow and RealEstateABC, and you'll see first-hand why the data your agent gives you will be more accurate.
4. Request ContingenciesIn a buyers' market, you're in control. Write your offer contingent upon the property appraising at the agreed upon sales price and on obtaining your loan. Check with your lawyer to find out if you can ask for a loan contingency that will protect you all the way to closing. Ask for a reasonable period to conduct inspections and to approve title, geological and pest reports. Ordinarily, during contingency periods, buyers can back out without risking a good faith deposit.
5. Ask for an Allowance or CreditIf you find the perfect home but you don't like the color or condition of the carpet, for example, ask the seller to give you a carpeting allowance in your offer. Check with your lender before you write the offer to find out how to word a credit clause that is acceptable to the lender. You can ask for more than it will cost to repair or replace an item to cover your "hassle" factor. Many lenders let borrowers receive up to 6% of the sales price as a cash credit against closing costs.
6. Reduce Your Closing CostsDepending on your local area, there may be fees associated with closing that are customarily paid by the buyer such as title insurance, property taxes, recording fees or escrow. In a buyers' market, you can ask the seller to pay those closing costs. Typically, those costs can add up to one or two percent of the sales price and are often paid out-of-pocket by buyers. Ask your agent if these fees are negotiable. Then ask the seller to pay them.
7. Renegotiate After Home InspectionsAll buyers should obtain a home inspection. Most contracts give buyers the right to cancel a contract if the home inspection reveals repairs or defects that are unacceptable to a buyer. However, if the repairs are minor, you might want to renegotiate the sales price or ask for a credit against your closing costs. Caution: don't ask for a price reduction if the repairs were evident when you first saw the home or the seller might not be willing to negotiate with you.
8. Request ExtrasSellers realize that in buyers' markets, often they have to give a little something extra to the buyers to entice a sale. Don't be afraid to ask for a home warranty protection plan that covers you in the event an appliance breaks down or the plumbing or heating malfunctions. Normally these plans protect you for one full year from the date of closing.
9. Ask for an Item You Don't WantDid you like the sellers' dining room table? China cabinet? Fish tank? Ask for it in your offer and use it as a negotiating tool. Often this draws the sellers' thoughts away from price and directs those thoughts toward the personal property. If the listing stated the washer and dryer are not included in the sales price, ask for them. If the sellers balk, tell your agent to say, "OK, if we leave the washer & dryer, are you then ready to sign the offer?"
10. Shorten Acceptance Period
There often is no reason to give a seller more than 24 hours to make a decision about your offer. If your agent is presenting the offer in person, she may ask for a decision upon presentation. But don't give them days to talk to Uncle Harry, their neighbor down the street or the coworker who knows everything about real estate. There are a lot more homes on the market and you deserve a fast answer.
If you own Property in Mohave County and need to sell quickly, Click here
BULLHEAD CITY HOME FORECLOSURES
Here is the latest list of foreclosures in the Bullhead City Market, If you have any interest please contact me for more information our to set up an appointment. If you looking to buy your next home and it is a foreclosure, be sure to use your Realtor to protect you and help you through the process, it can be a confusing and frustrating time if you are not familiar with the steps that need to be taken. "To make the process much quicker call me your local Realtor to find out how you can be prepared to make an offer".
Bullhead City Foreclosures - Kingman Foreclosures - Lake Havasu Foreclosures - Mohave Valley Foreclosures - Golden Valley Foreclosures - Kingman Arizona Real Estate - Kingman Arizona Properties - Kingman Arizona Commercial Real Estate - Kingman Arizona Ranch Land- Kingman Arizona investment properties - Golden Valley Arizona Real Estate - Kingman Az Industrial property - Yucca Arizona property - White Hills property - Mohave County Real Estate - Tim Nutt
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- Enthusiasm working for you
Helping people make one of their most important decisions is a serious responsibility, but something that I enjoy doing. This enthusiasm and hard work will benefit you and help reduce the stress and anxiety often associated with real estate transactions.
- Established Credibility
I have many years of experience and knowledge working in this industry. I can say with confidence that I'll get the job done right.
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Kingman Arizona and Mohave County Land for sale.
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Full Time Kingman Arizona Real Estate Sales, Golden Valley Land Sales, Commercial Property Sales, Ranch Land Sales, Commercial and Residential Investment Land Services, Industrial Property Specialist, White Hill Land Sales, Yucca Land Sales, Real Estate sold by Tim Nutt, Tim Nutt Your Kingman Arizona Real Estate Professional.
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