Kathy Foran - REALTY EXECUTIVES Boston West



Posted by Kathy Foran on 1/10/2021

If you receive a "lowball" offer to purchase your house, your first reaction may be to respond with an immediate "No." However, it is important to evaluate any offer to purchase your house closely. Because if you weigh the pros and cons of rejecting an offer to purchase your home, you'll be better equipped than ever before to make an informed decision about any homebuying proposal you receive.

Now, let's take a look at three factors to consider before you reject an offer to purchase your residence.

1. Your Home's Price

What you may consider to be a lowball offer to purchase your home may actually be a competitive homebuying proposal it all depends on the current state of the housing market. Thus, if you analyze the housing market, you can find out how your home's price stacks up against the prices of comparable houses and review an offer to purchase accordingly.

If you find your home's price falls in line with similar houses in your city or town, you likely have a competitive initial asking price in place. And if a buyer's offer to purchase your home falls short of your house's initial asking price, you may want to decline the proposal.

On the other hand, if your home is priced much higher than comparable residences in your area, you may want to adjust your home selling expectations. In this instance, you may find a lowball offer to purchase turns out to be a competitive homebuying proposal. As a result, you may be more inclined to accept the proposal based on the current housing market's conditions.

2. Your Home's Condition

Oftentimes, buyers will account for potential home repairs or upgrades they will need to complete if they acquire a house. This means a buyer may submit an offer to purchase below a seller's initial asking price due to the fact that a house may require assorted repairs or upgrades in the near future.

Take a look at the condition of your home you'll be glad you did. If you find your home is in need of significant repairs or upgrades, you may want to consider these projects before you reject a buyer's offer to purchase your house.

3. Your Home Selling Goals

It generally is a good idea to start the home selling journey with goals in hand. That way, if an offer to purchase your house allows you to achieve your home selling goals, you can accept the proposal. Or, if an offer to purchase your house moves you further away from accomplishing your home selling goals, you can reject the proposal.

As you get set to complete the home selling journey, you may want to hire a real estate agent too. This housing market professional can help you assess any offers to purchase your house, at any time. By doing so, a real estate agent can help you determine how to proceed with an offer to purchase and ensure you can make the best-possible decision.





Posted by Kathy Foran on 12/6/2020

Deciding whether to submit an offer to purchase a house may prove to be difficult. Fortunately, we're here to help you weigh the pros and cons of submitting a homebuying proposal so you can make the best-possible decision.

Now, let's take a look at three tips to help you determine whether now is the right time to submit an offer to purchase a residence.

1. Evaluate Your Budget

If you believe you've found your dream home, you should take a look at your budget. That way, you can verify whether you'll be able to afford this residence both now and in the future.

Oftentimes, it helps to get pre-approved for a mortgage before you start a house search. If you meet with banks and credit unions, you can learn about all of the mortgage options at your disposal. Then, you can select a mortgage that allows you to pursue a house with a budget in hand.

2. Consider Your Homebuying Criteria

You want to discover your dream residence as quickly as possible, but it is paramount to find a house that you can enjoy for years to come. If you have a list of homebuying criteria, you may be able to quickly determine whether a residence is right for you.

As you craft homebuying criteria, think about what you want to find in your dream residence. For instance, if you've always wanted to own a house on a beach, you can narrow your home search accordingly. On the other hand, if you would like to own a home that has an above-ground swimming pool but can live without this feature if necessary, you should include an above-ground swimming pool as a low-priority item on your homebuying checklist.

3. Assess the Housing Market

The housing market often fluctuates, and a buyer's market today may shift into seller's favor tomorrow. If you analyze the housing market closely, you can differentiate a buyer's market from a seller's one. You then can decide whether to submit an offer to purchase or hold off on providing a homebuying proposal until housing market conditions improve.

To distinguish a buyer's market from a seller's market, it generally is a good idea to look at the prices of recently sold houses in your city or town. You also should find out how long these residences were available before they sold. By reviewing this housing market data, you can assess the demand for houses in your city or town.

Lastly, as you debate whether to submit an offer to purchase a residence, you may want to consult with a real estate agent. This housing market professional is happy to provide honest, unbiased homebuying recommendations. As a result, a real estate agent can help you perform an in-depth evaluation of a home and determine whether to offer to buy this house.

Make an informed decision about whether to submit an offer to purchase a residence use the aforementioned tips, and you'll be better equipped than ever before to decide how to proceed with any house, at any time.




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Posted by Kathy Foran on 2/23/2020

After conducting an in-depth home search, you probably have discovered that many outstanding houses are available. Yet you're still on the fence about whether to submit an offer to purchase a residence.

Ultimately, there are many signs that now may be the ideal time to submit an offer to purchase a residence, and these include:

1. You find a house that matches or exceeds your expectations.

If you view a home and find that it matches or exceeds your expectations, you may want to submit an offer to purchase this residence. Because if a home seller accepts your proposal, you then can conduct a house inspection to alleviate any potential concerns.

Remember, a house that matches or exceeds your expectations now may fail to do so following an inspection. Lucky for you, an inspection provides a valuable learning opportunity. If you discover you no longer wish to purchase a house following an inspection, you can rescind your offer to purchase and reenter the housing market.

2. You're operating in a seller's market.

A seller's market generally features a shortage of high-quality houses and an abundance of buyers. Thus, if you find a home that you want to buy in a seller's market, you should not hesitate to submit an offer to purchase. Because if you wait too long, you may miss out on the opportunity to buy your dream residence.

If you submit an offer to purchase a home in a seller's market, it is important to provide a competitive homebuying proposal. By doing so, you can increase the likelihood of receiving an instant "Yes" from a seller and move quickly to acquire your ideal house.

3. You're facing a time crunch.

If you want to move to a new home soon, there is no need to wait to submit an offer to purchase. In this scenario, you should submit an offer to purchase as soon as you discover your dream house. That way, you can speed up the process of relocating from one address to another.

Of course, if you face a time crunch, you should map out your home search as much as possible. Just because you have a limited amount of time at your disposal does not mean you should be forced to settle for an inferior home. Fortunately, if you create a homebuying strategy, you can find ways to optimize your time and resources throughout your home search.

For homebuyers who are uncertain about whether to submit an offer to purchase a house, it may be beneficial to work with a real estate agent too. A real estate agent can offer expert insights into the housing sector. As such, this housing market professional can help you determine whether now is the right time to submit an offer to purchase a house.

Hire a real estate agent today, and you can get the help you need to discover your ideal residence and acquire this house at a price that matches your budget.




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Posted by Kathy Foran on 6/30/2019

A "lowball" homebuying proposal is unlikely to do you any favors, particularly if you want to acquire your dream residence as quickly as possible. In fact, after you submit a lowball offer, it may be only a matter of time before you receive a "No" from a home seller.

When it comes to buying a house, it helps to prepare a competitive offer. That way, you can increase the likelihood of getting a seller to accept your home offer and speed up the homebuying journey.

Now, let's take a look at three tips to help you avoid the risk of submitting a lowball offer on your dream residence.

1. Analyze the Housing Market

Are you searching for a house in a buyer's or seller's market? Are homes selling quickly in the current real estate market? And are houses selling at, above or below their initial asking prices? These are just some of the questions that homebuyers need to consider as they assess the real estate sector.

With a diligent approach to buying a house, a homebuyer can become a real estate market expert. This buyer can assess a wide assortment of housing market data, and by doing so, gain the insights that he or she needs to submit a competitive offer on any residence.

2. Understand a Home's Condition

A home purchase is one of the biggest transactions that an individual will complete over the course of his or her lifetime. As such, the decision to submit an offer on a house should not be taken lightly.

To make the best-possible choice, it helps to look at all of the available information about a residence. You should review a home listing closely and attend a home showing. In many instances, it may be beneficial to check out a house a few times to get an up-close look at it before you submit an offer.

The condition of a home will play a major role in how much you are willing to offer to acquire a residence. Therefore, you should learn as much as possible about a house's condition. And if you feel comfortable with a home, you should be ready to submit an offer that will match a seller's expectations.

3. Collaborate with a Real Estate Agent

Hiring a real estate agent generally is a good idea, particularly for a homebuyer who wants to reduce the risk of submitting a lowball offer on a house. A real estate agent can help a homebuyer prepare a competitive offer, as well as ensure that a buyer can enjoy a seamless home transaction.

Furthermore, a real estate agent will allocate the necessary time and resources to help you analyze a house. He or she will even offer homebuying recommendations and teach you everything you need to know about the homebuying cycle.

Avoid the temptation to submit a lowball offer on a house use the aforementioned tips, and you can submit a competitive proposal to acquire your dream residence.




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Posted by Kathy Foran on 5/19/2019

Contingency in real estate means an agreement of sale that must take place to continue the transaction. There are numbers of options that buyers can include in their contracts. Below are five common home offer contingencies to consider:

Inspection contingencies

Inspections are of great benefit in the process of buying a home. They enable the buyer to know the exact condition of the property. Most home buyers know inspections cover the general examination of all the systems of the home as well as checking the interior and the exterior. Apart from that, there are other inspections like checking for damages from wood-destroying insects. The inspection contingency comes into play once all the necessary checking is complete.

Financing contingencies 

Financing contingency is essential if you are buying your apartment through a mortgage. Financing contingency gives you the opportunity and time to apply for home purchase financing. The financing contingency states that if you are unable to secure a loan for the purchase of your home, you are eligible to look for other alternative means or you back out from the sale. 

Appraisal contingency 

Appraisal contingency and financial contingency work hand in hand. One of the requirements for granting a loan by most mortgage companies is a satisfactory appraisal. Do not forget that the evaluation is what shows the fair market value of a property. Therefore, an appraisal contingency is significant because it protects you in a situation where the sales price is not at par with the fair market value.

Home sale contingencies 

The home sale contingency is the favorite among property buyers. This contingency gives you a specified period to locate a buyer for your home. If this is not achievable within the stipulated time, you have the privilege of abandoning the sales without anything happening to your money. However, this contingency is not popular among sellers, so not often practiced.

Title contingencies 

Title contingency is also significant in real estate investment. A title to the home is a record that gives information about the ownership of a property. It is a legal document that indicates the people that have owned a property in the past and present. Apart from that, it also gives a record of any judgment made in the past regarding the property.

Be sure to read up and educate yourself on various contingencies that could apply to your sale agreement, so you always have protection. Let your real estate professional advise you about appropriate contingencies to accept and ones to avoid.




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