For buyers who are just entering the market or for those who have lost out on one or several properties, here are a few tips for putting your best foot forward and successfully navigating a multiple-offer situation.

Follow What is Happening in the Market.

Are homes selling over asking price? Is seller’s underpricing to encourage multiple offers? What are similar properties selling for? An experienced agent, who you trust, can help to determine appropriate value based on the current market trends and can assist in negotiations and advice throughout the process.

Come in Strong Upfront.

 If you know, or suspect, that you’re entering a multiple-offer situation, you’ll want to come in strong from the very beginning. Some buyers try to come in low initially as a negotiation strategy; however, if the property is priced well and is expecting multiple bidders, you may not want to risk having the seller disregard your offer immediately for not being a serious contender.

Many agents suggest their sellers counter all of the offers in a multiple-offer situation, but that decision is ultimately up to the seller. They may choose to counter all offers, they may only counter a portion of the best offers, or they may decide to choose an offer after the initial submission with no counters at all.

One of the most important factors when a seller is considering multiple offers is their belief that the chosen buyer is serious about buying the property, and that they have the ability to meet the terms and close the sale. One of the best ways to do this is to come in strong right from the start.

Come in Clean and With as Few Contingencies as Possible.

 Make your offer as clean as possible and package everything to be submitted together in a coherent way. You don’t want the seller or their agent to have to chase you for paperwork, signatures or proof of funds.

Unless you’re paying all cash, it may be difficult or impossible to come in completely non-contingent, though there are ways to make your offer more appealing.

If you need financing, get a Pre-Approval Letter (vs. Pre-Qualification Letter) from your lender to prove your chances of getting your mortgage approved are excellent.  

Be Flexible With the Seller’s Needs. 

It sounds simple, but many agents and their buyers don’t take advantage of this simple step. Another easy way to make your offer stand out above the others is to have your agent find out what terms the seller is looking for and meet those needs.

For example: Do they want a long escrow period because their next home won’t be ready yet? Are they requesting a leaseback? Do they want to close quickly because they have already purchased and closed on a new property? Price and financing are not always the number one concern to a seller, so meeting their other terms is another way to make your offer more attractive.

Create a Personal Connection. 

Can a personal letter really work? The answer is yes, depending on the property, adding a personal touch to your offer can have an impact.

A personal letter to the seller letting them know how much you love their home and how much you’ll enjoy it and will take care of it may be just the edge you need to overcome another prospective buyer.

Taking the time to write a thoughtful note also shows your dedication to the purchase and ensures the seller that you are a serious buyer.

Don’t Get Too Caught Up in the Bidding War.

Try to stay level-headed and make sure that you are completely comfortable with your offer and terms and that you're not over-bidding just to win the property, only to feel you’ve overpaid afterwards. You want to come in with your best offer possible, as long as it still complies with your needs and goals.

Stay Positive and Keep Your End Goals in Mind. 

It can be incredibly frustrating to buy a home in a competitive marketplace but it is normal for buyers to lose out on several homes before one sticks.

Sometimes it takes a few times around to fully understand the process and what is necessary to win in a multiple-offer situation. Working with a professional who you trust and respect can help the process feel less daunting.

*Partial resource: Excerpts from an article How to Navigate a Multiple Offer Situation written by Sally Forster Jones 8/5/2016 for US News

Contact us today.

Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com

Are you preparing for a move? You probably know to notify your friends and loved ones, but there turns out to be a surprising number of people and organizations who need to know about the address change. A recent article from Zillow included a comprehensive checklist which covers pretty much everyone you will need to notify:

1. Family and friends
2. Current employer
3. Landlord
4. Postal services
5. Utilities
6. DMV
7. Government agencies
8. The IRS
9. Financial institutions
10. Insurance companies
11. Medical and educational facilities
12. Subscription services and clubs

 Be sure to read the article to check out advice for notifications when dealing with each of these 12 parties who need to be notified. Read all about it here: http://www.zillow.com/blog/who-to-notify-when-moving-187286/)
While certain companies and institutions usual have formal processes for notification of an address change, it can be a good idea to go ahead and get some inexpensive postcards printed up announcing your move.

If you’re looking for other superb moving tips, don’t miss out on the website Moving.Tips (http://http://moving.tips/) It contains a wealth of information on issues and questions surrounding making a move, including articles such as “Why cheaper is not necessarily better when moving house?” and “How to say goodbye to a home when moving?” 

Moving can be stressful, but there’s a lot you can do to reduce stress and even add some much needed fun and satisfying emotional transitions to the event. 

Thinking about a move? We can help you buy or sell your next home; Contact us today.

Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com

Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com

If you’re a first-time buyer and are confused about what a Home Owners Association is (or does), you should definitely ask the right questions before you consider buying. Basically, an HOA is an organization which is designed to protect the quality of life and property values for owners within a neighborhood or shared building. How they do so, though, can vary widely. Typically when you purchase a residence subject to an HOA, you’ll be required to pay monthly dues which often contribute to major repairs or maintenance or the upkeep of common/shared resources.

But HOAs can also have a significant impact on what you can and can’t do with your own home. The HOA’s rules are detailed in what’s called covenants, conditions and restrictions (CC&Rs). To understand how strict an HOA is (or isn’t) you’ll want to understand the details of its CC&Rs before you consider buying. These might have reasonable restrictions, such as keeping junk cars out of the front lawn, or they might extend all the way to what color you can paint your garage door.

HOAs are typically of greater concern to condo buyers than single-family home buyers, but they cannot be overlooked when searching for your next residence. Here are some questions you’ll want to ask yourself and the HOA before you make an offer:

• How comfortable am I sharing decision making about my own home? Yes, you own your property, but if you agree to abide by the CC&Rs of an HOA, you’ll need to be willing to abide by its rules.
• How much are the HOA fees, and how much have they increased over time? Your budget can be seriously impacted not only by current HOA fees, but anticipated increases. Sometimes HOAs can even require residents to chip in for major repairs or upgrades beyond HOA fees.
• What are all of the CC&Rs? Get a copy of the CC&Rs and make sure you understand all of the rules. Furthermore, see if you can sit on on an HOA board meeting or obtain notes from past meetings. This will help you understand the temperament of the HOA as well as the type of past conflicts residents have had with the board.
• Is the home (or unit) you’re considering in compliance with the HOA’s CC&Rs? If you’re considering an offer on a problematic property, understand a real hassle may follow.

If you like the idea of a group of neighbors who set community or building standards, a residence with an HOA may be for you. But if not, don’t worry! There are lots of other homes out there. Get in touch with Realty Executives Midwest today.

Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com

If you were to create your own real estate company, what would it be like? What would you put on the list of “musts” to make it work for YOU?

Would these be included on your list?

• Make it a culture of top real estate agents in the western Chicagoland area that possess the highest degree of integrity, give them the freedom and flexibility to make the business choices that would bring about the best results for their clients.
  
  
• Provide agents the latest real estate technology tools to best promote their business and save time, such as Transaction Management System which would allow them to conduct their business paperless from anywhere and anytime. This great tool comes with a digital signature feature which allows agents to complete agreements in a quick and efficient manner.
   

• Have the best skilled real estate support team to help with marketing, implementation of all the savvy tools available, as well as training (including one-on-one).
  
  
• Offer choice of custom commission plans that allow you to keep more of your hard earned dollars, including 100% commission plans.
  
  
• Create an inspiring environment, one of mutual respect, fun, camaraderie and team spirit where agents are always willing to help one another and share ideas.
  
  

If this resembles your list, then you'll be glad to know that we've already created such a company for YOU!

Realty Executives Midwest in Darien has been attracting the best of the best ever since opening its doors in 1991, creating a culture of entrepreneurial real estate professionals who are passionate about what they do and motivated by a sense of healthy competition.

Jana Pinc, managing broker of Realty Executives Midwest in Darien says:
 “When we chose to join the REALTY EXECUTIVES International network 25 years ago, it was the best decision we could have made. This franchise is built on exactly the same ideals and concepts that we believe in and I am impressed by the innovative tools and resources offered to help agents promote themselves and grow their business.”

See what our agents and others have to say about us. Make a smart decision - stop being an Agent and start being an Executive. Explore Realty Executives Midwest in Darien today.

Contact Jana Pinc, CRB, Managing Broker, by calling 630-969-8880, via email at experts@realtyexecutives.com, or simply complete the form on our Join Us page.