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How Long Does a Home Seller Have To Respond To An Offer?

How Long Does a Home Seller Have To Respond To An Offer?

How Long Does a Home Seller Have To Respond To An Offer?

How Long Does a Home Seller Have To Respond To An Offer?

 

When you make an offer on a house, you might be wondering how long you can wait until you have to respond.

There’s nothing worse than sitting around waiting—especially when you’re waiting for someone to respond to your offer on the biggest financial decision of your life. Yeesh, it’s excruciating.

Unfortunately, waiting comes with the territory when you’re buying a house. But how long you have to wait is the bigger question. While there’s no official rule on how long a seller can take to get back to you, there is an industry standard that most real estate agents and sellers tend to follow.

Whether you just made an offer on a property or plan to in the near future, here’s everything you need to know.

Watch out! How long can a seller take to respond to an offer

In theory, sellers can take as long as they want before responding. But in practice? Most sellers (or their agents) will usually get back to you within a few days.

“As a courtesy, the Realtor® will notify the buyer’s agent when the seller responds regarding an offer,” says Benjamin Ross. As the seller’s agent, “we like to respond within 48 hours, but that also depends on when we get the seller’s response.”

Some agents have even stricter expectations when it comes to response time.

“Common courtesy dictates that a seller should respond within 24 hours or less,” says Karen Parnes. “This gives them the time to think about your offer, sleep on it, and respond.”

While 24 to 48 hours is the standard observed by many professionals in the industry, exceptions happen. Here are some of them.

When might it take longer for a home seller to respond

There are quite a few reasons why a seller might take longer than usual to respond to your offer. The first is if they received multiple offers.

“Typically, response time increases if there is more than one offer on the table,” says Ross. “Sellers may take their time to choose which offer is best for them.”

Another reason your offer might go unanswered is if it’s too low.

“If an offer is far from what a seller expected to receive, many times they won’t respond at all,” says Parnes.

Other times you might not hear back for a completely unrelated reason—such as the seller is out of town or on vacation.

Consider setting a time limit on your offer

If you’re concerned about how long a seller might take to respond to your offer, work with your agent to find out if you can set a contractual time limit on it. In some states these “offer time limits” are used by buyers and sellers to dictate how long the other party can take to respond.

“Offer time limits are defined in the contract in the state of Georgia,” says Katina Asbell, associate broker at Real Living Capital City Realty. “The ‘time limit of offer’ is the period of time the offer is active and open for response, and once it’s expired, the contract is void and a new offer must be presented.”

Whether or not your local legislature allows buyers to set time limits, Asbell cautions buyers to be strategic when using them.

“The time limit can be a critical part of defining a buyer’s success in negotiation,” she says. “If it’s too short, the seller may feel rushed or annoyed and give a harsh response. If it’s too long, then the buyer risks a multiple-offer scenario.”

Tips for a successful negotiation with home sellers

Ultimately, the process of getting an offer accepted is all about being a good negotiator—and for this you’ll want to work with an experienced real estate agent.

“The best success I have found in gauging appropriate and amiable timelines is a very open and honest conversation with the seller’s agent,” says Asbell. “Buyers haveone chance at a first impression and to set the stage for the remaining negotiation process, and timeline matters greatly in conveying this tone.”

 

Experts in Residential Real Estate in Orlando

If you are buying or selling real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

What Sellers Should Look For in an Offer

What Sellers Should Look For in an Offer

What Sellers Should Look For in an Offer

What Sellers Should Look For in an Offer

 

Congratulations! You’re well on your way to getting as much as possible out of what is likely your largest asset. But when it comes to picking an offer, sometimes it’s important to take a step back and recognize that your bottom line shouldn’t be your only consideration.

In many instances, the terms a potential buyer includes in the offer also play an important part. They can underscore how many hurdles you’ll have to clear to reach the closing table in a timely matter. So every seller should carefully review an offer—beyond the dollar amount—before settling on a buyer.

To help you navigate all this, we’ve outlined four important factors that home sellers should look for in an offer. Here’s everything you need to know about choosing the best one.

1. Research your preferred financing method

As a seller, you probably have an offer amount in mind that you would like the buyer to meet or exceed. But remember, a buyer needs to prove that he can afford to make the purchase—no matter what numbers are thrown around in an offer.

“If the buyer intends to get a mortgage, there should always be a pre-approval letter included in an offer on their lender’s letterhead,” says Don Norris.

And if a potential buyer makes a cash offer, ask for proof of funds before accepting it. This proof will usually come in the form of a bank or investment account statement. Each should show that the buyer has the funds necessary to complete the transaction.

Need to sell your home in a hurry? Then you may prefer an all-cash offer. This type of offer usually involves less risk and a shorter escrow period as cash eliminates waiting for a buyer’s full mortgage approval.

But seller beware: All-cash buyers have negotiation power. And they will generally want something in return for bringing a bag of money to the sale. For instance, they could offer you less than the asking price. So be sure to weigh the cons against the pros before accepting an all-cash offer over a buyer with a mortgage.

2. Look for a larger earnest money deposit

Next, you may want to pick an offer with a sizable earnest money deposit, also known as a good-faith deposit. This is a sum of money that a buyer entrusts to the seller’s brokerage firm to prove that he is serious about purchasing the home.

“A deposit that’s worth 1% to 2% of the sale price is normal,” says Kseniya Korneva. “But the higher the deposit, the stronger the offer.”

The buyer’s earnest money deposit goes toward the down payment if he eventually closes on the home. On the other hand, if the buyer breaks the contract and walks away from buying the home, you can potentially keep the deposit as a consolation.

3. Consider fewer contingencies

In real estate, contingencies are benchmarks buyers set that need to be met for the transaction to continue moving forward. For example, many buyers will want to include an inspection contingency in the purchase contract. This means the buyer will need time to have your home inspected. And if any issues are found, a buyer might ask you to make repairs before he will close on the home.

With an appraisal contingency, a satisfactory appraisal of your property must be conducted. If the appraisal doesn’t match the agreed-upon price of the home, you and the buyer will have to reach a new number before settlement.

The caveat here is that anytime a contingency can’t be satisfied, the buyer has a chance to walk away from the purchase with his earnest money deposit in hand.

Obviously, from a seller’s point of view, the fewer chances the buyer has to exit the transaction, the better. With that in mind, it’s a good idea for you to select an offer that has the fewest contingencies from the start.

“Choosing an offer with minimal contingencies is just as important as the sale price,” says Link Moser. “That’s why cash offers are often accepted, even at lower sales prices. Sellers see a cash offer as removing a lot of the risk of the transaction falling apart due to a buyer’s inability to get financing or the appraisal value coming in below the sale price.”

4. Opt for an ideal closing timeline

Finally, consider your optimal timeline for heading to the settlement table. Moving out is a lot of work, especially if you’ve lived in the home you’re selling for a while. To that end, you’re going to want to ensure that you choose an offer with a closing date that suits your needs.

Experts in Residential Real Estate in Orlando

If you are buying or selling real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Details to NOT Miss When Buying a New Home

Details to NOT Miss When Buying a New Home

Details to NOT Miss When Buying a New Home

Details to NOT Miss When Buying a New Home

 

There are a variety of reasons many homebuyers prefer purchasing a brand-new home instead of an older home.

Some love the idea of moving into a home that’s never been lived in by anyone else. (Think of that crowd as the “new-car smell” aficionados of homeownership.) Others relish the opportunity to put their personal stamp on a home—tailoring the model, layout, and finishes to their particular tastes.

And then there’s the segment of buyers who are simply turned off by older homes that will likely require work and upkeep. They assume—rightly in most cases—that a newly built home will mean lower maintenance costs.

However, if you have your eye on a new home because you expect absolute perfection from Day One, think again. New-home buyers must be prepared for issues that might arise, according to John Heidenry. He has been building luxury homes for nearly two decades.

New doesn’t equal perfection

Heidenry explains even new-construction homes present unforeseen issues a home inspection sometimes won’t catch. Remember: Every single thing in a brand-new home hasn’t yet been put to the test by daily usage.

Heidenry shared scary tales of high-end appliances (often convection ovens) that malfunctioned on the first use; water leaks that became apparent only after a first heavy storm; and scratched finishes that homeowners could not be certain they, their movers, or the builders may have caused.

Sarah Medina seconds those sentiments. As a real estate professional who has sold new-construction homes—and as a homebuyer of a new build herself—she shared her own set of cautionary tales. Many of her horror stories involve clients who thought a home inspection wasn’t necessary for new-construction homes.

“It is!” Medina states emphatically.

“For starters, make sure everything is connected,” she urges. “I’ve received multiple phone calls from clients who bought in the dead of winter—and in the summer find the AC isn’t working. You don’t need an expert to see if a unit isn’t connected, but one definitely could have told you before you signed the closing paperwork.”

The same goes for appliances, plumbing, and heating—all the systems that make up the underpinnings of a sound home.

What does your warranty cover?

And as a new-construction buyer, Medina can’t emphasize enough the importance of thoroughly reading and understanding the builders’ warranty and knowing exactly what it covers.

“Many times it will cover nail pops and other very common cosmetic issues—but many times not,” she says.

Cosmetic details such as tile, paint, and trim deserve particular attention, adds Heidenry.

“Have any problems fixed before you close, as there can often be a disagreement down the line on whether the damage was caused by the client moving in or if it was preexisting,” he says. “It’s best to have everything 100% signed off on before the close, so there’s no question who is responsible for any damage.”

If you’re moving into a brand-new home, here’s a checklist of items our experts suggest you keep in mind.

1. Test all appliances

Your contractor and the professional installers who have been hired should be expected to install appliances to code. But they don’t put them to a real-use test.

Prepare yourself for potential issues.

“You wouldn’t believe how often we find that brand-new appliances do not work,” says Heidenry.

This is especially true in the kitchen, laundry room, and boiler room.

“Make sure the builder has turned the water on to the fridge/freezer for ice and water—and that the gas has been turned on for all of the gas-fired appliances, such as the stove, furnace, and dryer,” he says. “If there is a gas fireplace—check that, too.”

2. Don’t be alarmed

It is very likely that the furnace and oven will set off the fire alarms on their first use, warns Heidenry.

“They are coated in an oil that will burn off and trigger the smoke detectors,” he explains, adding that there’s no need to worry. “It’s really not a big deal. Just open the windows, and all will be well in several minutes.”

3. Watch the windows

Check to make sure all windows open and close properly.

“If they were installed off-plumb or off-level, they may not open or close correctly,” says Heidenry.

Also, check for any small cracks in the glass.

4. Peruse the paint

Examine the paint everywhere in the house. Last-minute repair jobs and touch-ups might have been completed, and you might not notice them until you’ve already moved in.

“Look from several angles and with the lights on and off,” Heidenry suggests.

5. Test the water temperature

Check that the water temperature is comfortable in all showers and tubs. Have the plumber adjust if necessary.

“The plumbing diverters may not let the water get hot enough,” Heidenry explains.

6. Eyeball the electrical

Are all the light switches straight? Off-kilter switch plates are common, Heidenry says. If they’re crooked, have the builder fix them before you close.

Also: “Make sure that your circuit breaker panel is labeled, so you’ll know which breaker is for what,” he adds.

7. Read up on the roof

Get a copy of the roof warranty. If the roof is going to leak, it will be after a first major storm, Heidenry says. But you should know what your warranty covers before a storm blows in.

Medina advises reading through all your warranties.

“The appliances and much of the subcontract work aren’t covered,” she says. “But your roof, foundation, framing, and finishings should be.”

8. Examine the elevator

If you’ve bought in a multifloor building, expect that the elevator may not line up with the floor the first time you use it. It’s nothing to be worried about.

“It’s actually not the weight of people that throws off the elevator,” Heidenry explains. “Because elevators are so computerized now, any little thing can put them out of service.”

Yours will need to be tweaked for everyday use, so anticipate a couple of months of adjustments before your elevator lines up smoothly, he says.

9. Focus on the finishes

Look for chipped tiles and scratched floors before you move in. Builders will rarely come back to fix those items, as they can be attributed to damage caused when moving in or homeowner use after final inspection, Heidenry says.

If you inspect ahead of time and damage appears after the fact, you’ll know to take it up with your mover’s insurance.

10. Hotfoot it across the floors

If a room has heated flooring, turn it on and make sure it works. This is another seasonal system that people forget about until the weather warrants its first use. Check it ahead of time to make sure it’s in working order.

11. Clock the cleaning

The builder should have your home professionally cleaned before the closing, but don’t leave that to chance. Make sure every room is clean, and open every cupboard and closet.

Come moving day, you’ll be fairly exhausted from organizing things; you won’t want to add one more thing to your to-do list.

12. Inspect the insurance

Finally, be sure to get a certificate of insurance from your moving company before moving day. Understand what it covers. Having already inspected everything yourself before closing, you’ll know that any damage prior to your first night in your new home will have happened during the move—and is hopefully covered by the mover’s insurance.

 

Experts in Residential Real Estate in Orlando

If you are buying or selling real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Amazing KISSIMMEE Vacation Home Just Listed

Amazing KISSIMMEE Vacation Home Just Listed

Amazing KISSIMMEE Vacation Home Just Listed

2610 AUTUMN CREEK CIRCLE, KISSIMMEE, FL

$430000

4bed – 2bath – 0.14 acres lot
Property Video | Photos | Maps & Local | Schools | Print

Currently used as a second home / vacation home this fully furnished pool home is located in the popular Indian Creek community just minutes from Disney World. Ceramic tile and laminate floors throughout the main living areas keeps it cool and easy to clean. A large living room (25 ft) leads into a good sized dining room with sliding patio doors providing access onto a covered lanai. At the center of the home is a fully equipped kitchen with plenty of cupboard space, breakfast bar, closet pantry and dinette area. The master bedroom benefits from a good sized closet with access to an additional lockable closet perfect for vacation home ownership. The en-suite bathroom with dual sinks, garden tub and separate shower stall also provides direct access onto the pool deck. Outside the covered lanai overlooks the heated in-ground pool and the fenced rear yard creates a private Oasis to relax or entertain. Sold fully furnished and turnkey ready to generate immediate rental income for a new vacation owner or move-in ready for a lucky permanent resident. New A/C in 2022, new roof in 2017.

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Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

How to Find Investment Properties

How to Find Investment Properties

How to Find Investment Properties

How to Find Investment Properties

 

There is no right or wrong way to find investment properties, but knowing how to find investment properties can speed up the process of establishing your business.

In this article, we share the four best ways to find investment properties for sale near you and what to look out for before deciding to purchase a property.

How to Find Rental Properties for Sale Near Me

The key to finding your next rental property is knowing where to look for available properties and the different options real estate investors can explore. We outlined four methods you can use to discover rental properties for sale near you.

1. Work With a Realtor

According to the National Association of REALTORS® (NAR), more than half of Americans that handled the property search on their own experienced the most difficulty in finding the right property. For this reason, many opt to work with a trusted Realtor to help find properties that meet their criteria.

Hiring a Realtor can be highly beneficial when searching for investment properties, especially if this is the first one in your portfolio. They can identify off-market listings — properties that are for sale but have not been listed online by the seller — which can help you find prime properties before other real estate investors. There are also Realtors that have special credentials in negotiating that can help reduce the asking price or get you an overall better deal on the property.

The experience. The tools. The know-how. As your local full service RE/MAX® Bardell Real Estate team, we make it our top priority to make the process of buying and selling a home as simple and as stress-free as possible. No one knows the area better than our trusted real estate professionals who live and work in our local communities. Please don’t hesitate to contact us today!

2. Find Local Wholesalers

A real estate wholesaler is someone that works directly with potential sellers that has negotiated an exclusive right to purchase the property. They then assign the contract to a buyer at a higher price point to make a profit. They can typically be found online or be referred to you by a real estate professional.

Since this method of finding investment properties does not readily provide background information on a property, you may want to analyze the rate of return on the property before purchasing.

3. Buy From a Courthouse Auction

Foreclosure properties and those going through tax sale are typically required to go to a public auction, which can be another great way to find off-market listings below market value. Depending on where you live, you may need to go to an auction in-person or virtually depending on how courthouse auctions are handled near you.

It’s advised to have money set aside to handle renovations, major home repairs, and cover other expenses for these types of properties since they typically require more work to prepare for renting.

4. Directly Connect With a Seller

If you come across a property in your area, then you can connect with the seller directly to learn more information on the property, the asking price, and potential buying options. This could especially help if you’re planning on buying a property without a Realtor.

But if you’re still familiarizing yourself with real estate investing, you may want to consider looping in a real estate professional to ensure the right questions on the property are being asked, you have information on the property, and the asking price is fair.

What to Look for in Investment Properties

Finding investment properties is only one step of the buying process — the next step is knowing what to look for in investment properties. When it comes to investment properties, here are a few things to look for to ensure the property can help generate income each month:

  • Neighborhood: Tenants prefer rentals that are close to recreational parks, public transportation, and grocery stores. It’ll also help if the property is close to schools or college institutions.
  • Local rental demand: There should be a local demand for rental properties to avoid long vacancies and make a profit through your rental property.
  • Amenities: The more a unit can offer a tenant, the easier it will be to generate tenant interest and charge a rent price that can ensure you make a profit each month.
  • Property taxes: Every city varies in how much property taxes are, with some being higher than others.

Source

Experts in Residential Real Estate in Orlando

If you are buying or selling real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

8 Real Estate Documents to Keep

8 Real Estate Documents to Keep

8 Real Estate Documents to Keep

8 Real Estate Documents to Keep

 

After a real estate sale, there are a lot of documents to organize. But do you have to keep them all? After all, you don’t want to have to file all of it if you don’t have to; but you also don’t want to chuck something crucial.

Your closing company is required by law to keep a record of your closing documents, so that’s a good fallback in case you misplace yours. Still, it’s smart for you to keep important documents on hand—particularly if, later on, you need to file a claim against the seller or your professional representation team (i.e., your real estate agent, home inspector, or mortgage lender). Hopefully, that doesn’t happen, but it’s wise to be prepared.

Full disclosure: I’m a real estate agent, but I’m not a naturally organized person. In fact, until a few months ago, I kept the documents from my home purchase in a folder in my closet labeled “Keep Docs.” (I’m not joking!) But the important thing is, I know what forms I have to hold onto.

1. Buyer’s agent agreement

When you choose a real estate agent, you sign a buyer’s agent agreement—a contract between you and the brokerage, stating that the agent represents you in the purchase of your home.

This agreement outlines the terms of the relationship with your agent—including who pays the agent’s commission (in most cases, the seller), the length of the agreement (90 to 120 days is standard in most markets), and the terms for terminating the agreement.

Why you should keep it: This contract spells out what services your agent agreed to provide you with—and it can come into play if you have an issue with your agent after the transaction closes.

2. Purchase agreement

Every home sale starts with a real estate purchase agreement—a legally binding contract signed by home buyers and sellers that confirms that they agree upon a certain purchase price, closing date, and other terms.

Why you should keep it: The provisions stated in this contract must be followed to the letter. If you or the seller fails to fulfill these duties, there could be legal ramifications.

3. Addenda, amendments, or riders

These types of documents alter or amend the terms of your purchase contract. For example, if a survey reveals that there’s an encroaching fence built by a neighbor, and you’d like the fence removed, the sales contract has to be formally amended.

Why you should keep them: Addenda, amendments, and riders are often related to home inspections or appraisals, and because they change the original terms of the signed contract, they’re worth holding onto.

For instance, if both parties signed a repair addendum, where the seller agreed to make certain repairs based on the home inspection, you’ll need this addendum if you find issues with the repairs down the road.

4. Seller disclosures

Sellers are required by law to disclose certain problems with the home, both present and past, that they’re aware of that could affect its value. While laws vary by state, these disclosures might include lead-based paint, pest infestations, and renovations done without a permit.

Why you should keep them: If major problems crop up with your home after you move in, these disclosures can be the basis for a future lawsuit against the seller. If you lose them, you might have trouble holding the seller accountable in a court of law.

5. Home inspection report

After your home inspection, your inspector should produce a report with detailed notes on the condition of the home and any potential problems.

Why you should keep it: This document is an extremely detailed list of everything that the home inspector finds, and it typically includes photos of problem areas. By keeping this report, you’ll have a record of any repairs that you may need to make to the property in the future.

6. Closing disclosure

Mortgage lenders must provide borrowers with a closing disclosure (also called a CD) at least three business days before settlement. This document spells out things such as your loan term (typically 15 or 30 years), loan type (a fixed-rate or adjustable-rate mortgage), the interest rate, and closing costs, among other financials.

Why you should keep it: Your CD is an itemized list of all the costs associated with closing and your mortgage, and it’s important to have for future reference. It’s also the document you’ll need when you go to file your taxes, since you can take deductions for things such as mortgage points.

7. Title insurance policy

Title insurance offers protection against any competing claims to a home. As part of the process, the insurer will run a title search of public records, seeking loose ends such as liens against the property or fraudulent signatures on ownership documents.

Why you should keep it: You’ll need this document in the event another party, such as a previous owner, tries to claim the property. Note that there is separate title insurance to cover lenders versus buyers, and you would do well to get a policy for yourself.

8. Property deed

When you take title and become the sole owner of the property, you’ll receive a deed—a legal document that confirms or conveys the ownership rights to the home, says Anne Rizzo, associate vice president of Detroit-based title insurance company Amrock.

“It must be a physical document signed by both the buyer and the seller,” Rizzo says.

Typically, the property deed is mailed to you after the title transfer documents are recorded in your county’s public records office.

Experts in Residential Real Estate in Orlando

If you are buying or selling real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.