Kathy Wilfert's Blog
Let's face it – reviewing an offer to purchase can be difficult. And if a home seller feels unsure about a homebuying proposal, this individual may want to consider rejecting the offer to purchase.
Ultimately, there are many reasons why a home seller may decline an offer to purchase, and these include:
1. An offer to purchase fails to meet a home seller's expectations.
If a home seller receives a "lowball" offer to purchase, he or she may submit an instant rejection. In fact, this seller likely will have no regrets about declining the offer to purchase and continuing to wait for a homebuying proposal that matches his or her expectations.
As a home seller, it is vital to establish realistic property selling expectations before you list your residence. If you set a competitive initial asking price for your home, you may reduce the likelihood of getting lowball homebuying proposals. And as a result, you may be better equipped than ever before to speed up the home selling journey.
2. A home seller has multiple offers to purchase at his or her disposal.
If a home seller receives multiple offers to purchase his or her home, this individual likely has a tough decision to make. Fortunately, a seller can review his or her options and make an informed decision.
When a home seller receives several offers to purchase his or her residence, there is no need to rush to reject or accept a proposal. Instead, a seller should evaluate each homebuying proposal closely and use all of the information at his or her disposal to determine the best course of action.
3. A home seller can afford to wait.
If a home seller lists his or her residence in a buyer's market, the demand for houses may be limited. Conversely, if a seller lists a home in a seller's market, this individual may receive many offers to purchase as soon as his or her residence becomes available.
Sometimes, a home seller who can afford to be patient may choose to reject an offer to purchase in a buyer's market, even if the proposal is competitive. Because if the seller waits for the real estate market to improve, this individual may be able to optimize the value of his or her residence at a later time.
For home sellers who are committed to getting the best price for a home, it generally is a good idea to employ a real estate agent. This housing market professional will help a seller establish a competitive initial asking price for his or her residence. Plus, a real estate agent will set up open house events and home showings to promote this house to potential buyers. And if a seller receives an offer to purchase, a real estate agent can recommend whether the seller should reject, accept or counter the proposal.
Want to list your house and streamline the property selling journey? Hire a real estate agent, and you can work with a home selling expert to evaluate any offers to purchase your residence.
Your living room is one of the most used rooms of the house. It’s where the family gathers and company comes to chat. If the furniture in your living room is not arranged comfortably, then you may not enjoy the space as much as you should. Heed the tips below in order to get the furniture in the living room is arranged for comfort and practicality.
See How Conversations Will Play Out
You want your living room to be a place where face-to-face conversation actually thrives. Even in the age of the smartphone, people still like a certain kind of connection with one another. Make sure that food and drinks will be in easy reach and that the seating is arranged in a way that allows everyone to be involved with a conversation.
Use Dividing Factors
If you have a large living room, you’ll need to divide the space with either a room separation apparatus or a piece of furniture. Using furniture actually keeps the room cozy and free from feeling stuffy. If the living room bleeds into another room with an open floor plan, this becomes especially important. Use a sofa, and allow it to face away from the dining area in order to divide the conversation spaces and keep your home’s interior design flowing.
Use A Focal Point
Most living rooms have a TV or a fireplace, or both. You can keep both on the same wall, or create separate spaces for both activities in order to have some division in the room. There are many different strategies that can be used in order to keep both the fireplace and the television in the same space without making a dizzying focal point.
Think Outside The Box
By arranging your furniture at a diagonal, or different angle than simple straight lines, you’ll be able to give your living room some flavor. First, set the sofa and the coffee table, then create the rest of the space around these establishing angles. This will make the room feel bigger and give it a sense of symmetry with flavor.
Matching Furniture Gives Flow
By getting matching sofas, chairs, and side tables, you’ll be able to create a sense of symmetry in the room. The way you arrange the furniture ultimately depends on your needs and tastes, but you’ll have a few anchoring pieces to work with that will allow you to make the living room your canvas and your furniture your subjects. Have fun playing with the layout and design of the room. There’s really no right or wrong answers, just simply what will make you happy and what looks good in the space.
What happens if you receive an offer on your home that fails to meet your expectations? Ultimately, you may want to decline the offer. But before you do, there are several questions you'll want to consider, including:
1. Is the offer "fair"?
Let's face it – one home seller's definition of a "fair" offer may differ from another's. However, an informed home seller will be able to differentiate a "lowball" offer from a strong proposal.
A lowball offer typically fails to account for a home's condition and the current state of the housing market. As such, this proposal may fall far below a home seller's initial asking price.
On the other hand, a strong proposal may meet or surpass a home seller's initial asking price. This offer likely accounts for a home's strengths and weaknesses, along with the needs of a both the homebuyer and home seller.
2. Are there any other offers on the table?
If you receive an offer on your home, you'll probably have one to two days to decide how to proceed. And if you have multiple offers in hand, you likely have a lot to think about in a short period of time.
In some cases, the best offer is not necessarily the highest offer, and for good reason.
For instance, a homebuyer may submit an offer on a home that exceeds a home seller's initial asking price. But if this homebuyer has not been pre-approved for a mortgage, he or she likely will need to obtain financing to proceed with a home purchase.
Conversely, a homebuyer who has been pre-approved for a mortgage knows exactly how much money is at his or her disposal. When this homebuyer submits an offer, he or she may be better equipped than other homebuyers to acquire a residence.
3. Can I afford to be patient?
Consider your timeline as you debate whether to decline an offer.
If you're in no rush to sell your home, you can afford to be patient with offers on your house. Or, if you want to relocate to a new address as soon as possible, you should price your home aggressively from the get-go.
4. If I decline an offer, what will happen next?
After you decline an offer on your home, the homebuyer has the option to submit a new proposal or move on to other houses.
As a home seller, it is important to take an informed approach to home offers. With a real estate agent at your side, you should have no trouble making the best decisions on any proposals.
A real estate agent understands the ins and outs of the housing market and can help you evaluate all offers on your residence. He or she can provide you with honest, unbiased real estate recommendations and ensure you can get the best results during the home selling journey.
Collaborate with a real estate agent – you'll be glad you did. A real estate agent will enable you to evaluate home proposals and maximize the value of your house.
Sometimes the timelines for buying and selling a home don’t match up perfectly. You may have purchased a new home or need to relocate before you can sell your current residence. In these cases, your property may remain empty for weeks or months at a time. Here are a few ideas for keeping your home secure until ownership is transferred.
Keep Your Utilities Running
It is an extra expense to keep paying for a utility bill on a property you do not occupy, but it's ideal for security purposes. Electricity, in particular, allows for the use of lights to create the impression of occupancy. Consider using lights you can set to a timer — ensure the lights come on at appropriate times in the evening and go off during daylight hours. Installing exterior motion detector lights will turn on your lights when someone comes within range of the sensor.
If your home is vacant during the winter months, you will want to keep the heat running to avoid issues like frozen pipes. You can maintain the temperature with a programmable thermostat or one that you can connect to remotely. It is helpful to have a local contact who can check in on your heating system during especially harsh weather.
Maintain Your Security System
If you have one, maintain your security system until the next occupant moves in. Let the security company, as well as your local police department, know that your property will be uninhabited. The more security measures you have in place, the better the protection for your property. Having a security system in place can notify you and the local authorities if there is unusual activity on your property. Notice of a security system often serves as a deterrent for keeping criminals away.
Keep the Yard Neat
Hire a landscaping service to mow the lawn and keep the landscape looking tidy. If you leave your yard looking untidy and unkempt, it is a visual cue to passersby that the house is vacant. If the weather is cold, plan for snow and ice removal to ensure the property is accessible.
Your unoccupied home is a financial asset until it is sold to someone as their forever home. Keep it in the best condition possible until you transfer ownership. If your property may be vacant for an extended period of time, it can be helpful to arrange for a property management service to keep an eye on your home. Your real estate agent is a great resource for management services in your area, call for recommendations today.
Many urban areas promote the concept of working where you live, or living where you work, to simplify your life. But what does that mean when you’re buying real estate?
The main difference is in zoning requirements and building codes. Those that are primarily zoned as residential offer fewer options for commercial enterprises. Those zoned for industry often appear in areas of urban renewal where former warehouse conversions offer work-spaces and lifestyle lofts.
When historic buildings go through the renewal process, they are often repurposed as living space with attached retail. For example, creating occupancy areas that otherwise would decay into disuse sometimes allows for relaxed residential standards that let artists and musicians enjoy higher sound levels or use of solvents that new construction zoning and code requirements would not allow.
Who Occupies Live-Work Properties?
Often, communities of artists or musicians join forces to live in joint, workspace facilities. Some urban centers have created “Artists’ Projection Zones” that impose rent controls, property price-increase limitations and other restrictions to create affordable living and working space for artists. These locales determine occupancy based on adherence to specific rules of their artistic endeavors.
Other live-work spaces appeal to business start-ups and entrepreneurs. These spaces develop an incubator atmosphere where the lack of commute inhibits the interruption of ideal flow. Some interdependent industries share the same space to reduce the need to ship product or services outside the facility.
Telecommuters and virtual employees fit better into the residential live-work facilities. Often, these buildings offer high-speed internet, access to shipping and delivery services and community spaces to gather for a meal or socializing.
Whether it’s a studio above a store-front, converted warehouse, or repurposed factory, if you thrive in an energetic and industrious atmosphere, a life-work space may be right for you. When seeking a live-work space, let your real estate agent know what you’re looking for so that you find that perfect situation.