Real Estate Tips 27 Jan 2017
It is harder for buyers to get their offers accepted in a seller’s market. Yajnesh Rai of Team Yaj – Keller Williams Realty shares a series of tips for buyers on Radio De Hotties’ Pam Pam Show. Here are tip number 7 & 8
7. TLC (Tender Love and Care – House needs work) – TLC means that the house requires some work. Many first time home buyers may not be comfortable with having to do work on the property. It could be that they never done anything like this or they may not have the resources (time and/or money) to do it. Having a background in remodeling homes, I do help clients understand that it may not be as big as it feels and they might want to consider it. It helps to be open for those things in a competitive market and be able to capitalize on these opportunities.
8. Contingencies (Terms or Conditions) – Contingencies are there to protect the interest of a client (Buyer or Seller). In a competitive markets these become tools or way of using them as strategies to get an edge over the competition. Sellers prefer Clean Offers (with least or no contingencies). This helps reduce the chances of TFT (refer to a blog from Jan 20th) and hence reducing chance of seller having to let go of the property for lower price.
a. Pre-Approval – One of the big contingencies is Loan Contingency (if one is buying with a loan). This means that the buyer cannot buy if the loan does not get approved. If the seller has a choice of another offer that does not have this contingency, he would pick that over one with a loan contingency. Therefore, it helps to get Pre-Approved upfront. There is another term called Pre-Qualification and there is a big difference. Pre-Approval is a much stronger assurance for loan getting approved that the pre-qualification.
More tips to be shared on the Pam Pam show and on this blog.
If you or anyone else you know that is looking to buy their first home, an investment property or sell their home, please reach out to me via either contact method.
Thank You, Yajnesh Rai – “Yaj”
Team Yaj, Keller Williams Silicon Valley
Real Estate Consultant, Broker Associate, CNE
2110 S Bascom Ave, #101, Campbell, CA
408-547-7845 | www.YajneshRai.com
CalBRE# 01924991