Your Client Lost on Their Offer – Now What?

It hurts to be the one to tell your clients that their offer fell through; you don’t want to be seen as the bad guy, and you don’t want them feeling as though it’s the end of the road for them. So how do you handle the situation?

There are many reasons why their offer may have fallen through – now your job is to help your clients understand the possible causes.

The Offer was Too High

Yes, you read that right. But this one has some surprising logic – sometimes sellers will reject offers that are too high, simply because the house might not be appraised for that amount. In this instance, they try and avoid a possible appraisal nightmare and accept the lower offer.

Gave Too Much Information

Sometimes your client might accidentally have said too much to the seller – genuinely not knowing that what they were saying may have actually been offending the owner. For instance, if there was mention of a remodel when the home has been with the owner’s family for the past 5 generations.

The Timing was Off

Your client needs to move in within 60 days, but the seller hasn’t found a new home yet and already doesn’t feel as though the 45 day closing process won’t be long enough. It’s important to discuss timing with a seller before any offers are made to avoid wasted time.

 

Honestly, there are a variety of reasons your client may have lost on their offer – the seller could have decided to keep the house, or there may have just been a better offer. While it is an uneasy feeling to be rejected on a home, it doesn’t mean your client’s search isn’t over. Just shake it off and keep moving forward.

It’s All in the Family – Helping the Next Generation Become Homeowners

It seems as though your kids will pick up more than just your good looks and personality as they grow up – they also seem to fall in step with the same homeownership goals as you.

The Urban Institute, a nonpartisan think tank, released new research that shows if Mom and / or Dad are homeowners – instead of renters – their children becoming a homeowner increases by 8.4%.

The family’s net worth was also studied; 14% of millennials are homeowners with their parent’s net worth of $10,000, while 36% of millennials own a home with their parent’s net worth of $300,000 or more.

While this is incredibly promising, most new homeowners need guidance in the world of real estate. If one or all of your children are wanting to buy a home, you might want to think about giving them some housing market life lessons – like how to build good credit and why it matters and the breakdown of all the costs it takes to own a home.

The American dream of owning a home hasn’t faded – it’s just taking longer to get there. Luckily, if you’re a parent that owns a home, your kid might already be trying to follow in your footsteps and have their own place to call home.

Staying Safe on the Job

September is right around the corner – and since 2003, the National Association of REALTORS® has devoted the month as REALTOR® Safety Month.

NAR’s 2017 Member Safety Report shows that 44% of females and 25% of males have experienced a situation that made them fear for their personal safety or safety of their personal information.

It’s easy to fall into a routine and let your guard down – we’ve all been guilty of becoming a little lazy in some shape or form. But it’s always important to refresh your thinking and list out positive and simple methods to make sure you’re feeling safe and secure while on the job.

Meet in a public space. Have a “second meeting only” policy – the first time you meet your clients should either by in your office or another public location before agreeing to a private showing. This allows you an opportunity to evaluate them and for your intuition to do some work. Always require that your clients bring some form of identification that you can file (but be sure to discard properly when no longer needed).

Tell others where you’ll be. Before attending your open house or your showing, be sure to let your colleagues, friends, or family members know of your location. Give them the name of your client and the address you are planning to meet at. NAR’s Safety Report also demonstrated that 28% of Realtors use the “Find my iPhone feature” when out for the job.

Allow your clients to lead. When walking through the property, it’s safer to let them guide you through the house, rather than yourself. By having them lead, you are able to always have them in view.

Be mindful of exits. Always know where you can quickly exit and avoid showing basements or attics. This goes hand-in-hand with being mindful of where the property keys are!

Listen to your gut. If you feel as though something is off, or you feel uncomfortable, follow your intuition. You know the saying, “better to be safe than sorry.”

Marketing Tips for Your Open House

Unless most of your customers are as honest as Sydney Fife in the movie, I Love You Man, it can be hard to know exactly how to market to your audience.

You have the perfect house to show – the location and aesthetics are picturesque and deserve an open house. How can you ensure your event will reach a fair amount of people in order to create a successful showing?

Pick the Right Day & Time

Obviously, the weekends see the highest attendance in open houses. Know your audience – do you want to attract younger couples, singles, or recent empty nesters? Then Saturdays are probably your better day.

This doesn’t mean that weekdays are off limits – just select the best time. Shoot for a schedule that attracts an after-work attendance. They might just decide to stop at your open house to avoid the daily commuter traffic going home. Having an open house in the evening also allows the buyer to see the house in a new light – literally.

Social Media

An effortless and creative way to advertise your open house will be through various social media outlets – especially Facebook and Instagram. Upload your post on Realtor Association pages and to your own personal account.

Include the day, time, and contact information. Don’t forget those pretty pictures of the house!

Signs

Place your open house signs as the busiest intersections – think about placing 15-20 directional signs pointing drivers and walkers to the property.

Make sure you place any signs, flyers, or postings about the event early in the week. This way people can plan accordingly and possibly even help spread the word to family or friends!

Be Bold

Remember, sometimes you’re going to need to go that extra mile to help sell. Think about going door-to-door around the neighborhood personally inviting them – or anyone they know looking at buying a home – to your open house.

Think about creating a “Thank You” video after the open house and posting it to your social media accounts. This keeps the momentum of your house going.

Frankly, my dear, Buying a Home is Stressful

The typical anxieties include: finances, relationship issues, not getting your multiple Americanos on time before going to the office…you know, the usual.

Homes.com released a bombshell of a statistic regarding the biggest stressor currently for Americans: buying a home.

Here’s their breakdown:

  • 33% of homebuyers had at least one moment of shedding tears during the home-buying process.
  • 38% of homebuyers were surprised at the length of the process
  • 13% of homebuyers believed they overpaid for their new home
  • 28% felt devastated after losing property that they put a contract in for
  • Only 1 in 5 homebuyers felt confident with their decision making

Apparently buyer’s remorse is a legitimate thing.

Avoid the Anxiety

Do your research.

Don’t be afraid to speak up and be as honest as you can with your real estate agent.

Understand that buying a home takes time and requires patience and obviously, money. Acquire a nice little nest egg before making the big leap.

By being prepared, you will be able to jump aboard with confidence when making an offer on a home that feels right for you. Because when you purchase a home, frankly, you should be thrilled – not distressed.

Smart Home Harassment

Smart home harassment or abuse is something you might not hear of often. Alarmingly, those devices you install in your home to make your life easier can be turned against you. Have a look at this article from Engadget for the pros and cons of having a smart home and what to do to prevent smart home harassment:

https://www.engadget.com/2018/07/02/smart-home-abuse-no-easy-out/

 

 

What Are Closing Costs?

Closing costs are fees that are separate from the selling price of a property. They need to be paid at the time of closing and can involve escrow fees, title insurance premiums, tax prorations, loan fees, deed recording fees, real estate commission and more.

The buyer usually pays for:

  • Lender’s title policy premiums
  • 50% of escrow fee
  • Recording charges for all documents in buyer’s name
  • Tax proration (from date of acquisition)
  • Homeowners’ Association fees
  • All new loan charges (except those required by the lender for seller to pay or otherwise negotiated between buyer and seller)
  • Fire insurance premium for the first year

The seller usually pays:

  • Owner’s title insurance premiums
  • 50% of escrow fee
  • Real estate commission
  • Document recording and release fee for deed of reconveyance
  • Any loan fees required by buyer’s lender
  • Payoff of all loans in seller’s name or against the property
  • Interest accrued by lender being paid off, statement fees, reconveyance/release tracking fees and any prepayment penalties
  • Any judgments, tax liens, etc. against the seller — including the cost of recording the release document
  • Any and all delinquent taxes

Take a look at the Buyer/Seller Guide we’ve put together for more information on what happens during the purchase or sale of a property.

#alliancetitle #guides #buyers #sellers #closing #title #escrow

Mistakes To Avoid Before Selling

It’s definitely smart if you or your clients want to save money in repairs before selling a house by taking a DIY approach. What if the DIY project isn’t done right and ends up costing way more in time and stress for a professional to fix your mistake? Here’s an article from Realtor.com on some of the worst mistakes that can be made before selling a house:

https://www.realtor.com/advice/sell/selling-your-home-diy-repairs-to-avoid/?iid=rdc_news_hp_carousel_theLatest

#alliance #homeselling #realestate #selling #homeimprovement #title #escrow

Efficient House Hunting

The weather is getting warm and houses don’t last on the market long. Apps and online services have simplified house hunting, but some listings don’t always truthfully represent the listing, so checking out a house in person can really be worth your time. Here’s an article from Realtor.com with six helpful tips for more efficient house hunting:

https://www.realtor.com/advice/buy/house-hunting-maximize-your-time/

#alliance #househunting #title #escrow #realestate #homebuyers

9 Inspection Myths

Home inspections are one of the most nerve wracking parts of a transaction because it could make or break the deal. There’s a lot that goes into a home inspection and what you may think is true might not be so. Take a look at this article from Realtor.com on 9 of the most common home inspection myths:

https://www.realtor.com/advice/buy/home-inspection-myths/

#alliancetitle #realestate #buying #selling #title #escrow