![]() ![]() Handling Multiple Offers and Multiple Buyers teaches a seller’s options in responding to multiple offers as well as options for communicating those responses. Learn More About Helping Sellers with This CE Class If their offer isn’t selected, buyers need to be able to move on just as quickly. Etzel recommends counseling buyers so they know exactly what they’re looking for and can make offers quickly. Many properties are selling much faster than that. Texas homes spent an average of 48 days on the market in January 2021, down from 68 days in January 2020. Cash offers-for those buyers able to do so-are another attractive alternative to sellers, since they are easier than more complex financial arrangements.Įtzel points out that pre-qualified buyers know their budget and can make offers more quickly than buyers who haven’t taken this step. Sellers like offers from pre-qualified buyers, since those buyers have already contacted a lender to see how much money they might be eligible to borrow. Knowing ahead of time how the provisions of these forms work can help buyers make faster choices about how they want to structure their offer and what protections they want in place pending the outcome of the appraisal. It’s important that your clients understand how to use TREC’s Third Party Financing Addendum (TXR 1901) and the Addendum Concerning Right to Terminate Due to Lender’s Appraisal (TXR 1948). Make Sure They Understand the Appraisal Addenda You can help set buyers’ expectations by showing them recent sales information. Since lenders approve loans based on the appraised value of a property, buyers may need to close the gap between what they can borrow and the price of their offer. ![]() Prepare them for the possibility they may have to pay out-of-pocket. “In some markets, people are paying $10,000, $15,000, $20,000, or higher over the listing price.” Stephen Etzel, a real estate educator, consultant, and broker based in Roanoke, Texas, tells clients to expect to pay full price in most situations. With such limited supply but no decrease in demand, home prices have been rising in most Texas markets. Consider these tips for helping buyers put their best foot forward in this increasingly common scenario. Many properties are going under contract quickly and often with multiple offers above listing price. Your buyer clients will need to stand out from the crowd in order to get a contract accepted. Buyers Face Stiff Competition for Properties
0 Comments
Leave a Reply. |