Cheryl Caldwell - William Raveis - The Dolores Person Group



Posted by Cheryl Caldwell on 1/11/2019

In a competitive housing market--like the one we have today--sellers are fielding numerous offers, especially in desirable urban and suburban hubs.

If you’re hoping to buy your first or second home, it can be tough to make offer after offer with no success.

However, there are some things you can do to help ensure your time house hunting is well-spent and to increase your chances of getting your offer accepted.

In today’s post, I’m going to give you a few tips on how to win a bidding war on your dream home.

All-cash offer

The most effective way to ensure that your offer is accepted is to make it in all cash. Cash offers drastically simplify the real estate transaction process, making things easier on the seller.

Most buyers, especially first-time buyers, won’t be able to make an all-cash offer on a home. However, people who are downsizing after their children moved out or are buying a retirement home may find themselves in the ideal financial situation to be able to leverage a cash offer.

If that sounds like you, consider a cash offer as part of your bidding strategy.

Waive the financing contingency

If you’re new to real estate contracts, you might be wondering what a contingency is. Essentially, a contingency is an action that needs to be completed before the contract becomes valid and the sale becomes final.

There are a number of different contingencies that can be found in a real estate contract. However, the most popular are for inspections, appraisals, and financing.

If you’re planning on taking out a mortgage to purchase the home, a financing contingency protects you in case you aren’t able to secure the mortgage in time. In other words, you’re not on the hook for a home you can’t pay for.

In some special situations, buyers might decide to waive the financing contingency, signaling to the sellers that there won’t be any hang-ups or delays from the buyer regarding financing the home.

Waiving this contingency comes with risks (namely, being responsible for coming up with the money to pay for the home). However, there are ways to safely waive a contingency.

The most common approach is to get a fully pre-approved letter from a lender. The important distinction here is that your mortgage needs to be pre-approved and underwritten (not just pre-qualified), otherwise you again risk getting denied the mortgage in the last moments before buying your home.

Crafting a personal letter

Sometimes all it takes to win a bidding war is to be the seller’s favorite candidate. Take the time to write them a personalized letter. Explain what you love about their home and why it’s perfect for your family.

Avoid talking about big changes you’ll make. Remember that they probably put a lot of time and money into the home, making it exactly the way they want it, and won’t appreciate you making huge plans to undo their work as soon as they’re out the door.


Using one, or a combination of, these three techniques, you’ll be able to give yourself an edge over the competition and increase your chances of getting your offer accepted.





Posted by Cheryl Caldwell on 12/7/2018

The homebuying journey may be long and arduous, regardless of whether you're pursuing a house for the first time. However, if you bring your A-game to the homebuying journey, you can speed up the process of finding and acquiring your dream residence.

Now, let's take a look at three tips to help you bring your A-game to the homebuying journey.

1. Establish Homebuying Criteria

There is no need to waste time and resources as you search for your ideal residence. Thankfully, with homebuying criteria in hand, you can streamline your home search.

Consider the cities and towns where you may want to reside. Then, you can narrow your house search to a select group of cities and towns.

Also, think about the features you want in your dream house. If you want to own a residence that offers a beautiful outdoor swimming pool, for example, you can hone your house search accordingly. Or, if you require a home that provides multiple spacious bedrooms, you can pursue houses that match your criteria.

2. Get Pre-Approved for a Mortgage

Pre-approval for a mortgage is paramount, particularly for homebuyers who want to know exactly how much they can spend on a residence. If you meet with banks and credit unions, you can get pre-approved for a mortgage in no time at all.

Of course, when you meet with banks and credit unions, don't hesitate to ask home financing questions. Banks and credit unions employ knowledgeable home financing professionals who can teach you about the differences between fixed- and adjustable-rate mortgages and much more. As such, these professionals can help you make an informed mortgage selection.

You should consult with a variety of banks and credit unions, too. That way, you can learn about all of the mortgage options at your disposal and choose a mortgage that suits you perfectly.

3. Work with a Real Estate Agent

Ultimately, there is no reason to work alone when you search for your ideal home. But if you hire a real estate agent, you can receive expert guidance as you navigate the homebuying journey.

A real estate agent knows the ins and outs of the housing market and is happy to share his or her homebuying insights with you. Plus, a real estate agent will craft a plan to help you quickly discover your dream home. And if you are concerned about acquiring a house at the lowest-possible price, a real estate agent is ready to negotiate with a home seller on your behalf as well.

Furthermore, a real estate agent can guide you through the home closing cycle. He or she will help you finalize your home purchase and ensure you can relocate to a new house without delay.

Bringing your A-game to the homebuying journey can make a world of difference in any housing market. By using the aforementioned tips, you can simplify your home search and accelerate the process of acquiring your dream residence.




Categories: Buying a Home   buying tips  


Posted by Cheryl Caldwell on 11/30/2018

As a homebuyer, it is important to set high expectations. At the same time, a homebuyer must act reasonably, or he or she risks missing out on a golden opportunity to acquire the perfect residence.

Ultimately, becoming a reasonable homebuyer can be quick and easy – here are three tips to help you do just that.

1. Establish Realistic Expectations for the Homebuying Journey

The homebuying journey sometimes can take weeks or months to complete, and a homebuyer should plan accordingly. By doing so, a homebuyer can prepare for any potential homebuying pitfalls.

For example, a homebuyer may submit an offer on a home and receive a "Yes" from a home seller. But if a home inspector discovers myriad problems with a residence, a homebuyer may need to walk away from the house and restart the homebuying journey.

In the aforementioned scenario, a homebuyer may become frustrated and annoyed, and for good reason. Conversely, if a homebuyer understands the challenges associated with buying a house, he or she can plan for the best- and worst-case scenarios.

2. Search for Homes That Fall Within Your Price Range

Have you established a budget for your home search? If not, you may wind up focusing on houses that you won't be able to afford.

Get pre-approved for a home loan – you'll be glad you did. With a home loan in hand, you can enter the real estate market with a homebuying budget. Then, you'll be able to narrow your home search to houses that fall within your price range, thereby speeding up your search for the ideal residence.

It won't take long to get pre-approved for a home loan, either. In fact, if you meet with local banks and credit unions, you can instantly learn about a variety of home loan options.

3. Collaborate with a Real Estate Agent

Although you know that you want to buy a house, you have no idea what to expect during the homebuying journey. Fortunately, if you hire a real estate agent, you can learn what it takes to stay calm, cool and collected as you search for a house.

A real estate agent is a housing market expert who takes pride in his or her work. As such, a real estate agent will be available to respond to your homebuying concerns and questions, ensuring that you can make an informed home purchase.

Perhaps best of all, a real estate agent will go above and beyond the call of duty to eliminate homebuying hurdles.

For instance, a real estate agent is happy to negotiate with a seller's agent on your behalf, guaranteeing that you can avoid the stress of negotiating a home price. Or, if you need help finding a qualified home inspector, real estate attorney or other local professionals, your real estate agent can provide honest, unbiased recommendations.

Be reasonable as you kick off your search for your dream residence. That way, you can seamlessly navigate the homebuying journey and improve your chances of acquiring a house that matches or exceeds your expectations.




Categories: Buying a Home   buying tips  


Posted by Cheryl Caldwell on 11/23/2018

The year’s end brings a lot of joy, a lot of stress, and hope for the new year. One thing that you may not consider at the end of the year is buying a house.


There are pros and cons to buying a home at the end of the year. The positive being that you can get a home for a better deal. The negative is that there is often a limited selection of homes. There’s much more to this. 


Sellers Avoid The End Of The Year


Sellers tend to avoid listing at the end of the year. It could be because of wintry conditions, short days, or the notion that buyers won’t bite at this time of year. People who are selling at the end of the year are highly motivated. They need to move their property fast for one reason or another. Life circumstances like a death in the family, a job change, or divorce can lead to the need to sell at this time of year. As a buyer, you can take advantage of the need for these sellers to get a property off their hands. 


Limited Supply


The limited selection of homes is perhaps the most significant downside to searching for a home over the holidays. The limited supply problem is where your real estate agent will come in handy. Your agent can access expired listings. These are homes that were formerly for sale and have faded off the market. The seller may have decided not to sell, were lacking offers, or just didn’t pay enough attention to marketing their listing and let it fall by the wayside.


Your real estate agent can also contact other agents who tend to work in a preferred neighborhood or area. Your agent can get the inside scoop on homes that aren’t listed for sale yet but are being prepped to go on the market. These properties are known as “coming soon.” 


Less Competition


Another significant advantage to buying a home during the holiday season is that there’s not a lot of competition. This means you can possibly avoid bidding wars, get a home at a better price, and even find sellers who have their homes on the market for less than you would during a peak season.


Easy Access To Realtors


Another advantage to buying during the holiday season is that of easy access to real estate agents. These professionals are less busy during this time of year, meaning they have more time to spend with each client. You can often get an agent’s undivided attention. Open access to an agent means that you can get to see more home showings with the listings that are available and be able to look at the homes in detail.   

              






Posted by Cheryl Caldwell on 11/16/2018

In real estate, cash is power. It’s not exactly the amount of money that you have been approved for by a lender. This type of “cash” is what you can pull directly from your account to buy a property on demand. It can be difficult to compete with cash buyers especially in tight real estate markets. Below, you’ll find some tips to help you match up against any cash offers that you may be competing with when you buy a home. 


Make Your Offer Look Attractive As Possible


First, you should always have a pre-approval letter from your lender. This lets sellers know that you’re a qualified buyer. You should also get your lender or realtor (or both) to provide some financial information about you along with your offer. This helps to add to the case that you’re a dependable buyer.


Let Things Move Quickly 



If you allow your lender to send an appraiser to the property as quickly as possible, this will give you an advantage in the home buying process. You want to reduce the amount of time that it will take to close on the house. That means you should consider cutting down on both the appraisal and contingency time. You could even consider waiving any contingencies if you feel comfortable. 


To speed up the process, even more, you should pre-order an appraisal in advance. You can do this before your offer has even been written. It can be difficult to arrange this, especially with larger scale lenders, but it’s always worth a try. Once the offer is written, the lender can relay to the seller that an appraisal has already been scheduled.


You’ll also want to get the inspection done fairly quickly. You only have a short window of time to get the inspection done. The quicker you get this done, the more serious of a buyer you appear to be. You should have the inspector who you’ll use ready before you even put an offer in on a home in order to expedite this part of the process. Usually, inspectors don’t take terribly long to schedule appointments knowing that their clients have short windows to get inspections done.  


Make A Strong Offer


Making a good offer could mean paying extra for a home you love in order to compete with cash offers. Spending more money helps to win. Here’s why: Sellers almost always will give a cash buyer a bit more of a discount since they’ll be getting all of the funds up front. If you love the house and plan to live in it for years to come, the extra money you spend will be well worth it.         


Write An Offer Letter


An offer letter adds a bit of a personal touch to the number you put down as a buyer. Here, you can tell the seller who you are and why you love the home. It can be emotional to sell a property, but a seller will feel more comfortable knowing that the home is going to someone who will appreciate it.

  






Categories: Mortgage  




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