Tag Archives: condition

Should you accept the buyer offer on your home?

Great news! You have a contract on your house. Do you take it?

So…your house is on the market. You’re ready to sell. You have done your homework. You have decluttered it and cleaned it up. You have staged it and had great pictures taken. Now it’s show time. More good news. You just received your first signed offer to buy your house. You’re thrilled. Right? So, what’s the problem? Should you take it?

Property Manager PA NJ

This is part of an on-going series of real estate articles by Nick Santoro and Joe Santoro of Personal Property Managerswho service Pennsylvania and New Jersey and specialize in buying and selling homes, the real estate industry, home content downsizing, property management and estate sales.

Naturally, if you have received an all cash, as is, quick close, full price offer, you should jump on it. But, as we all know this rarely happens. In this brief article, we’ll share with you some things to consider when a buyer makes an offer on your home.

After the initial excitement of receiving a written offer, home sellers need to take a close look at the details. We are talking about looking beyond just the offer price.
Nick Santoro says, “You should look at every offer the same way, whether you have one offer or multiple offers.” Nick points out that anyone can write anything in a contract, so it’s up to your listing agent to check out whether the buyer is truly qualified.

Sellers automatically look first at the purchase price. Nick shares that other factors should have equal weight. Financing is an important consideration.
“A lender letter should be attached to every offer, so your agent can contact that lender and ask about the buyer’s qualifications,” Santoro says.
A home sellers listing agents will want to know if the loan is fully documented; if the lender foresees any credit problems and if the buyer’s cash is in the bank. Joe Santoro recommends requesting a document called a BFI or buyers financial statement, which includes income, debt and assets, including the cash needed for the purchase.

Nick suggests that you compare the mortgage preapproval letter and the buyer purchase offer to make sure the buyers are fully approved to borrow as much as they need.
Joe Santoro, co-founder of Personal Property Managers points out that virtually all buyer offers include contingencies on the buyer’s financing, home inspection and appraisal. Joe points out that the more contingencies there are, the more opportunities there are for the buyers to walk away.

Here are four Buyer and Seller contingencies that should be reviewed carefully:

Buyer Financing. The financing contingency should be 21 days or less, If someone makes a full-price offer but they need 60 days to tie up their financing, they’re asking you to take your home off the market while they figure out how to buy it.

Buyer Home inspection. The home inspection contingency should take place in 7 to 10 days at most. A seller can choose to sell their house “as is” and agree to an inspection that allows the buyer to walk away if they don’t like the report but doesn’t allow negotiations for repairs. Buyers who bid up the price on a house sometimes try to use the inspection as a way to lower it back down by having the seller subtract the cost of repairs from the price. Joe Santoro points out that often times, a buyer home inspection, done by a third party is often where a deal breaks down. Every seller thinks their house is perfect and nothing needs to be done to it, and certainly does not want to pay for any repairs as they are leaving anyway. Conversely, every buyer wants to buy a house that they feel is perfect and wants all home inspection issues addressed in fully. This is not always possible or particle. If you have never sold a house before, a buyer home inspection report often is about 40 pages in length and can scare away both buyers and seller. It is not meant to be this way, but is often taken as an insult. Diplomacy and negotiations are the key here.

Buyer lender appraisal. The appraisal contingency should be 21 days or less, An agreement of sale can be fully accepted by both buyer and seller but it can fall apart if the buyers lender when conducting a market analysis and appraisal feels that the house is worth less than it may be listed for and agreed upon. No bank or lender will lend mortgage money on a property that is valued less than the home purchase price. We recommend making sure the buyer has enough cash to bring extra money to closing if the appraisal comes in low. Otherwise, the seller would have to reduce the price or split the difference with the buyer.

Settlement date. Typically, closing is set for 30 to 45 days after the contract is accepted. If a buyer asks for a longer term, it could be that they are not financially ready. A longer settlement gives the buyer more time to back out, which could force the seller to put their home back on the market. If the seller is moving into a new house, the settlement date is crucial. A seller doesn’t want to be caught between two houses with furnishings in storage or paying two mortgages at once.

A substantial deposit shows the buyer’s desire for your home, while a small deposit makes it easier for them to walk away. It also may signal that they have very little cash and that they’re stretching to buy the house.

Some sellers are so relieved to receive an offer that they say yes to the first one they get. That’s not necessarily bad, depending on the market.

Some sellers are afraid they won’t get another offer, but if it’s the first weekend on the market, they may want to wait a few days.

For multiple offers, compare prices and terms to determine which one makes the most sense for your situation. Your agent will negotiate with the buyer’s agent, but you decide what to haggle over.

“It’s always best to negotiate on the least amount of details,” Joe says.
Nick says that If the price is lower than you want, we recommend that your agent go back to the buyer’s agent with a comparative market analysis (CMA) and specifics about your home to show why it’s priced as it is.

“Sometimes sellers think they need a perfect offer and won’t accept one if it’s slightly under the asking price,” Santoro says.

Nick said that he has had sellers who refused to accept an offer very close and or just under list price, only to have it sit on the market for a much longer time than anticipated, only to have an anxious seller panic and accept less money. Time is money as taxes, insurance and utility bills keep mounting. All these things need to be factored into the decision to accept or decline all reasonable offers.

“It’s possible to end up with nothing if a seller gets too greedy,” says Santoro. “If you have a willing and able buyer who can afford to buy your house and is within reason of your listing price, you should try to make it work. If you don’t, you could end up with a lower offer later.”

So all buyer offers are dependent upon many factors as noted above. In addition, there are many factors to consider on the seller side too. Factors such as how long the house is on the market. The amount of work that will need to be done to the house. Market comps. Whether or not the seller is carrying two mortgages or not; their new house and the one they are trying to sell. All of these factors must be considered when making your decision to accept a buyer offer or not.

Personal Property Managers, can take care of all your home selling needs along with downsizing, content liquidation and renovation work. With Personal Property Managers, one call does it all. For more insights, tips and videos please visit our Resource Page in the About us tab.

For more information on real estate or home downsizing please contact Nick Santoro or Joe Santoro of Personal Property Managers at 215-485-9272 or 908-368-1909. Personal Property Managers specializes in helping home owners transition from their home of many years into a new community. Personal Property Managers services Pennsylvania and New Jersey and offers downsizing services, estate sales services, home staging, discount full service real estate services via its association with EveryHome Realty. Learn more about Personal Property Managers from our recent News Stories.

8 Steps to begin the Home Downsizing Process – 13

PPM smaller version Podcast - picture - final version 2-13-19

This podcast will share 8 useful tips and steps that you can use to begin the home downsizing and clean out process and how Personal Property Managers can help you. For more information contact Joe Santoro or Nick Santoro of Personal Property Managers at www.personalpropertymanagers.com

Personal Property Managers specializes in: Home Downsizing, Home Cleanout Services, Estate Sales, Home Content Liquidation, Property Management, Absentee Home Watch, Moving, Full Service Discount Real Estate Services, Home Sales, Home Buyer Services, and Elder Care Services. With Personal Property Managers, one call does it all.

https://wp.me/p4a1Kr-71

Understanding the Cost of Elder and Senior Care – 12

PPM smaller version Podcast - picture - final version 2-13-19

This podcast will share facts and insights into the cost of elder and senior care looking into Assisted Living, Nursing Home and In-Home Care Services and how Personal Property Managers can help fund a loved ones long term care. For more information contact Joe Santoro or Nick Santoro of Personal Property Managers at www.personalpropertymanagers.com

Personal Property Managers specializes in: Home Downsizing, Home Cleanout Services, Estate Sales, Home Content Liquidation, Property Management, Absentee Home Watch, Moving, Full Service Discount Real Estate Services, Home Sales, Home Buyer Services, and Elder Care Services. With Personal Property Managers, one call does it all.

 

Selling your home – Should you use a Realtor? – 10

PPM smaller version Podcast - picture - final version 2-13-19

This podcast will share insights and tips into selling your home and the advantages and or disadvantages into using a professional Realtor and Broker.  We will share examples so that you can draw your own conclusion as to which is the best path for you to take. For more information contact Joe Santoro or Nick Santoro of Personal Property Managers at www.personalpropertymanagers.com

Personal Property Managers specializes in: Home Downsizing, Home Cleanout Services, Estate Sales, Home Content Liquidation, Property Management, Absentee Home Watch, Moving, Full Service Discount Real Estate Services, Home Sales, Home Buyer Services, and Elder Care Services. With Personal Property Managers, one call does it all.

 

We buy homes for Cash

We Buy Houses in ANY Situation

We Buy Houses in Pennsylvania and New Jersey. We have built a reputation for helping homeowners get rid of their properties quickly and easily. If you are looking to sell your house fast and want to avoid the hassles of working with demanding buyers or avoid agent fees, then Personal Property Managers is the solution you have been looking for.

We’re honest, fair and easy to work with. We focus on win-win deals. We’ll do our very best to help you in any way we can.

Investment Property Bookkeeping Accounting PA NJ

Are you:

We Buy Houses for Cash in PA NJ

  • An executor of an estate
  • A Power of Attorney caring for an elderly loved one who needs immediate funding for their long term care
  • Recently inheriting a property
  • Unable to sell your house dispite it being on the market for a long time
  • Stuck with the purchase of another property and still unable to you’re your old one
  • Behind on payments (or about to be)
  • In need of getting out from underneath your huge monthly mortgage payments
  • Facing foreclosure
  • Going through a divorce or separation
  • Moving or relocating
  • Facing bankruptcy
  • Tired of ownership or on-going landlord headaches
  • Just sick of property ownership and just want to sell your property… now

Don’t worry. We can help. We are the one-stop solution you’ve been looking for. We buy houses anywhere in Southeastern Pennsylvania in the counties of Bucks, Montgomery, Philadelphia, Delaware, Chester and the Main Line. In New Jersey we buy homes in the counties of Hunterdon, Mercer, Monmouth, Morris, Middlesex, Union, Ocean, Burlington, Essex and Somerset and more.

Let’s Get Started – How the Process Works

Step 1 to Buy House for Cash

Tell us about your PA or NJ property – Quick, Easy & Free!

Step 1 to Buy House for Cash

If it meets our buying criteria, we’ll contact you to set up a quick appointment to view the property.

Step 1 to Buy House for Cash

We’ll present you with a written, no-obligation offer.

Step 1 to Buy House for Cash

You choose the closing date! We close at a local closing attorney, and can close within a time period that is convenient for you.

Our goal is to help make your life easier and get you out from under the property that’s stressing you out… while still paying a fast, fair, and honest price for your house.

What Do You Have To Lose? Get Started Now… Or Give Us a Call Now at: 215-485-9272 or 908-368-1909.

FAQ

How does your program work?
It’s not really a program. Each property is unique, each homeowner has different needs and challenges, and we provide customized solution to meet your individual situational needs. You let us know what your situation is, and we’ll fill in the details. It’s that simple!

How much do you charge?
We are free! We are fair and we are honest. We make our money by buying your property, investing in updating it, fixing needed repairs and then reselling it for a modest profit.

What types of properties do you work with?
We work with all types of properties, including:

  • Single Family Homes
  • Multi-Family Homes
  • Condos & Town homes
  • Rental Properties
  • Homes in need to updating or numerous repairs
  • Older homes or newer homes

What sets you apart from a real estate agent?
Great question! First of all, we are BUYING your property AS IS. No need for a thorough downsizing, cleaning it out and cleaning it up, or staging, or worrying about all the little details that a new homeowner would demand. And secondly, there are no listing fees.

What sets you apart from other homes for cash companies?
We have been in business for over a dozen years. We are an award winning service disabled veteran owned company and most of all we are fair and honest. There are no hidden fees. We let you know right up front what your options are. What the overall condition of your property is and the cost to repair or invest in upgrades and then based upon that, we provide you an honest / common sense all cash offer, that is hassle free which allows you to move on from an often overwhelming and challenging situation.

How long do I have to move out?
How long do you need? We can set our closing date as far out as needed. One of the benefits of working with us is that you can choose when you want to move out.

How fast can you close?
On average, we close between 30-90 days. Much of it depends upon evaluating the property, conducting market comps, assessing what may be needed to address repairs or updates and getting a clear title. BUT, if you need to close ASAP and the numbers work out, we have built a team that can close much faster.

What do you need to know in order to buy my house?
We can get started with just some basic information about your house. Like: Its address; How many bedrooms? How many bathrooms? Is there a garage? Is the basement finished? What is the overall condition of the property? What style of house it is: single family, townhouse, condo, etc.? Is there a mortgage on it and if so, how much? Who the deeded owner of the property is? Is there a clear title without liens?

How do we get the process started?
It is as simple as clicking on the contact us button on this page or calling us at 215-485-9272 or 908-368-1909.

Think about your options… then consider Personal Property Managers

Estate Sale Services Pennsylvania (PA)You can get rid of the headache of that property fast and avoid paying on-going utility bills, tax bills, insurance bills, mortgage payments and more. You get the drill. If you list your house and wait 90+ days to close… you have to figure in all of the costs of holding that property during the time you have that property listed and are waiting for the property to close.

Don’t worry about fixing anything up or cleaning your house again and again for buyer after buyer We do not care how dirty your house is (we’ve seen worse!) or how many repairs are needed. This saves you time and money that you can keep in your pocket.

Because we are a full-service professional homebuyer in PA and NJ, we make it easy for you. What we offer you is what you get (of course minus any mortgage payoff or other encumbrances on the property and related closing cost).

So when you add up the time you could save by working with Personal Property Managers, the no-hassle experience, and the money you’ll save on commissions, fees, and holding costs while you wait to sell the traditional route… for many area home owners selling to Personal Property Managers may the best viable option.

Repairs, Renovations, Updating and Clutter:

We Buy Houses for Cash, Pennsylvania & New JerseyIs Your Property In Need Of A Renovation?
We often help people who tell us: “I need to sell my home but it needs so much work and I don’t have the money or time to deal with it.” A house requires constant upkeep and maintenance to keep it in top condition. This isn’t an easy task with your busy life.

Typical Household Repairs
Houses that haven’t been updated in years often need lots of work. Most of the homes we buy require renovations that cost $50,000 to $100,000. This is what you can expect to spend on the most common repair items. The prices below are the mid point of a range that depends on the size of your home and the extent of the renovations needed. What does it cost to renovate a house in PA or NJ?

Average Repair Items and related costs:

  • New roof: $10,000 to $18,000
  • Update kitchen: $15,000 to $40,000
  • Update bathrooms: $15,000 to $30,000
  • Paint interior: $10,000 to $20,000
  • Paint exterior: $5,000 to $10,000
  • New HVAC system: $10,000 to $15,000
  • Flooring – hard wood or carpeting: $7,500 to $12,500
  • Landscaping: $3,000 to $10,000

We believe in honesty and in full transparency. At Personal Property Managers, after we conduct an evaluation of your property, and look at its overall condition, along with the work that will be necessary to meet local code repairs and upgrades, plus assess market comps, we will make you a fair and reasonable offer to purchase your property. We think that you will agree that this is simple, fair and just makes common sense. However, we offer other benefits that going the traditional house sale route cannot offer. So,if you need a quick and hassle-free solution then Personal Property Managers is the one-stop solution you have been looking for. Call today to put your worries behind you