Despite challenges to many sectors of our economy, the residential real estate market is thriving.
Multiple offers are not uncommon, although COVID-19 health and safety precautions make it difficult for both buyers and sellers today. Buyers are desperate to take advantage of historically low interest rates, but there’s not enough inventory to go around.
Here are a few tips for navigating these uncharted waters.
Sellers need to stock up on sanitizing supplies including anti-bacterial wipes, face masks, disposable gloves, and shoe coverings, if available. Make these available to buyers who come to visit.
You need to sanitize in between showing appointments, which causes a dilemma when you have buyers’ agents calling you incessantly to make appointments. Don’t let down your guard.
If you need an agent to come a half-hour later than they request, let them know it’s because you need to take precautions to protect both their clients and you and your family by cleaning off all of your surfaces before they arrive.
Then, you’ll need time to deal with all of the offers that are likely to pour in if you price your house at the current fair market value. You’ll need time to consider the similarities and differences between each offer and how to respond. Which one to ask more of? Which one to keep as a sure thing?
So many different options. It surely will give you something to think about.
Buyers, you need to gird your loins.
Put on your face masks, wash your hands, then get out there and look at houses you’ve drooled over online. Give yourself time to don your PPE before each house. Have a trash bag in your car to dispose of PPE after each house. The sellers may not provide a trash bag. Sanitize your hands with the gallon-sized jug you keep in your car.
Then consider offering slightly over the asking price to make your offer stand out.
Ask your lender to give you underwriting approval, not just a loan pre-approval, to submit with your offer so it also stands out. Offer a 3% deposit just to make it clear you are different from all the others buyers throwing their hats into the ring.
Once in escrow, both buyers and sellers must make time to get all of the paperwork done as soon as possible. Seller disclosures, buyer inspections, escrow instructions filled out and notarized when necessary, financial documents the lender demands, etc., etc. etc.
Do it as soon as it is requested. And you might just keep the deal on track and close escrow on time.
Note: COVID-19 rules and regulations change regularly. Please check your state and local guidelines for compliance.
Leslie Sargent Eskildsen is an agent with Realty One Group West. She can be reached at 949-678-3373 or leslie@leslieeskildsen.com.
"selling" - Google News
August 20, 2020 at 10:00PM
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Make time for all the tasks in the buying and selling process - OCRegister
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