Dated: 01/31/2020

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Image titleBuying a home isn't easy. I can help you avoid unnecessary stress and navigate the home buying process! Message me to get started. #home


You found your dream home. You’re tingling with the excitement of putting in an offer, but what will the seller accept? This part of the home buying process can be scary because a lot of it is out of your hands as a buyer. There are a lot of unknowns like:

  • Price: Obviously the seller has listed at a price they feel comfortable with. What will happen when you offer a bit more? You might pay too much. Offer too little? You might lose out to a higher bidder.

  • Bidding wars: Sometimes your offer might not be the only one on the table for the sellers. Another bidder may come in at the same time. You’ll find yourself in what is called a bidding war, where the seller gets to choose the best offer.

  • Low inventory: A seller’s market is when there are more people who want to buy homes than there are homes for sale. It’s great if you are the seller but stressful for buyers hunting for their dream home. Homes move quickly in a seller’s market, so be ready to jump on something you love.

  • Market value: We all think our house is the coolest on the block. After all, it’s got a sweet garage with a custom-built workbench. However, the price that a seller lists at might not be what the market demands. As a buyer, you’ll need to be aware of this so you know how much you can actually spend. 

Get your financing in order: It’s super fun to look at homes. It’s not fun to find out that you don’t qualify for any of the homes at the top of your list. To avoid getting your hopes up, make sure you’re prequalified. Prequalification is done by a lender or mortgage broker of your choice. Based on your finances, they will let you know how much you could potentially spend on a home without breaking the bank. You should work with a lender who is going to get you a great interest rate. Haven’t found a lender yet? 

  1. Get a comparative market analysis (CMA): This report reveals how much homes in the area have actually sold for. Getting one of these on a home you love helps you find out if it is actually worth what you are willing to pay. This will make you feel more comfortable spending the $$  you worked so hard to save.

  2. Move quickly: Homes sometimes go under contract within days of hitting the market. If you fall in love with something, make sure you’re ready to present an offer quickly!

  3. Use terms other than price to sweeten the deal: There is more than one way to entice a seller to choose your offer. In times like this, it’s a good idea to lean on someone who is an expert in closing deals. the Caribbean agents are among the most experienced real estate professionals in the market and handle hundreds of deals a year. If you’ve started the buying process with us, your dedicated agent will help you get the most house for your money.                                                                         THE APPRAISAL

The day you get your appraisal back can be stressful if the amount doesn’t come in high enough. When an appraisal comes in lower than the sales price, it can affect the loan-to-value (LTV), which in turn can mess up your loan or require you to bring more money to closing. A higher LTV may affect your interest rate and determine whether or not mortgage insurance is required.

How do you reduce stress during the appraisal process?

  1. Focus on funds: If you have a large down payment, it reduces the dollar amount you’re borrowing and makes it more likely that the home will appraise for enough to satisfy your lender. Your liquidity is a huge plus to the seller, since it can remove this stressor from the equation for both of you.

  2. Renegotiate: The appraisal is part of the due diligence process. A lower than expected appraisal can result in a renegotiation of the purchase price between buyer and seller.                                                        

Are there really ways to avoid stress during this part of the process? Yes. Yes there are.

  1. Don’t risk your earnest money: You can back out of the deal prior to the end of your due diligence deadline without losing anything if you discover any major concerns. The seller must return your earnest money up until this date, no questions asked. The earnest money is typically deposited in a special account with a real estate brokerage or title company, not in the seller’s bank account.

  2. Have a home inspection: Home inspectors and other experts can help put your fears to rest when it comes to your future home. Be diligent in your quest to make sure everything is in tip-top shape. Don’t be afraid to ask questions about the home’s condition.

  3. Consider a home warranty: A home warranty costs a few hundred dollars and can be paid for by the buyer or seller. It generally covers repairs for:

    – Appliances

    – Electrical systems

    – Plumbing systems

    – Heating and cooling systems                                                             #houseexpert #realestate #realtor #listreports #realestateagent 

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