Yes, Bidding Wars Still Exist!

ar134008445023868I recently closed on a property in Hasting-on Hudson, NY and one in Tarrytown, NY. Both had received multiple offers, the listing agents asked for highest and best offers (highest price and best terms) and these homes each received approximately 8-10 offers.

Just to give you a sense of why there is so much demand for these homes I will give you a bit of background on each of them.

The property in Hasting-on-Hudson was an old and charming Village home walkable to all. It was priced reasonably but because of the convenient location, the size of the property and the strong demand for homes in Hastings-on-Hudson, the property sold for almost 10% over the asking price and was appraised for over that. The house in Tarrytown was beautifully renovated, fairly close to the Village on a very nice piece of property. It also sold for about 8% over the asking price and appraised higher as well. Both Hastings-on-Hudson and Tarrytown are very hot real estate markets. Many people who are moving out of Manhattan or Brooklyn have heard that both of these communities, though very different, have a great Vibe!

My Hastings client was able to compete because of the price he offered but more importantly he was able to drop the one contingency that is usually in every deal, he dropped his mortgage contingency. (Buyers still may get a mortgage but the deal is just not contingent upon it.) What that means is that the buyer committed to buying the property whether or not he was able to get a mortgage. How does that benefit the sellers of this property? They didn’t have to worry about the deal appraising or the buyer getting a mortgage commitment, two elements of a deal where things can get complicated or even fall apart.

The terms are as important as the price offered. You do not have to drop your mortgage commitment to win a bidding war. I have had clients win a bidding war with a mortgage contingency. The deal I just closed on in Tarrytown was a case where I represented a buyer who did not drop their mortgage contingency but ultimately ended up with the house.

The first time around we did not get the house. We waited to see if the first deal the seller took moved forward. What often happens in bidding wars is that buyers fight for a house, they get the house and when the dust settles they have buyers’ remorse and back out. We were next in line and my buyers stepped up and got the house.

The best advice I can give, when it comes to bidding wars– be tenacious, patient and make sure you are working with an agent who knows the values in the area. You do not want to lose the house but you do not want to over pay either.

~ Deb

 

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Keep Calm And Call An Agent! The Selling Process

The Process of Selling Your House and When Should You Call A Realtor

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You have come to terms that it might be time to expand, down size or even relocate. Now what? Where do you begin? I am about to take you through a small process that will allow the anxious task selling your current home, pleasurable.

The first thing you should do is call a realtor, this will save you time and money. They have the resources you will need to make this transition a smooth as possible

  1. To begin the process you need to clear out and create space. Go through the house and throw away, give away or store items that are taking up space or detracting from the space you are trying to sell. This could take weeks so start early!
  2. Determine what repairs need to be done; maybe your house needs a fresh coat of paint inside and out or maybe just a few touch ups. You may need to hire a contractor and they are usually booked weeks in advance as well.
  3. Set a budget so you have something to work with. Nobody wants to spend money on a house they are leaving, but not spending something now to put your best foot forward is foolish. Consider how much one more month on the market will cost you in terms of taxes and carrying costs, or the lost money if the house doesn’t sell and you have to reduce the price.
  4. Do you need to stage any rooms in your house to make it more appealing to your target buyer? Remember you only have one chance and just a few seconds to make a good first impression.
  5. You may need a yard clean up or add landscaping depending on the time of year. Curb appeal is very important for that first impression.
  6. Make sure you have professional photos taken, the majority of all home searches begin online and that is where you will want to get buyer’s attention.

Once the listing of your house is active and on the local Multiple Listing System (MLS), your realtor will hold a broker open house to expose the house to the local broker community.

In general, the weekend following the broker open house a public open house is scheduled. Public open houses are optional, depending on the house, the location and how you as the owner feel about it.

The marketing plan is now put in place.

Hopefully you will get an offer quickly, it can be a fairly quick negotiation or it could even take up to a week.

Once you have an accepted offer, the buyers will do an inspection.

Your attorney will send out the contracts to the buyer’s attorney, this could take a week, it just depends on how quickly everyone does their part.

The buyers sign, the sellers sign and now you are “in contract” which can also take about a week. You have a fully executed contract so your buyer now will be able to start their mortgage process. This could take 60-90 days.

Now that you have a signed contract you can move forward to buying or renting another place to live.

Almost everything is negotiable so remember having an agent that is your advocate and who negotiates for a living is critical. Planning ahead and meeting with an agent months before you think you want to sell will save you time and money.

Thinking of selling?

New Listing Alert: 140 N BROADWAY A-4, Irvington, 10533

NEW LISTING ALERT: http://goo.gl/Qugfwp Beautifully renovated Woodbrook Gardens cooperative apartment in the sought after, picturesque Hudson River community of Irvington, NY. Very light and bright, this unit is ready to move right in. Hardwood floors throughout, stainless appliances, elegant cabinets, custom back splash as well as a newly renovated bathroom.

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