Real Estate Information Archive

Homebuyers and Bidding Wars

Wednesday, July 28, 2021

by Tucker Robbins

When you see a home and know beyond a doubt that it is your meant-to-be and put in an offer, you find out that someone else feels the same way and has made an offer at the same time. Sometimes it is more than one buyer, and either way, a bidding war can begin. Let these tips guide you through the process:

When you start your house hunt, be certain you are pre-approved for a mortgage. This will show any seller that you can buy their property. A pre-qualification is not enough.
Before you even put in your offer, make sure there is some wiggle room in the amount. Offering the maximum that you are approved for can take you out of the contest during the first round.
If you can offer cash for the purchase or a better-than-average earnest money deposit, sellers are more likely to add you to their “possibilities” list. Cash talks, no matter the amount of your purchase offer.

Some potential buyers ask an agent to add an escalation clause to the contract. The downside to this is leaving your negotiations on a purchase price laid bare for the seller to see. It may be best to make sure your Realtor® is ready with counteroffers in case your original is rejected.
Being competitive means laying aside some contingencies. For instance, a well-maintained home may have fewer issues in the inspection, so waiving the home inspection contingency could be enticing to the seller. This can be risky, however, if the house has not been updated in a long time, so make this decision wisely.
If you absolutely love the home, talk to your agent about allowing your offer to be a back-up. Keep an eye on the sale just in case it does not go through. Remember that most sales do go through, but there is always hope!
Finally, it may simply be best to take the loss and walk away. In a sellers’ market, it may be best to let go of some of the items on your “want” list, as well as look at houses that are under budget.

Your Realtor® should be knowledgeable on how to handle a property with multiple offers, and when they are, you can be sure that they are fighting as hard as you are for the house you love. Your confidence in your agent will give you peace in the bidding war, whether you win or move on.

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.

Photo credit: ealty-voice.com

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Keeping Our Pets Safe Outdoors

Wednesday, July 21, 2021

by Tucker Robbins

Spending time outdoors during warm weather with family and friends usually includes our pets. Keeping furry family members safe and healthy should always be a priority and keeping them safe and healthy outdoors should be no exception!

Our Own Backyards

- Animals are better at finding escape routes than we are, so make sure those places are sealed to keep them from roaming the neighborhood. Examine all fencing to make sure there are no gaps and that all materials are secure.
- Our gardens and landscaping offer beauty and food, and animals like to eat plants as well. Check these lists from the ASPCA for plants that are not good for cats or dogs, and make sure you keep your pets from ingesting them.

- Landscaping and swimming pool chemicals should be kept out of our pets’ way. Some products have a scent that is enticing to animals, and they would not hesitate to give them a try.
- Sometimes when we leave home for a bit, it is necessary to leave the dog outside. Make sure they have adequate shelter to keep them cool and plenty of fresh water.
- Protecting wildlife and our feline friends go hand-in-hand. Because cats are natural hunters, being outside and unsupervised can be lethal for songbirds, or the cat may find a snake resting under a shrub. Allow your cat to enjoy the outdoors and stay safe at the same time by building or purchasing a catio.

Out and About

- When an active pet owner takes their dog with them on a run, keeping them from getting too hot is easy when they take a collapsible water bowl or doggy water bottle with them.

- Some dogs enjoy boating as much as their owners, and they need their own life jackets and an overboard plan. There are other things to consider when taking them with us on the water, but sometimes it is best to simply leave them at home or with a sitter.
- Is there a pet-friendly beach nearby? Check out these great tips for taking your dog to the beach. Heat, waves, and hot sand can all play a role in just how much fun everyone will have--or not.
- Always use a pet safety harness or a secured crate when traveling and be certain your pet is allowed to stay on any overnight trips.

Pets need to be kept as safe as small children, so take preventive measures so you can have a fun and healthy summer with the whole family.

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.

Photo credit: IStock

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Is Renting-to-Own Right For You?

Wednesday, July 14, 2021

by Tucker Robbins

When someone decides to purchase a home, one of the first things they must comb through is their credit report and credit score. If their credit is less than stellar, and they cannot qualify for a conventional home mortgage, renting-to-own or a lease with the option to purchase sounds like a great way to begin their home buying process. There are positives and negatives to this type of transaction; let this guide help make whether the decision is worth it.

Rent-to-own agreements can also be called lease-to-own, lease-with-option-to-purchase, or simply a lease option. Lease-purchase agreements require the tenant to buy the property, and this can cause major financial issues if the tenant cannot follow through on the purchase, no matter the reason.
Decide on a final purchase price at the end of the option period, or agree upon an appraisal contingency. Depending on the fluctuation of the housing market, however, this could benefit the buyer if market value goes down, but could benefit the seller if values increase.
It may be a good idea to have a home inspection performed before getting into this situation. In the case that the inspection raises concerns, repair costs can be worked out between the tenant and the owner.

A portion of the above-market rent will go towards the purchase of the house, most commonly in the form of a down payment.
Some tenants agree to pay HOA fees (if applicable), property taxes, insurance and take care of the cost of necessary repairs.
In most situations, the tenant can purchase the property at any time during the option period, but once that time is up, the option expires and the owner can sell the property to someone else.
One very important thing to remember is that there is still a lease involved. If you fall behind on the payments, the landlord can have you evicted. Besides eviction, the option fee and extra rent paid will be lost.
Sometimes a seller offers to finance the purchase altogether, and that situation will require a completely different set of agreements. Again, owner-financed sale contracts should be handled with a real estate attorney.

While it may be a relief for someone who cannot get financing for a traditional home loan, a lease-with-option agreement is not something to enter into lightly. If you feel you will not be able to purchase the home at the end of the option, go into a standard lease agreement, and put away as much money as you possibly can towards a traditional down payment while working on improving your credit score.

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.

Photo credit: Property Investment Blog

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Seller's Guide to a Smooth Showing

Wednesday, July 7, 2021

by Tucker Robbins

Your home has been spruced up inside and out with fresh paint on the walls and mulch on the flowerbeds, and you and your family have worked hard to declutter and deep clean to show off all the great features to house hunters. The job is not done, however! When your RealtorⓇ calls to alert you to a showing there are still some important things you should do:

The typical amount of time before a showing is 24 hours, so take advantage of that time to make certain everything is spotless and neat. Cleaning and keeping the house clutter-free should be part of your daily routine, so a quick-clean should not take long.
Making your house smell great can easily be overdone. Appeal to the masses with light citrus or herbal scents. The more natural, the better.
All valuables should be in a secure location: lockbox, safe, or locked file cabinet. Include personal mail, medications, and anything else you do not want prying eyes to see. Some potential buyers look at everything, and you do not want your privacy compromised.

Spot sweep obvious dirt on hard floor surfaces, and quick-vacuum carpeted rooms, working from the farthest point of the room to the door, and do not walk on the carpet after you have finished.
Make sure the temperature in the house is comfortable. Your family may like a cool home, but 70° is perfect for most people.
If you are leaving just before the showing, turn lights on in each room, and open the blinds. This not only keeps your agent from having to do it, but it shows the buyers each space in its best light.
Will you be at work when the showing is scheduled? Go over everything the night before and plan on taking twenty to thirty minutes the next morning to make sure everything is perfect before you walk out the door.

Remember to be flexible during this time of your life. Be prepared for many weekend showings, so have plans in place to make the best of your own weekend time. You want to sell your home, so be its best advocate; the brief inconveniences outweigh the result!

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.

Photo credit: mckissock

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