I heard this statement today " There are 2 buyers now for every property" and now I know how to communicate this news to the sellers, buyers and agents that may not be aware:
Did you know that there are now 2 buyers for every house on the market? Yes, the buyer and the bank. We can prevent what we can predict. And yes homes get sold if we prepare all parties with the following information:
1. Title 5- Did you know that now the title 5's are scrutized by the underwriters at the bank? Did you know that if the system passes, and it is older, some banks won't accept an out of date plan.. the Title 5 inspector's new design is sometimes acceptable, sometimes though requires an engineer?
2. Appraisals- Even if an appraisal comes in at sales prices, the appraisals are reviewed, reviewed, reviewed by the bank and sometimes even 2nd and 3rd appraisals. Deals are being thrown on appraisals. Sellers sometimes think the buyer would be willing to pay the difference. I know I wouldn't buy a house that was over-valued, and most people wouldnt' The "unique buyers" are virtually non-existent.
3. FHA guidelines- always have been strict- but a great review- FHA and other government loan programs have strict safety guidelines, mandatory pest inspection/treatments, mandatory handrails, asbestos removal mandates, and more.
With all of the strict lending guidelines, we as a real estate community are still out selling homes. Transactions are occuring successfully if you prepare ahead. Most homes are sold within 95% of asking price.
Over-priced homes listed have a slim chance of being viewed by buyers.Buyers' agents educate their buyers. Buyers are looking for value to supercede price, and they really want to buy, not negotiate. This is why 20% of the homes on the market WILL sell. 80% won't.
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Lori Lincoln is a Realtor with Keller Williams Realty serving Bristol County Massachusetts including Taunton, Rehoboth, Dighton, Seekonk, Assonet, Freetown, Lakeville and surrounding cities and towns. Lori Lincoln consult and educates her clients, helping them achieve their home buying and selling goals.
You Can Reach Lori at 508-878-0917 or emal lorilincoln@kw.com
http://LincolnTeamRealEstate.com
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Excuse my ignorance, but maybe we call it something different in Texas, but what is a "title 5"?
Donna,
Title 5 is the law in Massachusetts that says every septic system must be compliant per MA state law. Ma is a very consumer oriented state. I know that in the south, there aren't rules like this in some areas