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Home Style Words In Real Estate Ads – More Explanations
Whether you’re buying or selling, reading real estate ads can be confusing. Here are explanations of more style terms used in real estate ads.
“Split Foyer” style
A home entered by a foyer with a half flight of stairs up to the upper level...
How To Make Money In Real Estate Without Buying Any Property: Become A Mortgage Broker
Will Real Estate prices keep going up or will the bubble burst?
Who knows? Either way, real estate is a risky business. Tying up all that money and having very little liquidity can spell disaster for any investor.
In any hot market there are...
Land Of The Free
Is a Real Estate business possible without a license? Each state requires its own licensure and continuing education to start a business in real estate however most people find it a hassle to start a real estate career. Each state has dozens of MLS...
Real Estate Marketing Online - An Agent's Guide To Success
To understand real estate marketing online, you first have to understand how consumers have evolved over recent years. This article will show you how to improve your online messaging to an "info savvy" audience.
Each year, more and more consumers...
To Picket Fences
Of the 359 homeowners in my area, 112 are running afoul of the law in a deviously blatant way by committing the heinous "fence offence;" in other words, breaching Los Angeles municipal code sections 12.21 and 12.22 which limit front yard fence and...
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Timing Clauses Stop Sellers From Inciting Bidding Wars
It is no secret that the current real estate market is hot, hot, hot. Sellers can receive multiple bids for their property on the same day. In the rush of the moment, your emotions can carry you into a bidding war. Using timing clauses can help avoid such a situation and protect you from buyer’s remorse.
Timing Clauses – Drop Dead!
A timing clause is inserted in an offer to avoid open-ended bidding wars. You do not want your offer to be “on the table” indefinitely. Such a situation inevitably leads to a bidding war where sellers “auction” up the price of home to a sellers benefit. To avoid this, you should choose to put a “drop dead date” on your offer. You would include language that says something like, “This offer is open until withdrawn or until 9:00 P.M. on Tuesday, June ____, 20__, whichever comes first.”
Let’s look at an example of how a hypothetical situation might work out.
Say the asking price of the home is $995,000. Your offer is $995,000 with a drop dead date of September 1, 2005. On August 29, 2005, the seller informs you of a competing bid for $1,000,000. While your immediate reaction is to panic and up your offer, you should instead calmly ask to see the competing offer. If the seller drags their feet or won’t produce it, the bluff is
called. Now the seller has to make up their mind before the 1st. They may decide not to accept your offer, but at least you will have avoided bidding against yourself. Alternatively, if the seller produces a competitive bid, you will know where you stand and make an informed decision on whether to raise your bid.
Timing clauses are fairly standard practice in most parts of the country. Make sure you use one to force the seller to make a decision. You don’t want to be left twisting in the wind.
About the Author: Raynor James is with http://www.fsboamerica.org - providing FSBO homes for sale by owner. Visit our "sell my home" page at http://www.fsboamerica.org/seller.cfm to list and sell your home for free for one month. Visit http://www.fsboamerica.org/buyer.cfm to see homes for sale by owner.
Source: www.isnare.com
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