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California Real Estate Buyers Rights
Real estate laws vary greatly form state to state. If you are buying real estate you should understand what rights you have in the state you are in. In California you have many rights and are legally covered in many cases to have these rights....
Dirt And Copper Wires
The innovation of most industries to use telecommunication technology is sending traditional marketing into new heights. Marketing methods that were only accessible to Fortune 500 companies ten years ago.
Internet certainly played a part in...
Gatlinburg's Real Estate Market
Real estate in Gatlinburg is thriving. While the 2000 census estimated that some 3,300 people live year-round in Gatlinburg, many thousands more visit during every season of the year. As these crowds visit Gatlinburg to enjoy the outdoor activities...
Landscaping Stone
If you have interest in using landscaping stone in your
yard, garden, koi pond or walkway, don't limit yourself to
the traditional. Consider finding or shopping for unique
stones to add flair or accent to your plans. Landscaping
stone can be...
Sedona Arizona Real Estate is Red Hot
The Sedona, Arizona real estate market is a small market but full of beautiful, luxury houses
Being a first time visitor in Sedona, Arizona is quite a glorious experience as the beautiful sites and mild weather of Sedona can easily make a...
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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 You would include language that says something like, “This offer is open until withdrawn or until 9:00 P.M. on Tuesday, June ____, 20__, whichever comes first.”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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