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Archive for June, 2012

There is so much more to writing an offer to purchase a home in Clarkston MI than in days of yore. At one time pretty much price ruled. Strength of buyer was important, but not as much as today. Today there are many more factors to consider in a Clarkston MI real estate transaction– is it a short sale, bank owned or good old fashioned non-distressed homeowner/seller?

You see more Clarkston houses go pending then back on the market (sometimes this will happen multiple times with one house) than I ever remember seeing. Appraisals are coming in low causing the financing to fall apart. Short sales get denied. The list of reasons for dying sales can go on and on.

The more contingencies an offer has, the more chances the sale has to die. Low appraisals is probably one of the biggest reasons sales don’t close. No matter if buyer, seller and all agents involved know the house is worth every dime the buyer is paying and may even be a bit under priced, there is never a guarantee the house will appraise.

Where as one time the prime motivator was price, now removal of obstacles to closing have also become prime motivators. And the appraisal contingency is probably the biggest obstacle that can be removed.

I have used it to negotiate for the buyer in multiple offer situations. I have used it on the seller side to improve our chances to close. Often times a seller will take a slightly lower offer if the odds of closing are greatly increased. Of course cash negates the need for an appraisal. When a mortgage is involved, an appraisal is probably necessary. But if the buyer has the cash to pay the difference between the sale price and the appraised price, he can remove the appraisal contingency to make his offer stronger. Or remove it with limitations. Recently one of my buyers beat out another offer by agreeing to pay up to $10K difference on a low appraisal. So if the seller takes our $140K offer we would agree to close even if the house appraised at $130K.

With a lack of inventory, when you find the house you want, the goal is more to win and obtain that house as your new home. Until the inventory at least triples, getting the seller to come down on price will be a distant second to winning and getting the house you want.

Writing the Offer

More About Appraisals

The Home Inspection

Clarkston MI Homes for Sale

Search the MLS

Jackie Hawley, Realtor
ReMax Encore, Clarkston
Cell: (248)736-6407

Jackie@JackieHawley.com

www.MiRelocation.com

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Lake Oakland Lakefront Real Estate- Rising Prices- Low Inventory

So far there have been 4 closed sales this year on Lake Oakland in Clarkston and Waterford MI with prices ranging from $245,000-$751,871 with an average sales price of $414,218.

Last year the average sales price on Lake Oakland was $223,320 and in 2010 the average sales price was $194,677.

3 of the 4 sales this year were “normal” sales with only one bank owned home compared to last year when half the sales on Lake Oakland were distressed sales and 64% of the sales in 2010 were distressed sales.

Houses are selling quickly and close to asking price. I had a buyer client get into a bidding war a couple weeks ago and our over asking price offer with a very strong buyer lost out.

There are currently 8 sales pending and 8 active listings on Lake Oakland.

For More Information About Lake Oakland

Oakland County Lakes

Search The MLS

Selling Your Lake Oakland Home

Jackie Hawley

ReMax Encore

Cell: 248-736-6407

Jackie@JackieHawley.com

www.MiRelocation.com

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What Does BATVI Mean? Clarkston MI Real Estate

Simply- Buyer Agent To Verify Information.

This is also known as an ass covering, or in my opinion, a waste of precious space in the limited space allotted in the MLS.

If you are buying a Clarkston MI short sale listing, beware of listings where the listing agent fills out the listing in a shoddy manner, such as wasting space in the comments, not filling out the remarks section at all, inaccurate listing information, etc. Remember, the listing agent is the person we are relying on to complete the short sale to the banks’ and seller’s approval. If he can’t fill out the listing, how successful will his short sale negotiations be?

If you are selling a Clarkston MI home, check your MLS sheet to make sure it is complete and accurate and all 25 photos included. The MLS is in place to sell your listing to the buyers’ agents. If I am going to show 5 houses to someone and 10 show up in the MLS search, I will not show the listings that are incomplete or indicate laziness on the part of the listing agent.

Often times BATVI gets replaced by CHP or EXP (price change or expired listing).

Jackie Hawley, Realtor
ReMax Encore, Clarkston
Jackie@JackieHawley.com

Cell: 248-736-6407

Marketing Your Clarkston MI Home

Choosing An Agent To Market Your Clarkston MI Home

Choosing A Buyer’s Agent

Search The MLS

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