Multiple offers occur when a homeowner receives more than one offer on a house that’s he or she has listed for sale. Would you like to have multiple homebuyers competing to purchase your house? Sure you would.
Over the past few months, I’ve shown many homes in Prince Georges County to qualified homebuyers seeking to purchase a house in Upper Marlboro, MD.
These homebuyers know what they want and are prepared to write an offer when they’ve located the right property, but recently there have been some unexpected surprises. Some of these properties have multiple offers on them. What…in today’s market – how. Let’s start from the beginning. It starts when the buyers first begin their search on the internet for homes for sale and follow up with a visit to the property. According to the National Association of Realtors, 80% of homebuyers use the internet as a resource to find houses that are for sale. Like most of us who search the internet for something to buy, read or learn, we “Google” it.
So imagine that you are a homebuyer and you are looking for a house for sale in Upper Marlboro, MD. You “Google” homes for sale in Upper Marlboro, MD and the search engine leads you to multiple results. After reviewing the results on the first page, you chose a website www.DeniseDimares.com that allows you to easily search for homes. You register and begin your search. You think wow…look at all these nice homes. The houses that really stand out to you are the houses with multiple pictures, virtual tours and detailed remarks. Your next step is to contact the agent to schedule an appointment. Fast forward…the agent meets with you to show you the house and you fall in love with it. Remember, you are the buyer. You write an offer and your agent submits it to the listing agent for review. The listing agent tells your agent that there are multiple offers on the property. For the buyer, this is not good news. For the seller, it‘s great news.
To learn how you can attract multiple buyers that will result in multiple offers on your property, you must know your house value and “price it right” the first time, show multiple pictures and virtual tours on the internet, keep the house clean and well organized, give the house some curb appeal, remove clutter, be ready to move, be responsive and limit contingencies.
Multiple offers used to be very popular in a seller’s market, but we are experiencing multiple offers in this market too. Does this mean that the market is improving? In some areas yes, but according to Zillow Home Value Index there still continue to be a decline in home values throughout our region.
For more information on real estate related issues, visit my website at www.DeniseDimares.com.
Are you a homeowner who is having difficulties in paying your mortgage? Are you a homeowner who is concerned about your ability to pay your mortgage? And...you feel that there is nothing you can do except leave the house and the keys with it. Then keep reading because there are solutions that most people do not know. There are options when facing foreclosure:
Home Affordability Modification is a federal program offered to eligible home owners who are in distress. The goal of this program is to modify your loan to make your mortgage payments 31% of your pre-taxed income. This equation does not account for other expenses.
Forbearance Agreement is a temporary workout plan provided by the Lender to help homeowners bring their account current. Payments can be postponed or payments can be less than the normal payment for a specific period of time. This option will only solve your financial difficulties temporarily.
Subject-to is taking the title to a property and leaving the existing financing in place. The mortgage stays in the name of the homeowner and the new buyer pays the mortgage. This might not be the best option because the buyer may stop making the payments.
Short sale is when the Bank allows you to sell your house for less than the remaining balance left on the mortgage. By completing a short sale, you can avoid eviction and foreclosure. And you can stay in the house until the property is sold. You may even qualify for financial assistance under the HAFA program.
Chapter 13 Bankruptcy petition must be filed with the Bankruptcy Court. By filing under this chapter, individuals may have an opportunity to keep their home from foreclosure and secure delinquent mortgage payments over time. Please consult a bankruptcy attorney when considering this option.
Deed-In-Lieu-of-Foreclosure is when a home owner voluntarily gives the property to lender to prevent foreclosure because the homeowner can no longer make their mortgage payments. This will NOT allow you to keep your property or stay in the house until it is sold. The lender may or may not agree to forgive any deficiency balance that results from the sale of a property.
Do Nothing and Lose Your Home is the quickest way to lose your home to foreclosure. When you go through a foreclosure, you will have to deal with major penalties that will affect your credit, financial status and perhaps your employment.
If you are facing foreclosure, there is help. Don't wait until you receive a notice. If you want to avoid foreclosure, you should consider other options as soon as you become concerned about your ability to make your mortgage payments.
For more information or to receive a FREE kit, please visit my website at www.DeniseDimares.com.
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Are you paying too much in real property taxes in Maryland? You maybe eligible to appeal your property taxes. To determine if your home is eligible for an appeal, there are three things you must have:
If you've read your last tax assessment notice, you might have been suprised to learn that the assessed market value may not reflect its true market value. Homeowners who believe that their property value is wrong is able to dispute the determined value by filing an appeal. You may initiate the appeal process by completing the State of Maryland, Department of Assessments and Taxation Petition for Review of Real Propertyform. If you would like for my office to provide you with an estimated evaluation (CMA) to assist you in estimating the value of your property, please click "Home Evaluation" and complete the form. You will receive the requested information delivered to your email or if you prefer, you may schedule an appointment for us to assist you in completing the documents by emailing Denisedimares@mris.com and in the subject line, type "Appeal Tax Assessment". |
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