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Offers and Escrow
June 19th, 2007 categories: Buying, Real Estate News
Ok, so you’ve found the house you love and you want to make an offer. How do you know what a good offer is? Should you lowball them? Are there other offers on the home? What if they accept? Then what? All of these are great questions and I’m sure you have a ton more. But it’s ok…this is what I do for a living. I didn’t become a realtor by chance, or after selling shoes for 30 years, or after trying 5 different jobs. I became a realtor after college and this is all I do – my point is, I know what I’m doing and I’m dedicated to my clients.
The first step in making an offer is doing some research on the home. Luckily, I will have already done this by then and I’ll tell you what kind of activity is going on with this particualr home. Are there offers on the home? How many? How strong are they? Why is the seller selling? Do they need a quick escrow? I won’t bore you with the details now, but it’s my job to find out as much as possible about the home and the seller. This way, we can fine tune your offer and make it as appealing as possible, even without considering the price.
Once we’ve discussed these issues, we can move on to pricing. Now a lot of this depends on what the seller’s motivation is and what the market’s doing. Generally speaking, homes usually sell within 3–5% of the asking price - again, this is not an exact science and obviously there are exceptions. Having gotten a pre-approval letter already, we’ll know what prices you’re comfortable with, financially, and now it’s a matter of determining what the market value of the home is and what your ego will let you do. This is where comparable properties, or comps, come into play.
| Subject Property |
|||||||||||||||||||
| # | MLS# | Address | ZIP | MAPCD | BR | Baths | ESF | LP/ SF | List Price | DOM | |||||||||
| 1 | 076015920 | 10887 Pinot Noir Cir | 92131 | 1210B2 | 4 | 3 | 2320 | $345 | $800,876 V | 114 | |||||||||
| Average | 4 | 3.00 | 2,320 | $345 | $800,876 | 114 | |||||||||||||
| Number of Properties: 1 | |||||||||||||||||||
| Subject Property |
|||||||||||||||||||
| # | MLS# | Address | ZIP | OMD | BR | Baths | ESF | LP/ SF | List Price | DOM | |||||||||
| 1 | 071044791 | 11454 Heartwood Way | 92131 | 6/14/2007 | 4 | 3 | 2540 | $287 | $729,900 | 10 | |||||||||
| 2 | 076042560 | 10570 Oakbend Dr | 92131 | 5/29/2007 | 4 | 3 | 2184 | $366 | $799,900 | 4 | |||||||||
| Average | 4 | 3.00 | 2,362 | $327 | $764,900 | 7 | |||||||||||||
| Number of Properties: 2 | |||||||||||||||||||
| Subject Property |
|
||||||||||||||||||
| # | MLS# | Address | ZIP | COE | BR | Baths | ESF | List Price | LP/ SF | Sold Price | SP/ SF | DOM | |||||||
| 1 | 076018352 | 11712 Fidelio Ct | 92131 | 4/19/2007 | 4 | 3 | 2395 | $729,000 V | $304 | $705,000 | $294 | 20 | |||||||
| 2 | 076026262 | 12550 SWAN CANYON PL | 92131 | 5/31/2007 | 4 | 3 | 2290 | $729,000 | $318 | $709,000 | $310 | 12 | |||||||
| 3 | 066097654 | 11797 FANTASIA CT | 92131 | 1/04/2007 | 4 | 3 | 2395 | $745,000 | $311 | $725,000 | $303 | 15 | |||||||
| Average | 4 | 3.00 | 2,360 | $734,333 | $311 | $713,000 | $302 | 16 | |||||||||||
| Number of Properties: 3 | |||||||||||||||||||
Comps are homes that are similar to the home in questions – this means size, location, age, style, view, and/or anything else that might affect them home’s value. Sometimes comps are easy to find and sometimes there are none. It just depends on how unique the home is and how many recent(depending on the market, I go back about 3–6 months) similar sales there have been. I will create a custom Comparative Market Analysis(CMA), like the one above for you and show you what things have been selling for, how long they were on the market and go over the differences between the comps and the target home. These comps will help us calculate the home’s value and give us some ammo when presenting your offer.
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Denny Oh
(858) 243-2092
