If you are a seller you want to encourage multiple offers and if you are a buyer in a multiple offer situation – you want to win.  Here are some tips for both!

Sellers – You can Encourage Multiple Offers on your home by doing these 3 things

1. Make A Great 1^st Impression. Don’t come on the market until you are ready! Buyers who are willing to bid in multiple offers are much more likely to have made an emotional connection – Love at first sight is key if you want your highest price!
2. Have Your Home Inspected. Have your home inspected and make a copy of it available to all serious buyers. If there are multiple buyers interested in your home, often buyers will pay to pre-inspect your home, if you have already had it inspected, they can elect to use your inspection and still submit a competitive offer without having to pay for a pre-inspection to do it. This will increase the number of buyers willing to submit an offer, and ultimately your sale price.
3. Have Your Home Move-in Ready. Buyers are willing to pay more for a house that is done so they don’t have to do work right when they move in.

Buyers – You can Win in a Multiple Offer by doing these 3 things

1. Have your funding locked in. Whether you are paying cash, getting a loan, or doing something “creative” get it figured out before you submit the offer so everyone will feel comfortable that you will able to close on the home as soon as possible and when you commit to.
2. Pay attention to the little things. Go to the open house and introduce yourself to the listing broker and say nice things about the house, write a “dear seller” letter from the heart, include things in your offer that will make the sales process easier for the seller. When the offers are similar these things can make the difference as to who wins and who doesn’t.
3. Be educated and know how to minimize risk for everyone. Most sellers want the highest price with the least amount of risk. Get educated on what you can do to minimize risk for the seller without taking on unnecessary risk yourself.  For example, review the preliminary title so you can waive that contingency, do your neighborhood review so you can skip that contingency, etc.  Don’t just waive contingencies that are meant to protect you – do the work prior to making the offer so you protect yourself and make your offer as strong as possible!

Article Published in the Woodinville Weekly Real Estate Section. Since 2017 The Blue Team has written the bi-monthly Real Estate Column sharing their expertise in this community publications. Sharing their Tips for Home Buying, Tips for Home Selling, Tips for Investors, Buying & Selling Luxury Homes, Real Estate Transitions (Including Relocation & Senior Real Estate Tips), and Equestrian Real Estate.

We are often asked by buyers whether it is good to purchase a home in a planned neighborhood that has an active Home Owners Association (HOA) with Covenants, Conditions & Restrictions (CC&Rs). The answer is really dependent on your lifestyle and preferences.  Here are some of the common advantages and disadvantages that you should consider as you decide whether you want to purchase a home with or without an active HOA.

Advantages:

• Consistent Quality & Appearance of Homes – often there are requirements for the allowed home style, size, finishes, color of paint, type of fence allowed, etc. This can help establish a consistent look and price range for the entire neighborhood.
• Convenience of Shared Community Services –depending on the neighborhood, there might be shared septic management & septic drain fields; shared neighborhood only common areas like walking trails, playgrounds, clubhouses, golf courses, pools, and waterfront parks; shared maintenance of neighborhood signage, fencing, and landscaping.
• Access to Community Social Events – some neighborhoods have annual holiday events, block parties, social events like bunko nights or book clubs and websites for sharing information. This can be a nice way to get to know neighbors and build relationships that last a lifetime.
• Safety – planned neighborhoods are more likely to have shared/locking mailbox areas, neighborhood crime watches (official or unofficial), neighborhood lighting standards, and even sidewalks.

Disadvantages:

• Architectural Committee Rules – If you want to paint your home a color not allowed, have a fence where one isn’t allowed, make landscaping changes that aren’t consistent with the neighborhood, or even select the type of roofing that you want for your home. You might be frustrated with the restrictions.  Make sure the neighborhood reflects your personal preferences and lifestyle choices.
• Community Expenses – There is an expense to community services and the timing & amount is controlled by the community. Make sure the cost is worth it to you based upon your lifestyle and values.
• Recreational Vehicles – RVs, boats, cars that you are working on – may not be allowed in your driveway and/or in a visible location on your property.
• Pets – if you want certain breeds of dogs, chickens, horses, etc…. you might not be allowed.

Article Published in the Woodinville Weekly Real Estate Section. Since 2017 The Blue Team has written the bi-monthly Real Estate Column sharing their expertise in this community publications. Sharing their Tips for Home Buying, Tips for Home Selling, Tips for Investors, Buying & Selling Luxury Homes, Real Estate Transitions (Including Relocation & Senior Real Estate Tips), and Equestrian Real Estate.

Condos are a great alternative to a residential home purchase, but there are some key differences that you should be aware of when purchasing one. Here are the 3 things you need to know before you purchase a condo:

1.  How Healthy is the HOA?
   The seller is obligated to provide you with a Resale Certificate which includes a variety of information that will allow you to determine if it will be a good fit for you.
   • Financials.
     How much do you pay for monthly dues and what is included? What is the delinquent rate for dues? Is the complex managing its money wisely? Do they rely on just HOA dues or are special assessments a common practice?
   • Reserve Study.
     Most larger complexes have an independent report done by a consultant that forecasts future expenses and cash flows. This is a key indicator of financial health and the risk of having to pay a Special Assessment in the future.
   • Litigation.
     In years past, many complexes had ongoing litigation against the builders for defects – this isn’t as common now – but it is a key piece of information as it can impact your financing, your ability to resell your unit, and can result potentially special assessments.

2. What are the Community Rules?
   Make sure you can do what you want in the unit!
   • Rules for remodeling and decks/patios: These can control the types of flooring and types & colors of window covering allowed, and what is allowed on decks/patios, etc.
   • Rules for how you use/what you can do in the condo & common areas: Smoking – can you smoke tobacco or marijuana? Rentals – is there a cap on the number of units that can be rented in the complex, is there a requirement that you live there for 1 year before renting it out, can you do Air B&B rentals or is there a minimum lease period?   Parking – what is deeded to your unit and/or otherwise available for you and your guests (reserved spaces, carports, garages, etc. ? Noise –  are you restricted from running your dishwasher or washer/dryer during certain hours?
   • Is the complex “pet free” or can you have a pet – if you can have a pet, what types, is there a weight limit, are any breeds restricted, how many can you have, is there an off-leash area, etc.

3. Available Financing Options.
   If you are purchasing the condo with cash or conventional financing you can purchase almost any condo- but if you are using a FHA or VA program – you need to know if the complex is approved or if you can get a spot approval.

Article Published in the Woodinville Weekly Real Estate Section. Since 2017 The Blue Team has written the bi-monthly Real Estate Column sharing their expertise in this community publications. Sharing their Tips for Home Buying, Tips for Home Selling, Tips for Investors, Buying & Selling Luxury Homes, Real Estate Transitions (Including Relocation & Senior Real Estate Tips), and Equestrian Real Estate