Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com Rochester Real Estate | LOCAL Homes For Sale | Homes for sale in Rochester, NY, LOCAL Rochester real estate listings, market data, REALTOR® info, and high quality content updated every 15 minutes! Wed, 25 Jun 2025 11:50:30 +0000 hourly 1 https://wordpress.org/?v=6.7.2 https://www.rochesterrealestateblog.com/wp-content/uploads/2016/11/cropped-SITE-LOGO-512-x-512-1-32x32.png How To Make An Offer On An Overpriced Home – Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com 32 32 June Home Maintenance Checklist: 40+ Must-Do Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/june-home-maintenance-checklist-summer-prep/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20501 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> May Home Maintenance Checklist: 30 Essential Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/may-home-maintenance-checklist/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20484 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> April Home Maintenance Checklist: How To Prepare Your Rochester NY Home For Spring https://www.rochesterrealestateblog.com/april-home-maintenance-checklist/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20364 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> March Home Maintenance Checklist: Get Your New York Home Ready for Spring https://www.rochesterrealestateblog.com/march-home-maintenance-checklist/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20338 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Buy a House in New York https://www.rochesterrealestateblog.com/buy-a-house-in-new-york/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19906 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Sell a House in New York https://www.rochesterrealestateblog.com/sell-a-house-in-new-york/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19905 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Risks of Buying a Non-Warrantable Condo In New York: What You Need to Know https://www.rochesterrealestateblog.com/non-warrantable-condo/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19796 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Builders Should Know About Spec Construction Loans In New York https://www.rochesterrealestateblog.com/builders-spec-construction-loans/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19795 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Moving To The Finger Lakes Region Of New York | Guide To Relocating To The Finger Lakes https://www.rochesterrealestateblog.com/moving-to-the-finger-lakes-region/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19875 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Navigating the Numbers: The Pros and Cons of Using Online Home Value Estimators For New York Real Estate https://www.rochesterrealestateblog.com/pros-cons-online-home-value-estimators/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19794 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Role of Location in Home Valuation In New York https://www.rochesterrealestateblog.com/role-of-location-home-valuation/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19768 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Lowe’s vs U-Haul: A Review of Truck Rental Companies https://www.rochesterrealestateblog.com/lowes-vs-uhaul/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19758 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Understanding the Importance of a Seller’s Property Condition Disclosure https://www.rochesterrealestateblog.com/property-condition-disclosure-statement/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19632 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What are Delayed Showings and Negotiations in Real Estate In New York? https://www.rochesterrealestateblog.com/delayed-showings-negotiations/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19547 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 8 Viable Tactics to Selling Your Home and Moving Out of State https://www.rochesterrealestateblog.com/selling-home-moving-out-of-state/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19542 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Unconventional Methods for Selling a House: Thinking Outside the Box https://www.rochesterrealestateblog.com/unconventional-methods-for-selling-a-house/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19519 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Should I Sell My House Off Market: Pros and Cons Explained https://www.rochesterrealestateblog.com/sell-house-off-market/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19503 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What is PITI and How Does It Affect Your Mortgage https://www.rochesterrealestateblog.com/what-is-piti/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19498 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How To Set A Home Renovation Budget https://www.rochesterrealestateblog.com/home-renovation-budget/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19490 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How Does A Co-Borrowers Credit Scores Affect A Home Purchase? https://www.rochesterrealestateblog.com/co-borrower-credit-score/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19474 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> New Construction Final Walk-Through Checklist: Ensuring a Seamless Home Inspection https://www.rochesterrealestateblog.com/new-construction-final-walk-through/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19458 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Essential Tips for Pumping a Septic Tank: What You Need to Know https://www.rochesterrealestateblog.com/pumping-a-septic-tank/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19450 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Can You Submit Multiple Offers On Homes At Once – A Legal And Ethical Analysis https://www.rochesterrealestateblog.com/multiple-offers-on-homes-at-once/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19414 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Get Your Home Photo Ready for Real Estate Listings https://www.rochesterrealestateblog.com/real-estate-photo-ready/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19409 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Does a Home Builder’s Warranty Cover? https://www.rochesterrealestateblog.com/home-builders-warranty/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19394 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> July 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/july-2023-rochester-ny-real-estate-market-update/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19403 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Who Pays Real Estate Commission When You Buy or Sell a Home https://www.rochesterrealestateblog.com/real-estate-commission/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19366 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Quitclaim Deeds: What You Need to Know https://www.rochesterrealestateblog.com/quitclaim-deeds/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19358 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What to Know About Selling a Home As Is for Cash https://www.rochesterrealestateblog.com/selling-home-as-is-cash/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19347 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Know if My House Has Paranormal Activity https://www.rochesterrealestateblog.com/is-my-house-haunted/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19342 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Why Find The History of a House https://www.rochesterrealestateblog.com/find-history-house/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19316 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> June 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/june-2023-rochester-ny-area-real-estate-market-update/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19313 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Does a Real Estate Lawyer Do? https://www.rochesterrealestateblog.com/real-estate-lawyer/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19181 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> May 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/may-2023-rochester-ny-area-real-estate-market-update/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19162 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What to Know About Buying a Home For The First Time https://www.rochesterrealestateblog.com/buying-home-first-time/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19058 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> <strong>What Should a Buyer Look For at a Home Inspection?</strong> https://www.rochesterrealestateblog.com/what-look-for-home-inspection/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18983 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Companies That Buy Houses For Cash Reviewed https://www.rochesterrealestateblog.com/companies-buy-houses-for-cash/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18889 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Does Home Staging Work and What is The Cost? https://www.rochesterrealestateblog.com/does-home-staging-work/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18814 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What to Avoid When Getting a Mortgage https://www.rochesterrealestateblog.com/avoid-when-getting-mortgage/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18797 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> <strong>5 Options For Replacing a Roof Reviewed</strong> https://www.rochesterrealestateblog.com/replacing-roof/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18771 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Are Restrictive Covenants in Real Estate? https://www.rochesterrealestateblog.com/restrictive-covenants/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18714 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Can The Court Force The Sale of Your House in Divorce? https://www.rochesterrealestateblog.com/court-force-sale-divorce/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18693 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Real Estate Agent vs. Broker: What&#8217;s The Difference? https://www.rochesterrealestateblog.com/real-estate-agent-vs-broker/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18650 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How To Determine Square Feet In Your House For More Accurate Property Estimates https://www.rochesterrealestateblog.com/determine-square-feet/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18167 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 3 Things That Often Results in a Real Estate Agent Getting Sued https://www.rochesterrealestateblog.com/real-estate-agent-sued/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18133 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Top 5 Types Of Home Inspections Buyers Should Consider https://www.rochesterrealestateblog.com/5-types-home-inspections/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18119 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Pros And Cons Of Rent To Own Homes: What You Need To Know https://www.rochesterrealestateblog.com/pros-cons-rent-own-homes/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18104 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 5 Smart Things To Do Before Moving That Will Help Ease Your Transition https://www.rochesterrealestateblog.com/things-before-moving/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18084 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Become a Real Estate Agent https://www.rochesterrealestateblog.com/become-real-estate-agent/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18071 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Renting A House Or An Apartment: Which Is The Better Option https://www.rochesterrealestateblog.com/renting-house-apartment/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17871 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The 5 Most Important Factors To Consider When Buying A House https://www.rochesterrealestateblog.com/5-factors-buying-house/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17851 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Buyers And Sellers Need To Know About An Appraisal Gap https://www.rochesterrealestateblog.com/appraisal-gap/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17827 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Pros And Cons Of Renting With Roommates – What You Need To Know https://www.rochesterrealestateblog.com/renting-with-roommates/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17794 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 6 Things You Should Know About Buying Land https://www.rochesterrealestateblog.com/things-know-buying-land/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17773 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How Long Should Home Sellers Wait To Respond To An Offer On Their Home? https://www.rochesterrealestateblog.com/home-sellers-wait-respond-offer/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17745 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How To Buy A House With A Low Credit Score https://www.rochesterrealestateblog.com/how-to-buy-a-house-with-a-low-credit-score/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16819 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Things To Consider When Shipping A Car https://www.rochesterrealestateblog.com/things-to-consider-when-shipping-a-car/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16248 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Home Depot Truck Rentals: What to Know Including Pricing https://www.rochesterrealestateblog.com/home-depot-truck-rentals-what-to-know-including-pricing/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16156 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 16 Things To Do Before Listing Your Home For Sale https://www.rochesterrealestateblog.com/16-things-to-do-before-listing-your-home-for-sale/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16138 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Biggest Home Inspection Mistakes to Avoid https://www.rochesterrealestateblog.com/biggest-home-inspection-mistakes-to-avoid/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16112 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How Your Credit Score Impacts Your Ability To Buy A House https://www.rochesterrealestateblog.com/how-credit-score-impacts-buying-house/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16086 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top Winter Home Selling Mistakes | 7 Errors Made While Selling A House During The Winter https://www.rochesterrealestateblog.com/top-winter-home-selling-mistakes/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16051 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top Winter Home Buying Mistakes | 11 Errors Made While Buying A House During The Winter https://www.rochesterrealestateblog.com/winter-home-buying-mistakes/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16013 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Address Change Form Should I Use At The Post Office? https://www.rochesterrealestateblog.com/address-change-form-post-office/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15981 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Does Contingent Status Mean in Real Estate? https://www.rochesterrealestateblog.com/what-does-contingent-status-mean-real-estate/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15956 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> DIY Renovation Ideas For Your Backyard https://www.rochesterrealestateblog.com/diy-renovation-ideas-backyard/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15937 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Rent Your First Apartment Guide https://www.rochesterrealestateblog.com/how-to-rent-an-apartment/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15931 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Tips For Selling A Home Virtually https://www.rochesterrealestateblog.com/tips-selling-a-home-virtually/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15907 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Complete Winter Storage Checklist For Your Belongings https://www.rochesterrealestateblog.com/winter-storage-checklist/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15885 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Should I Waive My Home Inspection When Buying A House? https://www.rochesterrealestateblog.com/should-i-waive-my-home-inspection/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15870 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Biggest Self Storage Companies Reviewed https://www.rochesterrealestateblog.com/biggest-self-storage-companies/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15836 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Earnest Money and House Deposits Explained https://www.rochesterrealestateblog.com/earnest-money-house-deposits-explained/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15760 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Moving Mistakes To Avoid https://www.rochesterrealestateblog.com/moving-mistakes-to-avoid/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15568 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top Mortgage Myths | Demystifying Common Home Loan Misconceptions https://www.rochesterrealestateblog.com/top-mortgage-myths/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15102 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> First-Time Home Buyer Mistakes to Avoid https://www.rochesterrealestateblog.com/first-time-home-buyer-mistakes/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14815 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 10 Tips For Adding Appeal To Your Home This Summer https://www.rochesterrealestateblog.com/10-tips-adding-appeal-to-home-this-summer/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14237 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Exploring The Merits of Smart Home Technology When Selling a Home https://www.rochesterrealestateblog.com/smart-home-technology-selling-a-home/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13782 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top Frequently Asked Questions From Home Sellers https://www.rochesterrealestateblog.com/top-frequently-asked-questions-home-sellers/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2424 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> First Time Home Buyer Programs In Rochester NY &#8211; Updated January 2025 https://www.rochesterrealestateblog.com/first-time-home-buyer-programs/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock http://rochesterrealestateblog.com/?p=580 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How New Doors &#038; Windows Can Boost Your Home Value https://www.rochesterrealestateblog.com/how-new-doors-windows-boost-your-home-value/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13643 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top 5 Things To Know When Flipping Your First House https://www.rochesterrealestateblog.com/5-things-to-know-when-flipping-your-first-house/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13574 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Are The Best Mortgage Options for Self Employed Borrowers? https://www.rochesterrealestateblog.com/mortgage-options-for-self-employed-borrowers/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13450 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top 10 Best Places To See Christmas Lights In Rochester NY https://www.rochesterrealestateblog.com/top-10-best-places-see-christmas-lights-rochester-ny/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=10236 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Are The PROs And CONs Of Multifamily Homes? https://www.rochesterrealestateblog.com/what-are-the-pros-and-cons-of-multifamily-homes/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13219 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Low-Cost Home Improvements Should You Make Before Selling Your Home? https://www.rochesterrealestateblog.com/low-cost-home-improvements-you-should-make-before-selling-your-home/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13114 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 15 Things Millennial Home Buyers Look At While Buying A House https://www.rochesterrealestateblog.com/15-things-millennial-home-buyers-look-at-while-buying-a-house/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13028 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How Does A Fence Increase The Value Of Your Home https://www.rochesterrealestateblog.com/how-does-a-fence-increase-the-value-of-your-home/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12995 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 5 Simple &#038; Low Cost Fixes To Make Your Home More Appealing To Buyers https://www.rochesterrealestateblog.com/5-simple-and-low-cost-fixes-to-make-your-home-more-appealing-to-buyers/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12779 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How To Improve A Homes Curb Appeal In Rochester NY https://www.rochesterrealestateblog.com/how-to-improve-a-homes-curb-appeal-rochester-ny/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12665 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 7 Ways to Create an Energy-Efficient Home While Conserving Your Budget https://www.rochesterrealestateblog.com/7-ways-create-an-energy-efficient-home/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12633 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Hiring Movers Vs. Moving Yourself | The PROs &#038; CONs Of Each https://www.rochesterrealestateblog.com/hiring-movers-vs-moving-yourself/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12592 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Should You Pay Off Student Loans Before Purchasing a Home? https://www.rochesterrealestateblog.com/pay-off-student-loans-before-purchasing-a-home/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12531 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Should I Build A New Home Or Buy An Existing Home? https://www.rochesterrealestateblog.com/should-i-build-a-new-home-or-buy-an-existing-home/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2497 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Buying A Condo Vs. Renting A Condo | What Are The PROs &#038; CONs? https://www.rochesterrealestateblog.com/buying-a-condo-vs-renting-a-condo/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12402 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 9 Money Saving Moving Tips | How To Cut Costs When Moving https://www.rochesterrealestateblog.com/9-money-saving-moving-tips/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12341 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Create a Proper Home Maintenance Checklist https://www.rochesterrealestateblog.com/how-to-create-a-proper-home-maintenance-checklist/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12300 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 5 Tips For Tenant Screening | How To Weed Out Bad Tenant Applicants https://www.rochesterrealestateblog.com/tips-for-tenant-screening/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12291 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Best Social Media Blogs For Real Estate From 2017 https://www.rochesterrealestateblog.com/best-social-media-blogs-2017/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12045 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Best Home Improvement Blogs From 2017 | Advice For Home Remodeling https://www.rochesterrealestateblog.com/best-home-improvement-blogs-2017/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12044 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Best Mortgage Blogs From 2017 | Advice For Home Financing https://www.rochesterrealestateblog.com/best-mortgage-blogs-2017/ Tue, 02 Aug 2016 11:30:27 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12043 Tips For Buying An Overpriced Home [caption id="attachment_9566" align="aligncenter" width="450"]How To Make An Offer On An Overpriced Home How To Make An Offer On An Overpriced Home[/caption] There are some common real estate pricing mistakes that some homeowners make for a variety of reasons when selling their home.  Whether it's because a seller is greedy or because they don't believe the facts, buying an overpriced home can be quite difficult. Just because buying an overpriced home is difficult, doesn't mean that it's impossible.  There are certain tips that should be followed when buying an overpriced home.  Making an offer on an overpriced home must be done carefully if you want to be successful. Read on to find out how to make an offer on an overpriced home.  By following the information and tips below, you'll greatly improve the chances that your offer is accepted. 

Hire A Buyers Agent Who Knows How To Negotiate

It's very important when buying a home that you have a buyers agent representing your best interests for a variety reasons.  One of the most important reasons is because they are going to be responsible for negotiating on your behalf. When attempting to make an offer on an overpriced home, it's vital that you've hired a buyers agent who knows how to negotiate on a home that is overpriced.  One of the best interview questions to ask a buyers agent is what their experience is with negotiating on an overpriced home. Since not every home that is listed for sale is priced correctly, it's possible you may encounter an overpriced home, so being prepared for this potential situation is important.

Determine If The Home Is Really Overpriced

One of the top reasons why a purchase offer is rejected is because an offer is too low.  Before deciding to submit a low ball offer on a home you feel is overpriced, you and your real estate agent need to first determine if the home is really overpriced or not. There are several ways to determine if a home is really overpriced or not.  One of the best real estate statistic to review to help determine if a home is overpriced is average days on the market.  A top real estate agent is able to determine what the average days on the market are for a given real estate market.  If a home has been listed for 90 days and the average days on the market in the local neighborhood is 30, there is a strong chance this is a good example of an overpriced home. It's important to remember that the majority of real estate markets are different and that comparing average days on the market is not a guarantee a home is overpriced.

Be Prepared To Provide Supporting "Evidence" Of An Overpriced Home

[caption id="attachment_9567" align="aligncenter" width="450"]Have Supporting Evidence Ready When Making An Offer On An Overpriced Home Have Supporting Evidence Ready When Making An Offer On An Overpriced Home[/caption] When determining how much to offer for a home, especially an overpriced home, it's important to have supporting "evidence."  One surefire way to have an offer rejected when making an offer on an overpriced home is to not include any supporting information to justify the low offer. The most popular way to provide supporting information with an offer on an overpriced home is to include a detailed comparative market analysis, commonly known as a CMA.  An experienced buyers agent will provide the sellers real estate agent with a detailed CMA to help support the low offer.  A detailed CMA should include details on several recent comparable sales in the close proximity that prove that the home is overpriced.

Make Your Offer "Stand Out" In Other Ways

There are some home sellers who will not respond to a low ball offer, but not all of them!  It's important when making an offer on an overpriced home that you consider making your offer attractive in other ways, other than the price.  Below are five great ways to make an offer on an overpriced home look attractive, even though the offer maybe low.
  1. Include A Pre-Approval - One of the best ways to make an offer on an overpriced home look attractive is by including a mortgage pre-approval.  There is a difference between mortgage pre-approvals and mortgage pre-qualifications.  If a seller is reviewing an offer they feel is low, having a pre-approval may help assure them that you're a very well qualified buyer for their home.
  2. Provide A Strong Earnest Money Deposit - A buyer who includes a strong earnest money deposit (EMD), sometimes referred to as a good faith deposit, can make their low offer more attractive.  If you're going to be making an offer on an overpriced home, consider including a large EMD to make your offer more attractive.
  3. Be Conscious About The Number Of Contingencies - There are many real estate contract contingencies that a buyer has the option to include or not in their offer.  Inspection contingencies, sale and transfer of title contingency, mortgage contingency, and attorney approval contingencies are just a few of the most common.  If you're making an offer on an overpriced home, it's possible that if there are fewer contingencies there maybe a greater chance an offer is accepted.
  4. Consider Seller Concessions As An Option - Some sellers have a number in mind that they want to get for their home.  Another option to make an offer on an overpriced home look more attractive is offer a higher price but request seller concessions.  It's important to be aware that if you offer a higher price for an overpriced home that the bank still must complete their appraisal and the appraiser must agree that the sale price is in line with the market values.
  5. Make Contract Dates Appealing - Another good way to make an offer on an overpriced home look more attractive is by structuring the contract dates to appeal to the seller.  Depending on the sellers circumstances, they may need additional time to find another home or may desire a quick closing.  It's a good idea to have your buyers agent find out what the sellers plan is and structure accordingly.
 

Understand Things May Not Work Out

[caption id="attachment_9568" align="aligncenter" width="450"]Understand Things May Not Work Out When Making An Offer On An Overpriced Home Understand Things May Not Work Out When Making An Offer On An Overpriced Home[/caption] When making an offer on an overpriced home, it's always important to keep in mind, things may not work out.  With some home sellers, it doesn't matter if one hundred people tell them their home is overpriced, they will not accept an offer even though it maybe extremely reasonable. If you're buying a home in a sellers market, you may want to consider even making an offer on an overpriced home.  Since buying a home in a sellers market often leads to homes selling quickly, wasting time making an offer on an overpriced home could cost you another home that is not overpriced.

Final Thoughts

Making an offer on an overpriced home is difficult, but not impossible.  As you can see from the above information, there are certain things that should be done when making an offer on an overpriced home. It's always important to remember that some sellers, no matter what information they are provided or what people tell them, will not be willing to negotiate on their overpriced home.  Keeping this in mind will reduce the disappointment that may come with an unsuccessful negotiation on an overpriced home.

Other Home Buying Resources

Are you thinking about buying a home in Rochester NY?  Do you have a home in mind that you feel is overpriced?  If so and you have yet to find a top Rochester NY Realtor® to represent your best interests, contact me!  I'd love to discuss your housing needs and explain how I can make the home buying experience successful and enjoyable!
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About the authors: The above article "How To Make An Offer On An Overpriced Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]>