You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!
Our goal is to position your home to attract the maximum number of buyers in today's market. More buyers typically means higher prices, better terms and shorter days on the market.
There are really only three responses from the market:
If your property is not being shown,
it means the agents think your price is too high for the area/neighborhood or size.
If your property is being shown, but you are not getting any offers,
it means that the buyers are finding nicer homes for the money.
If your property is in the running, but the buyers buy something else,
or if the buyers view your property a second time, but buy something else, it means that we are close.
Ever wonder what the difference between a manufactured home and a modular home is? Here is a quick list comparing the two!
It's an honor to be voted the BEST REAL ESTATE OFFICE in Logan County through the Bellefontaine Examiner for two years in a row! We appreciate Logan County and our great agents who make it possible!
When a multiple offer situation occurs, what should buyers consider? There are many factors that a seller considers and the highest purchase price isn't always the winning bid. Some things to consider as you write your offer are contingencies, seller expenses, timelines and more. A buyer can ask their agent to find out if a seller is looking for any specific terms to help them make an educated offer (sellers are not obligated to answer); example, the seller may be looking for a quick sale or they may need time to find a home.
Sellers do not have to disclose multiple offers, the amounts nor terms. Buyers should present the seller with their best offer at terms suitable to the buyer and in a manner that a buyer feels confident with the offer, whether they get the home or not. Seek legal and/or financial council if you need it too.
What to consider in a multiple offer situation:
· Be Qualified
o Submit a current (not expired) preapproval letter with your offer OR proof-of-funds for cash offers.
· Loan type
o Cash – no lender is involved and therefore less requirements to close.
§ a home equity line of credit ready to use can be considered like a cash offer.
o Conventional – typically has less “red-tape” than other loans and buyer has a down payment.
o FHA/VA/USDA – all require the home to qualify for the loan as well as the buyer.
§ Review our “A Loan Red Flags” list.
§ Buyer may have a small down payment or no down payment.
· Purchase Price
o What will you offer? Your starting point will be a factor. Too low and you may be out-bid and too high the seller may be concerned with appraisal values.
o Escalation Clause
§ Example: Your offer is for $100,000 (offer price), but if another buyer’s offer is higher, you will pay an amount of $1,000 (increase increment) more than the highest offer up to $115,000 (maximum purchase price). (Excluding closing costs, etc.)
· Your offer price, the increase increment and maximum purchase price are all variable and set by you. Agents use a specific form for this!
§ If your escalation offer is selected, the seller must show proof of the other offer that determines your purchase price.
o Home-sale contingency – do you have to sell your home first to buy the next house. (Does the seller need time to find new housing too?)
§ Amount of inspections
§ Length of inspection period (typical 10 days+/-)
§ Asking for repairs or waiving right for repairs
§ Waiving the inspection and buying “AS IS”
o Appraisal (required by lender)
§ Appraisal Waiver
· You can agree to pay the full amount of the contracted price, even if the appraisal comes in below the purchase price.
· Cap the difference – pay up to $$$ above the difference in appraisal and purchase price.
· Seller paid buyer’s closing costs.
o Pay for your own closing costs associated with your loan/title work.
o Seller paying your costs reduces their bottom dollar and can be a determining factor in accepting an offer.
o Ask the seller to pay for things that are customary.
· Closing date – how long do you (and your bank) need to close on the purchase.
o Immediate at closing vs giving FREE days after closing – typical is up to 30 days after closing.
· Home Warranty
o Seller or buyer can pay for a warranty (average cost is $460-600) or you can waive the warranty.
· Appliances or personal property – what stays with the house at closing. Avoid asking for items the seller hasn't already offered to include with the sale.
· Earnest Money Deposit – Provide a good faith deposit (upon acceptance of your offer, earnest money will be deposited in a trust account)
· Title Insurance (can be written into fine print of contract)
o This can be a seller or buyer expense and is not customary in Logan County.
o Your agent can provide a copy of the handout “Why Title Insurance” for more information.
· Title Company / Location of closing - will the title company come to you or do you need to go to them. Flexibility of hours - do you need something outside of 9am-5pm? Ask your agent for options.
Below is "A Buyers' and Sellers' Guide to Multiple Offer Negotiations" presented by the National Association of REALTORS® in 2005. Most of the information still applies, however, offers over asking price are now more common.
Morgan Barnes is from DeGraff where she graduated from Riverside High School. She started her career with Honda Transmission in 1998 and is still employed there today. Morgan moved to the Indian Lake area in 2014 where she currently resides with her husband, Seth, and 2 children Caden, 18, and Kiera, 12. In her spare time, Morgan likes to travel to the beach and enjoys interior decorating. Morgan looks forward to working with you!
First, find a local REALTOR® with knowledge of the current market - You'll find one here at Royer Realty! Check out "Our Agents."
Determine your market strategy with your selected REALTOR® - set the asking price, decide if there are repairs or maintenance items needed before marketing, discuss your exit plan (how long do you need to move, where are you going, etc) and other key factors.
Active Listing - Your home will be photographed and a market description created. Your property will go "live" online and syndicated to many home-selling websites like RoyerRealty.com and Realtor.com to name a couple.
Buyer Showings - Now that your home is active on the market, you should start to receive showing requests from potential buyer agents. We have some great programs to help track appointments. Ask about ShowingTime!
Negotiate a purchase contract - if a buyer wants to buy your home, they will write an offer with their agent and that agent will present the offer to your agent. You can accept, reject or counteroffer the buyer's terms. Your REALTOR® can help guide you through this process too.
Inspections/Contingencies - many buyer offers have requests for allowing inspections and other contingencies like financing, appraisal and/or other terms. Once these contingencies are met, you can move onto the final phase.
Finalize the sale at closing - once the terms are satisfied in the offer and all contingencies removed, you can get a "clear to close" and set a closing date with the selected title company. At the closing, you'll sign documents to transfer ownership to the buyers, settle up any outstanding debts like a mortgage, plus pay the commission, county taxes, conveyance fee and settlement fees.
For more information, check out the "Selling" page.