A great place to live and work

Posts tagged ‘Realtor’

Writing an Offer on a Home

Once you’ve found a home, your agent will help you write an offer.

An offer takes the form of a contract and specifies everything about the conveyance of the property. Then, your agent will present the offer to the listing agent who will present it to the owners.

How Much Should You Offer?

In writing an offer, some buyers are concerned about offering too much. They think that if their offer is accepted, that means they could have offered less and still gotten the house. Other buyers are concerned about making an offer that is too low. They’re afraid that the sellers will be insulted and will refuse to negotiate.

Our advice to you is to make an offer that reflects what the property is worth. The only way to find out what it’s worth is to compare it to other similar properties that have sold in the same neighborhood. Your Realtor will call that a Comparative Market Analysis (CMA). For more information on how CMAs are written, please read this article.yellow

What Other Information is in the Offer?

In addition to how much money you’re willing to offer for the home, there are other factorsthat are included in your offer and may impact the seller. One factor is the time frame. Your seller might want to close quickly or slowly to accommodate some event so your offer might be more appealing if you’re offering a flexible closing date. The type of financing you’re securing and the amount of your down payment are also important to your seller. They may feel more secure if your down payment is large or if your loan is a certain type.

You will also be asked to provide a check as earnest money. This is money, usually $1000, that indicates that you really intend to follow through with this contract as it is written if it is accepted by the seller. Of course, if the contract fails to be accepted, you will be refunded that money. If the sale gets to closing, this money will count as part of your down payment.

Then What?

Your agent will present the offer to the sellers. Possibly, they’ll have you write a letter telling the sellers a little about yourself to make the offer more personal. Additionally, your agent may present the offer in person to negotiate on the spot, with your permission.

The seller will either accept the offer as written, make a counter offer, or simply say no. If they accept the offer as written, congratulations! You’re on your way to owning the home you’ve chosen! If they make a counter offer, then your agent will negotiate on your behalf to try to reach a meeting of the minds. If they say no, then you’re back to the drawing board.

 

Who do you know that needs a Realtor?

Did you know you have a Reticular Activator?

It’s the part of the brain that makes you ultra-aware of certain things and ignore other things. For example, once I bought a teal car, and, suddenly, there were teal cars everywhere I went. My initials are JZ and I notice license plates with JZ all the time. At the same time, your reticular activator might help you to ignore the dirty dishes you leave in the sink or the sound of a car alarm. It’s the reason you can sleep through your spouse’s alarm but your own alarm wakes you up.

So today, you need to turn on your Reticular Activator.

When you hear someone say “my friend is getting married” or “my aunt is having a baby,” your Reticular Activator will help you to notice that the person you’re talking to has a contact that needs a Realtor. When you go to a retirement party, remember that retirees often sell their homes and need a Realtor.

And then, I hope you’ll refer them to us!

 

Appealing Your Property Taxes

Here’s a dilemma many of us in Union County are facing – our homes aren’t worth what they were worth when we bought them, and yet we’re still paying taxes based upon what our home used to be worth. If you think you’re being taxed unfairly, here’s how to appeal your assessment.

Property taxes can’t be appealed but your property’s assessment may be if you can prove that your assessed value is unreasonable compared to the home’s market value.

Here are the steps to appeal your tax assessment:

1. Inquire into your district’s average ratio for this year. Different municipalities use different formulas to calculate property taxes but all formulas are based upon assessed value. Some jurisdictions use a home’s actual market value, while others use a percentage of a property’s worth.

2. File on or before April 1st (May 1st if a municipal-wide reassessment has just been implemented).

3.  Hire your expert witnesses – anyone licensed as  a real estate appraiser can be an expert witness and can prepare an appraisal report. This expert witness must appear at your hearing to testify and be cross examined.

4. Provide multiple copies of the appraisal report – one for the tax assessor and one for each County Tax Board member. This must be done at least seven days  before the scheduled hearing. You may also provide credible evidence such as recent comparable sales of other properties of a similar type in your neighborhood. Sales ratio forms, called SR-1A’s, (available at the County Tax Board) and deeds (available at the County Clerk’s office) are public records and can be used to identify comparable sales and their significant characteristics. Your local Realtor ® can help you with this. Commercial property owners must also supply an income statement.

4. Public Hearing is conducted before the County Tax Board within 3 months of the filing deadline. The County Tax Board is made up of members appointed by the Governor. Homeowners and sole proprietorships can represent themselves but larger businesses must be represented by an attorney.

5. The Tax Board must determine all appeals within 3 months of the last day for filing appeals, although the Director of the Taxation Division may grant an extension.

6. You can appeal the judgment within 45 days.

Tag Cloud

Follow

Get every new post delivered to your Inbox.

Join 285 other followers

%d bloggers like this: