Get real about real estate
First two weeks of a listing are when sellers get most activity
Dear Michael: my home has been on the market for two weeks. My agent has completed the open houses and we now have an offer close but not at our asking price. My question is: Should we accept this offer or wait and see if we can get other offers? Our agent is suggesting that we negotiate the current offer we have.
Answer: Why would you want to pass up on an opportunity that may not repeat itself? The first two weeks your home is on the market are the most crucial. This is the time where you will get most activity. A “good offer” may not come again; don’t let greed get the better of you.
I suggest you listen to your agent. The last thing you want to do is to beat yourself up later on for not having accepted a “good offer” and having to settle for less.
Dear Michael: I sold my home and was supposed to close escrow three days ago. We are told it will close next week. Is there anything a seller can do to speed up the process? The buyer’s lender keeps requesting more documents and delaying the close.
Answer: This is an unfortunate but very common situation. With current guidelines lenders are thoroughly reviewing every file and can request last minute documents which can and sometimes will postpone the close of escrow. Lenders have conditions and these must be met before loan documents can be issued. This can cause delays and inconvenience for both buyer and sellers.
If you have planned moving expenses and are waiting for the proceeds from the sale of your home, you will have to wait until the official close. As for the buyers, they are also at an inconvenience. They may have scheduled remodeling repairs and movers and will now have to wait for the close of escrow as well.
The only thing you can do is to be patient and trust that all parties involved in the transaction are doing everything in their control to close escrow. Lending institutions are insensible to the parties in the transactions and are ultimately looking out for their interest in order to prevent loans from going bad.
Dear Michael: My home sold as a short sale and I am now looking to rent. Will I come across a stumbling block when the landlord approving me realizes that I have a short sale affecting my credit?
Answer: This is a common bind. The good news is that you are not the only one and thus most landlords realize that due to economic factors beyond your control, a short sale affecting your credit will not impair your ability to pay rent. A foreclosure, on the other hand would be a totally different story.
In a short sale you made an attempt to settle your debt on your home and took responsibility as best you could under unfortunate circumstances that may have been out of your control. This alone shows a landlord that you are responsible for your actions and may help your landlord make a favorable decision when looking at your damage credit. Many landlords, including myself, are willing to overlook a short sale when approving a tenant.
Michael Kayem is a Realtor with Re/max Estate Properties serving Culver City and the Westside since 2001. You can contact him with your questions at (310) 390-3337 or email them to him at: homes@agentmichael.com