very different landscape. If you’ve been out looking to become a Cranberry home buyer, it’s possible that you’ve found yourself putting in offers on multiple houses…and also possibly watching from the sidelines as another Cranberry home buyer walked away with a deal. If this isn’t a true seller’s market, to you the difference may not be apparent.
In any case, when a prospective home buyer in Cranberry finds themselves vying for one of the plum homes that are now appearing in this summer’s Cranberry listings, there’s no need to passively watch as others get the nod. If you are sure of the value of the property you are going for, there are straightforward tactics for improving your chances of winning the day:
- Offering at or above list price is the time-tested way to give you the best shot of getting your contract accepted over bidders who offer less than list. Real estate prices are again on the rise, increasing your likelihood of being able to recoup the extra money if you decide to sell several years down the road. Look at the comps with your agent to determine what an aggressive—yet realistic price—will be.
- Ask your real estate agent what the recommended earnest money amount would be; then double or triple that deposit amount. It’s a sure way to signal that you’re a serious and financially able home buyer. This tactic has the advantage that it doesn’t really cost you anything in the long run, assuming you hold up your end of the contract. It is a way to stand out from other Cranberry home buyers without actually spending more.
- In a buyer’s market, it’s almost expected to ask for add-ons like fixing a staircase or leaving the swing set. But in a seller’s market, you can beat the competition by not asking for extras beyond what is offered in the listing. Home sellers may be fully occupied with many outside details (like looking for their own next home!) and often assign high value to an offer that looks uncomplicated.
- Along the same lines, another way to set yourself apart from every other home buyer is to offer to give the seller more than the usual time to move out of their house. Many other bidders won’t think of this—but it can make the deal if the sellers are having to cope with difficult deadlines for their own move.
First step if you will be looking to buy this summer: call me today to get started!
www.vinceparrucci.com
Contractors: Finding and keeping good contractors has always been a challenge for me. I have never been very good with my hands, so when something broke or needed repaired at one of my rentals I didn’t have the time, patience or the knowledge to do the work myself. I wanted to spend the time with my family and I didn’t want real estate investing to be my 2nd job. I was working to eliminate my Job! So I needed good contractors. They were critical to the success of my business. So, how do you find a good contractor? Referrals have always worked well for me. In your network of contacts (business associates, family members, neighbors, friends and even local businesses) you know someone who has had some type of work done on their house. I would avoid looking through the phone book or the internet. Contractors with big ads don’t necessarily mean they are any good. A good contractor will NEVER have to place an ad. They will get more business then they can handle simply through referrals. Contractors who are referred to you or who have been referred from an internet contractor referral site still needs to be checked out. You need to conduct your own research on them prior to you allowing them to do any work for you.
ReplyDeleteThere are a number of different things that I would recommend you do before you start to work with any contractor. Get references from clients of theirs and actually call them. It doesn’t do you any good if you get the referral and never call them. I would prefer to have the referral be from recent clients opposed to a clients from a couple of years ago. A lot can change over a couple of years for a contractor. I would also ask to drive by and check out current projects that the contractor is working on. Research online, checking with organizations like the Better Business Bureau and various contractor referral sites and verify with the State that the contractor has an active license and is in good standing (http://hicsearch.attorneygeneral.gov or 1-888-520-6680). It is also important that you verify that the contractor has all of the necessary insurance, such as workmen’s comp., as well as liability insurance. You can obtain this information directly from the contractor’s insurance company. Don’t be afraid to get multiple bids from different contractors.
The Home Improvement Consumer Protection Act of 2009 requires that all Home Improvement Contractors that have conducted more the $5,000 in business (previous year) be required to register with the State every 2 years. The PA registration number must be visible and displayed on all advertising materials. Home Improvement Contractors are prohibited from taking initial deposits prior to signing a contract with the home owner and cannot exceed 1/3 of the project cost. In some instances the Home Improvement Contractor can also ask for the prepayment of specialty order items in addition to the 1/3 deposit. The state also requires certain language be include in all contracts. This would include a description of the work to be completed, cost of the project and an approximate start date and a finish date.