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Chris O'Connor's Advice
Contributions are sorted newest to oldest.
4 Best Answers
Chris O'Connor wrote:
Great post, Kelly.A few additional comments I can offer. To win in a bidding war everything matters. Price is only one factor amongst many. Yes, it is the most important but sometimes there is a pile of contracts and you really need yours to stand out to have a chance.There is a hierarchy to finance terms. Cash is king. If you can pay cash do it. If you can't pay cash but can go conventional do it. FHA and VA borrowers are considered higher risk to listing agents and sellers. Sellers will often take a $240k cash offer over a $250k FHA loan offer. Make the inspection period short. Don't make it so short you run out of time to do your due diligence, but go with a shorter inspection period than your competition is probably going with. Commit to getting it done in a week.Don't ask for seller concessions or home warranties.Don't add weird clauses on the contract.Type it.Make it clean and simple.What dollar amount do you think the other bidders will offer? if the list price is $150k and you don't want to lose the house and are convinced you're wanting to offer $160k...offer $162,250. Pick an odd number so that you dramatically reduce the chance that you'll bid the exact same number as someone else. And always go slightly higher than whatever you're thinking.The FL market is on fire but my buyers are winning in bidding wars. The appraisal will pull the price back down if need be. But only the offer in 1st position has any chance of buying the house. This isn't The Price is Right. Bid higher than everyone else or you lose. when the appraisal comes in lower you can negotiate with the seller and usually get the contract price dropped to appraised value. Or maybe you'll split the difference and come to the table with more money. You won't have the luxury of picking one of those options if you lose in the bidding war,
Is now a good time to get a real estate license in florida
If you plan to work as a full-time real estate salesperson you're going to have to learn a lot more than Realtors had to learn 10 years ago. The market has gone through some significant changes. We now have an abundance of foreclosures and short sales and these categories of transactions are much more complicated than traditional sales. To be good at your job you'll need to learn about the foreclosure process and how to negotiate effectively with banks when doing short sales. 10 years ago most of us didn't even know what a short sale was.Can you handle it? Only you know the answer to that question.
How do most new agents obtain leads?
For me it was through Open Houses. I did Open Houses every Saturday and Sunday without fail for the first few years in business. When people came through I would introduce myself and offer to show them other comparable homes. If that didn't work I put them in a headlock.
The BEST question to ask your BUYERS
As a rule I like to avoid buyers who are searching for a "great deal" as their primary objective. I'm interested in helping buyers find homes for their families not as investment properties. Of course the goal is to pay no more for the home than necessary, but more often than not the final contract price on most homes is the fair market value. Yes, we hear stories of the guy who knows a lady who once met this man who bought a $500,000 home for $45,000. These are just that...stories.
Does an irrigation system contribute to a properties value?
Yes, of course. Being able to water your lawn on a timer is definitely superior to manual watering or not watering.How much value does it add? Tough question. I guess that depends on the size of the yard and quality of the irrigation system. But it is definitely a selling feature for a home.
A title search doesn't take that long. When is the closing?
Problems with short sale home after the inspection but before closing!
Your contract should cover this problem. In Florida the seller is obligated to keep the property in the same condition from date of execution to the date of closing. If you went under contract on a home with working plumbing and then it broke before closing the seller should be responsible for repairing the plumbing. On FL contracts this is called the "Maintenance Requirement."But you're in a short sale situation and you're at the mercy of the bank. Do you have a Realtor representing you? Your agent should put your concerns in writing so that the listing agent/seller can start addressing the problem. Will the seller make the repair? Who knows. Will the bank pay for the repairs? Probably not. If the repair is cheap and you want to pay for it yourself right now I would make that offer. Yes, you could be out of that money if it doesn't close. That's why I said "if the repair is cheap..." Sorry you're in this situation.
You rejected my agent review. I'd like to know why? Btw, Trulia accepted the exact same review.
I now know why my review wasn't accepted. Zillow.com explained to me that the review didn't contain enough information. I'm sure my buyer simply gave me (assuming) 5 stars and then no actual text review. The problem is English is not his native tongue so he isn't comfortable writing a few sentences about my service. Oh well.
I keep getting my review rejected. It doesnt make any sense?? Someone help.
Thanks, Maria. I'll call them now. :-)
Carl, could you look into why my most recent review was also rejected? I have a feeling it was a bug.
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