Janice Lee Real Estate Insights - May 2014



An interesting week of real estate indeed. So, I've always known that it is important to be nice to other agents and to build relationships with our peers! In a seller's market, it is more important than ever to work with a competent and likable agent - it goes a long way. People want to work with people they like. Be a pain or rude and your agent can kill your deal unless your offer is significantly higher than another offer.



It's not always the highest offer that wins the day. The terms of your offer is extremely important. In the last several months, I have noticed that Non-contingent offers are winning the hearts of sellers. What is a non-contingent offer? A buyer waives all contingencies including inspections, financing and appraisal contingency and puts their deposit on the line if buyer is unable to perform. A non-contingent offer is almost equivalent to a cash offer.

The risk of taking an offer with contingencies like an appraisal contingency occurs when the property does not appraise. For example, with the quick increase in prices, one of my buyer's appraisal came in really low - almost six figures lower than our offer price. We tried to do an appraisal reconsideration and the appraiser was not willing to change his opinion of value. We went to another lender and luckily, the appraiser understood the market and we were able to appraise! Buyers really wanted the home - it was their dream home. What a sigh of relief.

On the listing front, I recently represented a seller who needed to sell in order to purchase his retirement home. In order to avoid being "homeless," we put in a seller contingency that the sale of his current home was subject to getting in contract on a replacement property. There are so many creative ways to make real estate work for you and achieve your goals.

Let's hope to see more inventory come on the market. It's a seller's market and a great time to sell. I'm seeing multiple offers and overbidding. I still recommend preparing your home/property on the market to get a good return on your investment. Call me at 415-832-9151 with any real estate question.

Janice Lee
415-832-9151
JaniceFLee@gmail.com
www.JaniceLeeHomes.com
BRE #01720205
Location: 1390 Noriega Street, San Francisco, CA 94122, USA

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