4 Pantagraph HOME MARKET, Friday, February 8, 2013 www.PantagraphHomeMarket.com 19 20 21 22 23 24 9100 N 1075 East Rd., Shirley. Rare find! Original farmstead from 1860’s. Charming 2 bedroom home. Call Al Legg 531-2177. 3614 Wine Way, BL. NEW PRICE! Exceptional value, spotless, 4 bedrooms, 2.5 baths, attractive kitchen w/adjoining family rm. Al Legg 531-2177. 313 E. 7th S1, Gridley. Just Listed! Custom built Sept ‘11, immaculate, gorgeous built-ins, awesome kitchen. Willow Gramm 824-5703. 207 Field Ct., NL. New Price! 3 bedroom, 2 bath zero lot line ranch in the Fields. Like new! On cul-de-sac. Nancy Brady 242-1311. 416 Sunset, Colfax. Very nice open floor plan! Solid oak doors and trim throughout home. Becky Gerig 212-4120. 107 W. 10th, Gridley. Immaculate beautiful home with many recent updates, 2 lower level family rooms. Willow Gramm 824-5703. 25 26 27 28 29 30 1409 Windham, BL. Just Listed! 2 bedroom, 2 bath maintenance free condo. Many updates, lovely landscaping. Lois & Frankie 825-8892. 8170 N 2000E, Downs. Tri-Valley school district. Extremely private home with very reasonable utility bills. Becky Gerig 212-4120. 703 Market, Gridley. Move-in ready ranch home! 3 large bedrooms, 2.5 baths, 2 car heated garage. Willow Gramm 824-5703. 1110 E Jefferson #16, BL. Just listed! 3 307-311 Gridley, BL. Many upgrades, Freshly bedroom, 1.5 bath condo in great area, many painted interior, spiral staircase, newer updates-won’t last long! Becky Gerig 212-4120. laminate 1st floor. Becky Gerig 212-4120. 505 E. Poplar, NL. Nice starter or investment property. Many updates. Large unfinished basement, deep lot. Becky Gerig 212-4120. 31 32 33 34 35 36 703 E. Front, BL. Fabulous arts & crafts bungalow, Beautiful wood floors, trim & columns. Pond/waterfall. Becky Gerig 212-4120. 302 Franklin, Hudson. GREAT PRICE! Farm style 2 story on double lot, spacious yard, large rooms. Ken Hoffacker 825-1077. . 700 Adelaide #47, NL. Great investment property near ISU baseball field. Potential for 4 renters. Affordable! Becky Gerig 212-4120. 1916 Tracy #35, BL. Just Listed! Many updates, secure building, condo pool, covered parking space. Belinda Trunell 287-6105 206 W. First, Gridley. Newer roof, several newer windows, fresh exterior paint, needs some TLC. Willow Gramm 824-5703. 28 Knollbrook Ct., BL. Just listed! All brick home at end of cul-de-sac. Golf course views, large lot. Don’t miss! Becky Gerig 212-4120. Bill Brady 664-8571 Broker/Owner Dan Slagell 261-3026 Managing Broker Camill Tedrick 217-519-3664 Dir Career Enhance. Diana Blair 825-0890 Bob Brady 275-0836 Nancy Brady 242-1311 Bud Clark 310-0101 Bob Dooley 287-1071 Becky Gerig 212-4120 RE/MAX Choice Broker-Sales Associates have again averaged more real estate dollar volume SOLD in 2012 than any other Real Estate company in the Bloomington/Normal market.* OUTSTANDING AGENTS - OUTSTANDING RESULTS Willow Gramm 824-5703 Becky Hartema 825-9876 Sam Hazleton 530-1463 Beth Herald 838-8112 Ken Hoffacker 825-1077 Cindy Lang 261-2775 Contact a RE/MAX Choice Broker at 309-664-8500 or visit bnchoice.com Al Legg 531-2177 E.P. Martin 825-5930 Mickey Qatanani 261-1588 Steve Stevens 261-3355 Bruce Thacker 838-7191 *Statistics gathered from Bloomington-Normal Association of Realtors. J.P. Finley 310-1790 Roxanne Huxford 212-1675 Reshma Shah 830-5807 Frankie Thornton 824-0714 Lois Brennan 825-8892 Belinda Trunell 287-6105 Ivey Weaver 825-6012 Each office independently owned & operated.
www.PantagraphHomeMarket.com Pantagraph HOME MARKET, Friday, February 8, 2013 5 TIPS TO WIN A BIDDING WAR ON A HOME The bidding war is back. While not every local real estate market is experiencing bidding wars, some homebuyers find themselves competing for houses because there aren’t many for sale in their markets. For example, in Phoenix, it would take just 2.3 months to sell all the homes currently on the market, says Susan Paul, owner of Better Homes and Gardens Real Estate Move Time Realty in Scottsdale, Ariz. The result? Many homes have 10 to 15 offers the day they go on the market, she says. To compete in a bidding war, buyers need to prepare financially for the home purchase. They have to familiarize themselves with property values in their target neighborhoods. And they must know what they want. “Too many buyers talk to a lender and start looking at homes at the same time,” says Eldad Moraru, a Realtor with Long & Foster Real Estate Inc. in Bethesda, Md. “You need to have everything (financial) done before you begin to look.” Then you are more likely to win a bidding war. He suggests selecting a lender and loan product, completing everything the lender requires and having a preapproval letter in hand -- all before submitting an offer. Donna Fuscaldo Bankrate.com “You need to make sure your lender is ready to issue an approval letter specific to the property at the drop of a dime,” Moraru says. Paul recommends keeping a file folder constantly updated with your most recent pay stubs, all pages (even blank pages) of recent bank statements and any other documentation the lender may need to make a quick loan approval. Then you are ready to make an offer. A strong preapproval is essential, especially if you are competing against buyers with cash to offer, says Alan T. Aoyama, vice president of Century 21 M&M Associates in Cupertino, Calif. Any hint that you might have trouble qualifying for financing could eliminate you from the seller’s choice of buyers. “An all-cash buyer can even waive the appraisal,” Aoyama says. “If you’re a noncash buyer, you need to have a copy of your proof of funds with your offer along with a strong preapproval. At a minimum, you should offer a down payment of 20 percent if you know you’ll be competing against other buyers. You need to show you have the funds to close and the ability to make up the difference if the appraisal comes in too low.” Moraru says that in Washington, D.C., and Maryland, it’s common to accompany your offer with a financial information sheet detailing your job history, salary and bonuses, 401(k) balance, how much you have for a down payment, and where the down payment money is. A higher-than-customary earnest money deposit can sometimes impress sellers when there is a bidding war, Moraru says. Just make sure you fully meet all deadlines and terms of the contract so you don’t lose your deposit. To compete against other buyers in a potential bidding war, make sure you see a potential home the day it goes on the market, so you can move quickly, Paul says. “Your buyer’s agent should talk to the listing agent to find out what is motivating the sellers and what they need -- such as a quick settlement or a post-settlement rent-back,” Paul says. “Be flexible, and work that into your offer. Make it as easy on the sellers as possible so your offer is chosen above 15 others.” Paul says buyers should offer to help the sellers in any way they can, such as helping them find a home for their pet if they can’t take it with them. Moraru says while price is important, sellers want to know the buyer can finance the property and meet any other conditions. If you don’t know the date when the sellers want to settle, you can write “will settle on seller’s schedule” into the offer. Aoyama suggests offering 30 days of free rent if the sellers want to stay in their home after settlement. Most Realtors don’t recommend buying a home without an inspection, but making your offer contingent on an inspection can weaken your position if other buyers are waiving an inspection contingency. Aoyama says buyers should carefully read all disclosures and reports that are available because some sellers provide a home inspector’s report for buyers. You can also have an investigative home inspection after your offer has been accepted that can provide information on the home’s condition. “If you’re serious about a particular house, you can have a home inspection before you make an offer, and then make a noncontingent offer if you’re satisfied with the report,” Moraru says. “You’ll need to move fast, though, and have a home inspector ready almost the day the home goes on the market.” One of the best ways to make your offer stronger is to eliminate contingencies regarding home inspection, financing or appraisal, says Aoyama. That puts you in a more solid position to win a bidding war. If you have cash reserves to cover the gap between a low appraisal and your offer, you can waive the appraisal contingency, he says, but leave your financing contingency in place to protect yourself. “If you can’t waive these, you can at least shorten the time frame, such as (by) reducing the loan contingency to 10 days if you know your lender can provide you with proof of financing quickly enough,” Aoyama says. Offering to buy the home as is can be tempting, but make sure you have an accurate idea of the home’s condition with an informational inspection for safety. Paul says buyers need to make their offer as strong as possible, so if you don’t need a home warranty or help with closing costs, don’t ask for them.