Found 3 blog entries tagged as Offers.

Reader Q&A: Westchester County Home Buyers

What should I know about buying a co-op in Westchester vs. NYC? Is buying a co-op worth the hassle?

Westchester’s co-op approval process is similar to New York City’s, but a 2021 Fair Housing amendment requires Westchester co-op boards to disclose financial requirements and provide reasons for rejection. This gives buyers clarity on qualifications. While the process still includes financial scrutiny and board rules, co-ops remain an excellent, affordable path to homeownership and equity building!

How important are school districts for resale value?

School district rankings have a significant impact on home values, even for buyers without children. Homes in top-ranked districts…

1607 Views, 0 Comments

Read Full Post

CoreLogic: First-Time Homebuyers at Higher Risk of Overpaying for Homes

Courtesy of CoreLogic

First-time homebuyers are at a higher risk of overpaying for homes due to appraisal gaps, according to a new report by CoreLogic. Appraisal gaps occur when the appraised value of a home is lower than the agreed-upon sales price. These gaps often lead to delays, renegotiation, additional payments from buyers to cover the shortfall, or even the cancelation of the sale. In June 2024, 8.6% of U.S. home sales were appraised below the contract price, down from 10.7% a year earlier. Here's the breakdown:

  • Starter Homes: 9.6% had appraisal gaps, down from 12.1%.

  • Homes of 3,500sf or More: 7.1% had appraisal gaps, down…

1851 Views, 0 Comments

Read Full Post

Part 1: Understanding "Highest and Best”

“Highest and Best" scenarios have become common due to the imbalance between homes for sale and homebuyer demand. When sellers receive multiple offers with limited room for negotiation, we often advise setting a deadline for buyers to submit their best possible offer. The goal, from the seller’s perspective, is to encourage buyers to present their most competitive bids while ensuring fair treatment for all parties.

How It Works:

  • Multiple Offers Received: Two or more offers are received without room for the seller to negotiate.

  • Announcement: The seller's agent announces the "Highest and Best" deadline to all agents who have shown the property, giving a clear timeframe…

404 Views, 0 Comments

Read Full Post