Home Seller Offers-Response Time Is Important

Home Seller Offers-Response Time Is Important

In today’s Oakland County Michigan housing market it is important now more than ever for home seller offers to respond to a buyers offer for purchase of their home, usually the time frame would be within twenty four hours which allows for the home seller offer to have plenty of time to be reviewed,considered and possibly allow time for the listing agent to review with their home seller as well. Although the twenty four hours is the standard, there are times that this is not possible as some home sellers are out of town,family issues or other events that may prevent them from being able to respond within the time frame which would require your real estate agent to write an extension which would allow more time for the review of the home sellers offer.

Although the timing may change for your sellers offer to get reviewed and the home buyer will most of the time understand that this is a process and their offer may take a little longer to get an answer, there are other issues to look out for. Unfortunately we have home sellers that have multiple offers in hand and seem not to be in any hurry to accept and of the seller offers that they have and you may wind up as a home buyer getting into a highest and best offer situation, its always best if your buyers agent ask beforehand if their are other offers on the particular home your trying to purchase. Most realtors will tell you if they have multiple seller offers on a particular property. As your realtor we will inform you on the best ways to handle this situation if it arises while presenting your offer the the sellers agent.

Lets Breakdown The Sellers Offer Process

When a home owner receives a legitimate home seller offer in writing, the seller can accept the offer, reject it, make a counteroffer, or do nothing. While the home owner is not legally bound to respond, if a seller doesn’t respond in a timely fashion, the buyer might become irritated and lose interest in the property.

Protection For Home Buyer and Seller Offers

Most real estate contracts contain an expiration date. If the seller doesn’t respond to the seller offer by the specified date, the agreement becomes null and void, unless the buyer agrees to reopen negotiations

Advice For Both Home Buyer and Home Seller With Offers

As a seller, your response time might defer depending on market conditions. Responding quickly makes sense in a down market, whereas responding slower in a thriving market could give the seller more time to receive multiple offers. A good practice for both buyers and sellers is to respond to any offer or counteroffer quickly and decisively unless circumstances warrant otherwise.

Remember buying or selling a home is one of the most important financial decisions you can make in a lifetime. It would be my pleasure to assist you in all of your home buying and home selling needs here in Oakland County, Michigan, please feel free to call me anytime 248-790-5594

 

 

Farmington Hills Michigan Homeowner Tax Advice

Farmington Hills Michigan Homeowner Tax Advice

The tax deadline is right around the corner! Do not miss out on money saving tax benefits of real estate ownership. The Farmington Hills Michigan homeowner tax advice in this blog may help with your tax returns.

Look for the 1098 Form from Your Mortgage Company

Interest paid on primary mortgages, second mortgages, home equity loans, and home renovation loans are often tax deductible. You will receive a mortgage statement, a Form 1098, from each mortgage company. It will detail amounts paid during the 2016 year. It may also reference amounts paid for mortgage insurance, which might be deductible if you meet the income and other requirements.

Calculate Money Spent on Property Repairs

Keep track of all home repair expenses. Some repairs, such as energy efficiency upgrades (windows, doors, heating systems) could be eligible for special tax credits. Renewable energy improvements (i.e. solar panels) qualify for an additional tax credit program. Even if your upgrades do not qualify, they may be helpful years later when calculating how much, if any, capital gains tax may be payable on your property sale.

Look for Copies of Closing Paperwork

If you purchased a house or refinanced a mortgage this past year, you should have been given a form that details closing expenses. Tax deductible closing expenses are typically detailed in that paperwork. Examples of expenses that might be tax deductible are mortgage points, pre-paid interest, and pre-paid property taxes. Provide a copy of closing paperwork to your tax preparer so they may be properly deducted.

Find Out What Was Paid for Property Taxes

Taxes are another tax deductible home owner cost. If you pay an amount towards these taxes every month as part of your home loan payment, that figure is not the proper amount to deduct. Find out the accurate tax paid based on tax bills sent by your local tax collector and your closing statement (if you purchased or refinanced this past year).

Summary of Farmington Hills Michigan Homeowner Tax Advice

Maintaining good records is critical when it comes to taxes and reducing your taxes owed. Whether it is mortgage interest and city/town taxes or home improvements, knowing costs can help with the 2017 and subsequent tax periods. Follow our blog for future home ownership and Farmington Hills Michigan homeowner tax advice.

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