As a Buyer: How do you deal with competing offers?

This post refers to standard 'homeowner to homeowner deals, not (REO) bank owned properties--they will more often than not say there are multiple offers when there are none.
You have found the perfect home, crunched the numbers and decided make an offer. But---when your agent submits the offer, you find out that there are multiple offers. At this point, you are told by your agent that the listing agent has told you to submit your highest a best offer.
First things first, you need to take all things into consideration and decide how much you are willing to pay for that home, regardless of how many offers are on the table. It is important not to get caught up in the competition aspect of producing the 'best offer'. Once you have made a decision about how much you are willing to pay for the home, submit that offer and be ready to deal with what happens. Do you’re very best to remove all emotion from your offer. This is a business deal. Treat it as such. You may not get the home because someone else might be willing to pay more for it, but if you get into the bidding war then you will pay more that you normally would have--and it may be more than you can really afford.
On top of increasing the home price, you might also want to consider other options in your offer, including a shorter or longer period before the closing date, paying more in closing costs or taking some issues such as dirty carpets as is. A motivated and agreeable buyer may have better luck than a picky buyer with a higher offer. Many times, getting rid of the hassle is as valuable as the higher price.
Good luck with your home search and remember the next time you hear someone talking about how they would like to sell their home I would really appreciate an introduction. My email is mike@teamtobin.com

How much is my home worth

Here's something you realtor will rarely tell you--the value of your home is not what you want or even what you need. The value of your home is determined by what a typical buyer will pay for it. So you have to ask yourself what the typical buyer will pay for your home, and how you can increase your odds of getting the most money possible for your home.
The first thing you need to do is get a good market analysis of your home. A market analysis is best done by a Realtor or appraiser who really knows the area. If times are tight, most realtors will offer a 'comp' (market comparison) for free. A comp will give you a general idea of the price. To be more accurate, you can hire an appraiser who will give you a solid market analysis for a fee. The fee may seem like a lot but if it gets your home priced right and sold quickly, worth it's weight in gold! An appraiser will come to your home and take the cold hard look at it with zero emotional attachment. After you settle on a selling price for your home you need to make it the best home in the neighborhood, aka “best in class”. You may have some great wall paper that you just love from the 1970’s but it will most likely turn off buyers. Fix everything you can because it will cost you more if you don’t. Always Always Always bring your best house to the market. If you have any question in your mind about this take a drive to your nearest builder model and take a good look at it. Notice that the carpets are clean, walls are freshly painted and the home is decorated. It is their business to sell homes quickly and it should be yours too.

What is the Income Limit for the $8,000 Tax Credit?

Just the other day I was talking with a client and she asked me about the $8000 first time home buyers tax credit. A friend of hers told her that the tax credit for a couple was limited to an income of $75,000. I gently told her that that is not the case, the income limit for a couple filing jointly is $150,000 and the tax credit its self is 10% of the cost of the home. So the purchase price of the home must be $80,000 or more to reach the maximum $8000 tax credit.

The nice thing about the tax credit is that you do not have to pay it back if you stay in the home for 3 years.(If you do sell your home within 3 years of the purchase then the money will be “recaptured” at the time of the sale. )

The last thing she wanted to know was will the program be extended beyond December 1^st of this year. I have not heard a yes or a no on that one and I would not bet either way, my best advice for her is get into a home now and take advantage of this historic offer, and very low rates. If you would like to take advantage of the tax credit then send me an email (mike@teamtobin.com) or check my website for contact information and I will show you how.