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5 Tips to Closing on Your Ocean Edge Condo Fast

5 Tips to Closing on Your Ocean Edge Condo Fast

When selling your Ocean Edge condo, price is important but closing quickly is also a priority in most cases. Closing on your Ocean Edge condo in a timely manner often helps you close on your new property. If you are hung up on closing your first property, it can impact your new property. The owner of the home you are interested in purchasing might not want to wait for your condo to close before moving forward with the sale of their home. Financing can be tied up and your approval for the new mortgage product could be put on hold until your condo sale closes.

Incentives for Closing Fast

In a buyers market or a sellers market, it is a good idea to be honest and upfront about what your closing expectations are if it is important for you to close on your Ocean Edge condo quickly. If it is a seller’s market, where the inventory is low and demand is high, let the buyers know what your closing expectations are so they come with their best offers and fastest closing timeline. If it is a buyer’s market where inventory is high and not as many buyers, it is a good idea to offer a closing credit if the sale of your condo closes within a specified period of time. This is a little bonus that might intrigue buyers and get you a faster closing. The cost of offering this closing credit is far less than what it could cost you if your home does not close quickly.

incentives for closing on your ocean edge condo

Add on Extras

When showing your house to potential buyers through open houses or private showings, you will be urged to depersonalize your condo as much as possible. However, you typically can not completely depersonalize your home no matter how hard you try. You are still living there after all, and it needs to still look like a home for buyers to be able to visualize themselves living there. When buyers are looking at your home, ask your real estate agent to take notice of anything they may have liked about your home that is outside of the physical features of the condo itself.

If a buyer makes a comment during your open house about how cute your window treatments are, offer to include them in the sale! Maybe they liked the bookshelf in your living room. Offer to include it for free in the sale in exchange for closing on your Ocean Edge condo faster. Buyers who are offered little extras that they liked in the house will feel like they’re getting a deal, or getting something for free which can be very exciting. Questions about your open house? Check out our blog, “Top 7 Open House Mistakes Sellers Make.”

add on extras to close your ocean edge condo

Upgrade Credits

Ocean Edge is a highly desirable place to buy for a number of reasons. The onsite amenities and the location are two main reasons buyers are drawn to owning a condo at Ocean Edge. However, if your home does not have the most cutting edge it can be a difficult sell as there are many beautiful units. Offering upgrade credits to make your condo more modern to the seller’s taste could bring people to your open house.

The ability for home buyers to make upgrades to the home they are about to purchase instead of the home owner making the renovations is more appealing. This incentive could help you achieve your goal of closing on your Ocean Edge condo faster because not many other homes offer that credit. For more tips on how to sell your Ocean Edge condo quickly, check out our blog “Ocean Edge Brewster – How to Sell Your Condo ASAP.”

upgrade credits when selling your ocean edge condominium

Home Repair Credits

If there are repairs that need to be done to your Ocean Edge condo, offering a home repair credit instead of fixing it yourself may be appealing to home buyers. With a home repair credit, the buyer has the ability to use their own contractor to repair the issue instead of having the seller use whatever contractor they want to use. A buyer might feel more comfortable using their own person that they trust instead of leaving it up to the seller who they feel might choose the least expensive option when repairing the home.

Giving the buyer that power might make them more willing to move up the closing time. Bumping up the time line and closing on your Ocean Edge condo may be appealing because once you are out of the condo, they can arrange for their contractor to go in and do the work before they move in to the property. They may have a time they are to be out of the home they are in now, so having the ability to work on the condo before they move in would be very appealing.

repairs credits when selling an ocean edge condominium

Increase Buyer Commission

Buyers real estate agents work on a commission, just like your selling agent. Increasing the percentage of commission the buyers agent would receive once the property is sold might encourage more buyers agents to bring their clients to your condo for a showing or open house. Be open about what your closing timeline is so that they are aware of the quick closing part of your home sale. Do you have the right seller’s agent? Check out our blog, “Selling Your Ocean Edge Condo? Qualities to look for in a Listing Agent” to see what you should look for in a listing agent.

Closing on Your Ocean Edge Condo

Closing on your Ocean Edge condo in a timely manner can be tricky to coordinate but if you offer incentives to the buyers or even the buyer’s real estate agent you might be able to pull it off! Looking to sell your Ocean Edge condo? Contact Michael Leighton and his team, he has been named the #1 Agent at Ocean Edge since 2004 and #1 Agent in Brewster since 2007. Check out the testimonials from clients that have worked with Leighton Realty to find out why Michael Leighton and his team have been #1 for over a decade.

8 Things You Should Not Say at an Ocean Edge Open House

8 things you should not say at an ocean edge open house

Honesty is always the best policy, unless you’re a home buyer at an Ocean Edge open house. It is always a good idea to be honest and forthcoming with your real estate agent, but you might want to hold your tongue when dealing with the seller’s listing agent! Your real estate agent is obligated to you, and the listing agent is obligated to their client, the seller. Ocean Edge is a great place to buy, just check out our blog “5 Reasons to Buy a Condo at Ocean Edge.” Before you walk into that Ocean Edge open house, take a look at these 8 things you should not say at an open house to make sure you put your best foot forward, and not right into your mouth instead.

“I can spend $….”

Before you go to an open house, you should have an idea of what your budget is to spend on a home and what you can afford. It is a good idea to get a pre-approval letter from the bank so that when you find your dream home, it is easy to secure financing for that home. Your real estate agent should have an idea of what you can spend, but the seller’s real estate agent doesn’t need to know how much money you have in your purse to work with. Letting the seller know what you can spend on a home could hurt your ability to negotiate the price later if you decide to buy the condo. When calculating your budget, remember to keep in mind the money you need to come up with at closing. Find out about these closing costs in our blog, “Hidden Costs of Buying a Home.”

“This is the Ocean Edge condo of my dreams!”

Buying a home is an emotional experience. It is not just a financial transaction, it is deciding on where you’re going to spend your time and possibly have a family. It is important that when you are looking at the Ocean Edge open house, you contain your excitement for the condo even if you feel that this is the one you want to buy. It is perfectly acceptable to express to your real estate agent your desire to purchase the condo, but you do not want to let the seller’s agent know that you love the unit so much. This will give the seller the upper hand, and could hurt your price negotiations. If the seller’s agent knows how emotionally attached you are to the home, they will be less likely to lower the price because they know that you are already planning room colors for the different bedrooms in your mind.

ocean edge condo of my dreams

“That dining table set is tacky!”

Just as your mother has told you before, if you do not have anything nice to say, do not say anything at all. Insulting the taste of the seller to the seller or the seller’s agent at the Ocean Edge open house will not get you any extra points when you submit an offer. If the seller has different taste than you do, it does not impact the property and is not worth mentioning. However, comments such as those might impact you if you are interested in purchasing the property. Negative comments about the decor could be taken personally and you could automatically be taken out of consideration if multiple offers come in for the condo at Ocean Edge. Sounds childish, but it is their choice and it has happened.

“I can’t wait to get rid of that!”

This is the same as commenting on how hideous a person’s taste in furniture is, you should keep the negative comments to yourself. Keep in mind this is someone’s home. You might not think that the owner is there, but some owners want to be present at their open houses, and linger trying to fit in as a potential buyer. Remember that this is someone’s home where they have built memories, and keep the negative comments to yourself. The owner could easily reject your offer or up their price if you do decide to make an offer purely because they were offended by your comments.

i can't wait to get rid of that

“I will give you (a really low offer)…”

Offering a low ball offer as a buyer could backfire. The home owners have the right to flat out refuse any offer, without countering. If the home owner refuses, you are out of the running. If you are working with a real estate agent, trust their judgement when it comes to offering a price that the owner would find fair and still consider a good deal for you. You want to make an offer that is either perfectly acceptable for the owner or a good place to start price negotiations. Do you have the right real estate agent? Find out by reading our blog, “5 Reasons to Be Thankful for a Great Real Estate Agent.”

“Why sell this Ocean Edge condominium?”

The condo you are looking at might seem like a dream come true, and you couldn’t imagine why the seller would want to part with the property, but under no circumstance should you ask why they are selling at the Ocean Edge open house. You might be curious, but you are likely opening up a can of worms which will make the sellers uncomfortable. The reasons for selling the property could be extremely personal and embarrassing for the owner, making them feel uncomfortable. The seller is obligated to disclose any issues that they are aware of to their real estate agent who is obligated to tell potential buyers. So if you’re worried that the condo is being sold due to a defect or structural issue with the home, it would be disclosed to you.

why sell this ocean edge condominium

“You’ll never sell at this price”

The more houses you look at, the more of an idea you get about what homes are worth. It’s easy to feel like an expert once you have been to an open house or ten. However, not all houses are priced the same. Village location, layout, improvements, etc impact the price of a home. The seller’s real estate agent took all of this into account and came up with a price for the condo for a reason. Maybe they left room for negotiations, but if you are interested, discuss price with your real estate agent. Negative comments regarding the price at the open house will not help you buy the unit. Trust your real estate agent to help you come up with a reasonable offer for the property so no feelings are hurt, which could ultimately hurt your chances to buy the Ocean Ege condo.

“What Do You Think of Living Here?”

Quizzing the neighbors about the neighborhood is not the kind of first impression you want to make at the open house if you’re thinking of buying the property. It’s natural to want to get an idea of what it’s like to live in the home you’re thinking of purchasing, but don’t come off as a pest to a neighbor you’re going to have to live next to for a period of time. If the neighbors seem friendly and initiate a conversation, it is totally acceptable to casually ask, but keep in mind that everyone is different. What one person sees as a great aspect of a neighborhood might completely turn you off. Take a look around and research the area yourself to get an idea as to whether it is a good fit or not.

Things You Should Not Say at an Ocean Edge Open House

When you’re attending an open house at Ocean Edge, it is important to keep in mind the things you should not say at an open house. It is always best to keep your opinions to yourself whether you love the place and want to make it your own, or if you really do not care for the property. Negative comments will not help you purchase the property, which is ultimately what you want to do. Contact our team at Leighton Realty to help you with the purchase of your Ocean Edge condo. Michael Leighton has been the #1 Agent at Ocean Edge since 2004 and the #1 Agent in the town of Brewster since 2007. Contact us today and let us help you find your dream condo at Ocean Edge.

5 Things to Consider When Buying a Condo at Ocean Edge

5 Things to Consider When Buying a Condo at Ocean Edge

Purchasing a home can be very stressful. First, you need to find the right condo that you can afford in the town you would like to live in. Then you need to find a condo that has the amenities that you need with reasonable condo fees. It can be quite overwhelming. Fortunately, you have taken care of a lot of the stress already by deciding that you are buying a condo at Ocean Edge. The amenities are second to none, and there are so many different condo layouts to choose from, you can’t go wrong! Brewster is centrally located on Cape Cod, so you can not beat the location. You have made a wise decision when you decided that you are going to be buying a condo at Ocean Edge in Brewster!

Pre-Approval

Before you obtain financing for your mortgage, many financial institutions are insisting upon a letter of pre-approval in order to consider you for a mortgage product. Obtaining pre-approval in advance almost guarantees that you will be approved for a mortgage from a lender. Finding the perfect Ocean Edge condo, doing your research and not going ahead and getting pre-approved before applying for a mortgage with a lender could result in heartache for you as the buyer. Do yourself a favor and go for the pre-approval in the very beginning of your condo search for piece of mind and make financing through a mortgage lender a breeze.

Mortgage pre-approval

Cost

It is vital that you understand what it is going to cost you to buy your condominium before you even begin the purchasing process. This means understanding what you are expected to bring with you to the closing of your condo as well as what it is going to cost you every month to own your property. Before closing on your property, you need to decide whether you will come up with closing fees, have the owner cover the closing fees you accumulate, or if you are going to roll them into your mortgage payment. To find out what fees you can expect at closing, check out our blog “Hidden Costs of Buying a Home.

There are 5 components that make up your monthly housing bill. These 5 components are: principal, interest, taxes, insurance and condo fees. The principal is the money that is coming off of your selling price. The interest is the interest on your loan that you are paying off. The taxes are your assessed property tax and the insurance is your home owners insurance. The condo fee takes care of the exterior of the property (including landscape) and your membership package (if you choose to purchase one through Ocean Edge). It is important that you also figure in that you are going to be paying for monthly utilities. Ask your realtor to ask the current owners to give you an idea of what their utilities were during the summer and winter months so that you have an idea of what you could spend on your utilities.

Credit

Credit is a vital part of your ability to secure financing from a mortgage lender to buy your home. Mortgage lenders have strict guidelines you must fall into in order for you to qualify for different mortgage products with their institutions. This is why it is so important to have a handle on your credit before you start the house buying process. There are free apps and websites, such as Credit Karma that give you an estimated credit score so you can see what your credit score is at any time. Any changes that occur to your credit such as starting a new job, closing a credit card or a late payment will negatively impact your credit score, which could jeopardize your financing and ultimately buying a condo at Ocean Edge. For more tips on how to build your credit, check out our blog “Clean Up Your Credit Score Before You Buy.”

Credit Report

Budget & Timeline

Before you begin the process of buying, it is important to ask yourself what your personal timeline is for buying a house. Are you in a rush to find something right away because you just sold your home or is your rental lease ending soon? Maybe you’re staying with family while you look for a house, or have a month to month lease that is more flexible and allows you to take your time in searching for the perfect house.

Your personal timeline plays into budgeting for your home. Keep in mind that you are potentially signing a 30 year fixed mortgage, so how long are you planning on living in your new home? Since you have already budgeted for your mortgage payments, condo fees and other monthly expenses, you should have an idea of what to set aside every month to pay your bills. As long as you do not see your finances changing for the time that you plan on spending in your home, home ownership should be a breeze.

Prepare Paperwork

Every lender is different. Make sure you have all of the information you need when you meet with the financial institution to sign on the dotted line. Some examples of paperwork that you might need to bring with you is: divorce paperwork, birth certificates, bank statements, pay stubs, etc. Make sure you find out ahead of time what you will need, as some of the paperwork may take time to collect.

Paperwork for buying an Ocean Edge condo

Buying a Condo at Ocean Edge

Buying a home is stressful for anyone. However, if you are prepared for what is ahead, you can limit your stress if you know what to expect when buying a condo at Ocean Edge. Start keeping track of your credit score, secure pre-approval and obtain vital paperwork for your lender as soon as you decide you are ready to make the leap into home ownership. If you are currently renting and are unsure as to how to make the transition from renter to home owner, check out our blog “Renter to Homeowner: How to Make the Leap.”

Top Real Estate Myths Debunked

Top Real Estate Myths Debunked

If you’re a first time home buyer, you may not have a lot of experience with real estate. Unfortunately there are so many real estate myths out there that may frighten people away from buying a home or cause buyers to make choices that are not in their best interest. Here are some of the most common real estate myths and the truth behind them.

You Need 20% Down Payment

While it may have been true at one time, and it’s a good idea to try to get 20% for your down payment, it is no longer required for home buyers. You do not need 20% of the total cost of the home you are purchasing to qualify for a mortgage to purchase your home. Real estate myths like this one cause many to shy away from purchasing a home because 20% is unattainable due to student loans and most people are just now bouncing back from the recession. Fortunately for those that can not come up with 20%, there are mortgage programs that require a fraction of that amount. For example, FHA loans only require a buyer to put down 3.5% of the purchase price. There are also many conventional mortgages that only require 5% down payment. Our blog, Hidden Costs Of Buying A Home discusses the upfront costs such as the down payment that are required when purchasing a home. Be prepared and check it out!

The Internet Replaces A Real Estate Agent

With real estate search engines, Google and banks all online at your fingertips, why do you need an agent? The phrase “you can’t believe everything you read on the internet” is the first thing that comes to mind. There is plenty of information on the internet that is incorrect, and when dealing with what could be the biggest purchase of your life, you want to make sure you know what you’re doing and getting the correct information. While it may be tempting to cut a real estate agent’s commission from your expenses, it is not in your best interest.

Let’s set the record straight, a real estate agent’s commission is not being paid by you, it is coming out of the purchase price of the home. Therefore, it is the seller that is giving up a portion of their profit to pay for your real estate agent. Hiring a real estate agent to represent you is getting free expert advice. When in life do you get that opportunity? A real estate agent has experience in negotiating to get the best price, let you know when a home is a good deal and when you should walk away.

Internet replaces a real estate agent

Real Estate Agents Are All The Same

Many people believe that a real estate agent is like any other real estate agent, and just choose one because there is no difference. This couldn’t be further from the truth. Your real estate agent is your expert in real estate that will guide you through this huge decision and often stressful process. So what do you do? This is where having the internet at your fingertips comes in handy. Research real estate agents that are in the area that you are looking to buy. It is easy to check out their history & client testimonials online (if you’re looking for an agent to help you with the purchase of an Ocean Edge condo in Brewster, take a look at Michael Leighton’s testimonials). Another great idea is to ask family and friends that have recently performed real estate transactions to see who they used and whether they would recommend them. Having a qualified and professional real estate agent makes all the difference in the world when buying real estate. Check out our blog 5 Reasons to be Thankful for a Great Real Estate Agent.

 Open Houses Are A Waste Of Time

With the internet, social media and real estate magazines everywhere, this is one of the real estate myths that could seem to be true. Real estate search engines offer plenty of pictures, virtual tours and YouTube videos so it seems as though making the time to stop at open houses would be a waste of time. However, if there is a house that could appeal to you, take the chance and visit the open house. Some homes do not photograph well, when they are really a good solid home. At the same time, others photograph really well and have all sorts of problems that the pictures try to disguise. Open houses usually take place over the weekend, so if there is a home you are interested in, see when their open house is scheduled and take a look!

Open Houses

Spring Is The Only Time To Buy A House

Since the beginning of time, it was believed that the spring time was the only time to sell a home. This was because it was mostly young families buying houses. Families with young children would buy houses in the spring so they could close on the house and relocate before their young children started school in the fall. However, times have changed in the last 10 years or so. There are different demographics buying homes now, and with internet search engines at our fingertips, it has dramatically changed the real estate market.

Millennials are buying year round because they are constantly on their phones looking for the best deal throughout the year. Since people are having children later in life, these young adults do not have a time frame that they need to stick to in order to buy their home. Empty nesters are adults who are looking to downsize from their large family houses once their children have left home. They are also a new demographic that are looking for homes without the spring time deadline because their kids are all grown up. More homeowners are aware of these new populations buying homes, so they are putting their homes on the market at different times of year. This is good news for buyers and sellers. You no longer have to wait for the spring to see the best home inventory. Ever consider purchasing a condominium? Check out our blog 5 Reasons to Buy a Condo At Ocean Edge

Real Estate Myths Debunked!

Whether it be from friends, television, the movies or misinformation, we are all exposed to real estate myths. It’s important that as real estate buyers, you do your homework to sort out what is true and what is a real estate myth. The best way to navigate purchasing a home is by enlisting the help of a reputable and knowledgeable real estate agent. Michael Leighton has been the #1 Sales Agent for Ocean Edge since 2004 and the #1 Brewster Agent since 2007.