Strategies to Make Your Offer Stand Out and Get Accepted Summer is traditionally a busy time for buyers and sellers. This year has been no exception—and with lower interest rates, many homebuyers are finding the competitive environment challenging. With multiple buyers competing for properties, even terrific offers are often being outbid.
Fortunately, there are some things you can do to make your offer more attractive to the sellers and increase the chances of getting the property.
• Have Full Pre-Approval – A step beyond pre-qualification, a pre-approval involves submitting your full application to underwriting. Your lender will collect all your financial data and submit for review. This is stronger than a pre-qualification; a pre-approval requires the buyer to provide the proof of their ability to qualify for the loan.
• Increase the Earnest Money – Earnest money is the deposit held in escrow. While the contract will dictate how monies are disbursed in the event of a cancellation, increasing the amount offered can show the seller you’re serious.
• Add an Escalation Clause – In a bidding war, it can be difficult to know what to offer because you want to outbid the competition without going too high. An escalation clause is one way to automatically outbid the others. The clause typically offers an amount—$1,000 for example—higher than any verifiable offer up to a specific amount. This can ensure yours is the highest offer.
• Pay any Appraisal Shortage – When offering more than asking price, sellers become concerned about the appraisal coming in too low. If you are willing to pay over market value, include the amount of shortage you are willing to pay.
• Remove Inspection Contingency – This option can be tricky, but if you are planning a large remodel or are willing to tackle any defects found, then you can make your offer stronger by accepting the home as-is.
In this fast-moving, competitive real estate market, it’s important to make your offer stand out from the crowd. These strategies are great ways to demonstrate to the sellers that you’re serious about buying their home, increasing the chance of having your offer accepted.
JUST SOLD 27 Sylyan Place Nutley New Jersey!
(Published on - 9/1/2020 7:35:45 PM)
JUST SOLD 27 Sylyan Place Nutley NJ
Another Lambert Built Home Has Been Sold in Nutley NJ by Realty Executives Elite Homes
Official Listing Arbor Hills, 838 Main St, Beleville NJ Unit B
(Published on - 8/26/2020 10:45:44 PM)
Check out this gorgeous 2 Bedroom Unit in Arbor Hills
This 2 Bedroom Unit Located in Arbor Hills in Belleville NJ Has Been Totally Renovated
High end appliancies in this gorgeous kitchen, wood plank ceramic floors and whit quartz counter tops, high end back spash with all the modern ammenities.
A Bathroom that looks like it came right oyr of the Bellagio Luxury Hotel in Las Vegas!
Franklin Lakes NJ Real Estate & Homes For Sale, 711 Smoke Hollow Rd
(Published on - 8/17/2020 5:05:05 PM)
Franklin Lakes NJ Real Estate & Homes For Sale, 711 Smoke Hollow Rd, Bergen County
This amazing home locate in Franklin Lakes located in Gorgeous Bergen County NJ
In the 17th century, Lenape Indians traveled the land we now call Franklin Lakes. They made winter camp in the “Clove” near Buttermilk Falls and fished in Micharagrape Pond ( now Franklin Lake).
Slowly, the Dutch settlers made their way west from the Hudson River Valley. In 1701 the East Jersey Proprietors confirmed to Michael Hawden the land around the Pond. In 1772 Franklin Township was formed and included much of northwestern Bergen County. Farming was the major occupation of the early inhabitants, mostly Dutch with the names of Van Winkle, Van Houten, Ackerman, Pulisfelt, Van Blarcom, etc. They built solid farmhouses of sandstone and fieldstone. Fourteen of these historic homes still stand in our Borough.
Mills sprang up along the creeks: sawmills, gristmills, tanneries and forges. Daniel Youman’s Grist Mill on Franklin Lake was probably the first business established (it later served as a saw mill and a cider mill).
The 1876 Walker Atlas showed Franklin Lakes had about 100 residences, 5 mills, 1 tannery, 3 schools, 4 blacksmith and wagon shops, 1 church, 2 hotels, 1 store, and 2 railroad depots.
The railroad stations were built in 1869 when the New Jersey Midland Railroad was extended to Oakland. One station stood at Campgaw on Pulis Avenue, the other at Crystal Lake on High Mountain Road. Residents used the train for commuting, moving goods and mail.
Around the turn of the century, estate houses and mansions began to appear in the area. The industrial revolution brought wealth, and many of the wealthy became “gentleman farmers,” sometimes living here only in the summer. Examples of these houses include the Bartholf-Hughes house on Somerset, the Post-Terhune house on Franklin Lake Road, and the Atterbury-Brockhurst house on Ewing Avenue.
Eventually, the Campgaw section became the civic center of our Borough. In 1922, Franklin Lakes separated from Franklin Township, incorporated, and elected William V. Pulis as its first Mayor.
Edward May built three lakes and started the Shadow Lake Swim Club, which evolved into Shadow Lakes Estates. On the other side of the Borough, J. Nevins McBride purchased land around Franklin Lake and began building single-family homes in Urban Farms.
When Route 208 was extended to Oakland in 1959, Franklin Lakes became more accessible, and by 1980 there were more than 8,500 residents. The completion of Interstate 287 in the early 1990’s stimulated another boom in building. Today, the population of our Borough is 10,422.
From a sleepy rural community to an affluent metropolitan suburb, Franklin Lakes has changed extensively, continuing to be a desirable place to live and raise families.
The Franklin Lakes Historical Society was created to help preserve our Borough’s rich history, while at the same time looking to the future of our unique community and those who choose to make this their home.
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