Timing in life is integral to experience and happiness. When you time things right, good things usually happen. Real estate is no different as you will find in most of your real property experiences. From the timing of your listing or submission of your offer to virtually every component of the transaction, the timing of your actions can have a direct impact on you and yours.
If you are thinking of selling, talk to your agent about the timing of entering the market. Is your property ready to be viewed by people that are looking at competitive properties? What will it take to get it ready to show? Will you gain or lose money by waiting or should you act now and enter the market?
Buyers’ timing can vary according to the market, neighborhood and the individual property. A property owner just entering the market might not be receptive to an offer that is closer to a realistic selling price. You’ve a choice to make — submit an offer that is close to what you are willing to pay to let them know you are out there and wait until it either sells or the market speaks and they come back to you. You can also wait and watch for awhile until the seller gets a message from the market before submitting your offer.
A well-priced home in a dynamic market will require immediate action. Look as soon as practicable and make an offer or make an offer before you look to get in on the action. Some sellers get scared with sudden multiple offers. You can appease some of their concerns by giving them a quick close and some time after the close of escrow to move. That will help them catch their breath and will give you separation from other buyers. They will be sure to at least notice your offer by virtue of your timing considerations.
The timing of the close of escrow can help or hinder participants. If a buyer getting a new loan closes in the middle of the month, there will be a lot of prepaid interest due at the close, requiring more cash upfront. Not a problem unless cash is tight. You aren’t paying for anything you’re not getting, you just need more cash to close. If cash is tight, close at the end of the month. If you close on a Friday, buyers have the weekend to move in. Closing on a Monday gives the sellers a chance to move over the weekend. This is important if you are trying to minimize time away from work.
Make sure the timing of your offer works. We’ve seen some offers lately that simply don’t work due to conflicting timeframes in the offer. They can’t do what they are saying they will do the way it is written. Accepting that type of offer leads to having to renegotiate timing at a later date, something that could get dicey if the escrow wobbles in the interim. An escrow will have a flow and everything in it has its own timing. Your agent should be able to explain how, why and when things will happen so you have a good understanding of what to expect along the way. After your offer is accepted, always ask, “What’s next?” There is a lot of work from that time to the transfer of the keys and it will go a lot easier if your expectations are based on reality.
Our advice: Make sure you know the timing of your escrow. Most items in an escrow are handled by “days after acceptance.” Your agent can provide a timeline if you wish that shows you actual dates for specific events if you like. It is important to know what you are working with so you can close in a timely manner. Timing, after all, is important and a lot of people are working around the timing you agree to in your contract.
You will find yourself thinking of timing throughout your real estate experience. From entering the market to appointments for inspections and documents signing, timing is important. If you are usually lax in your timing, this is an area in your life where you will want to make an exception.
Respect the appointments that are made for you to enable consistency in your transaction timing and you’ll reap the emotional reward.
When it comes to choosing professionals to assist you with your real estate needs… Experience is Priceless! Jim Valentine, RE/MAX Realty Affiliates, 775-781-3704. firstname.lastname@example.org