Wynn at Law, LLC is honored to be part of more successful real estate offers than we can count since the 2008 recession. Every one of them had five components in common that made for ‘clean’ bids and negotiations without animosity.
1) Know what you’re buying. This means getting your property inspected and making sure that your offer is based on what the inspector says. Making an offer with the inspections waived is a huge gamble with one of your largest investments… it can be done, but it takes a perfect storm of knowing the property extremely well, a bargain on the market as-is, and a knowledgeable attorney in your corner. A tip: Walk through the house with an inspector before your offer.
2) Know what it’s worth. Real estate ‘comps’ show what similar homes have sold for in the area. A good agent will produce them for you. You can also sleuth for them on your own through public records. You’ll know what the owner paid when. You can also find permits issued for renovations the current owner made so you’ll know the work was locally inspected.
3) Know your seller. Is the bank selling the property? Or is the owner distressed? Or is the family selling on behalf of a decedent? Each selling situation has its own nuances. For example, the bank is less emotionally attached to a number than a long-time owner.
4) Know your own finances. Offer c-a-s-h. This is true whether it is your cash, or a lender’s money. From the bank’s perspective in a foreclosure or distressed property, by placing a cash offer they view you as not subject to financing. Regardless of whether it’s bank-owned or family-owned property, the seller’s been previously dealing with offers that involve financing.
5) Know your real estate attorney. Wynn at Law LLC knows the real estate in southeast Wisconsin, most of the agents and many of the local lenders. As we mentioned in a previous article, the sooner in the home-buying process our firm is involved, the more we can assist in a smooth, legally sound transaction.
The fair comes in August
Remember our article on honesty? If you’re low-balling an offer just for the sake of doing it, think twice. This tactic can burn your bridges with local realty professionals and homeowners alike. ‘Fair’ isn’t really a real estate term. It’s a subjective concept: What’s fair to the seller or the buyer or the bank are not likely to be the same. Wynn at Law LLC sees the best offers as being equitable, rather than fair. From our experience, the only ‘fair’ upon which there is objective agreement is the one at the fairgrounds in August.
*The content and material in this original post is for informational purposes only and does not constitute legal advice.
Wynn at Law, LLC is frequently on the lookout for its clients when it comes to their two largest investments: The retirement nest egg, and the family home. We’ll talk about the nest egg, wills, estates, and wealth transfer several times in the coming weeks. However, this week we’ve noticed how low real estate inventory is in southeast Wisconsin, so let’s cover what that means for the legal rights of buyers and sellers.
Low inventory means it is a seller’s market and that’s excellent news if you have a property to market. Typically bidding favors you: It’s supply and demand. However, deals can still be found for buyers in the market today. The key on either side of the transaction is an effective attorney, and here are four reasons why. [read more]
Fall is one of the best times to purchase real estate in Walworth County. Although spring is normally considered the best time to purchase real estate, the autumn season can be an even better time to purchase. Our Walworth County real estate attorney, Shannon Wynn, lists several reasons why in the list below. [read more]
Elkhorn bankruptcy attorney Shannon Wynn knows that fall and winter are the hardest times of year to save money. Your gas bill goes up. Your electric bill skyrockets. Your vehicle is using more gas. You’re spending money on holiday dinners and holiday gifts. Property taxes are due just one short month after Christmas. How can anyone be expected to actually save money during this time? It seems impossible. Our Elkhorn bankruptcy attorney, Shannon Wynn, has put together a list of strategies to help you save money during fall and winter. [read more]
If you are selling your home as a FBSO (For Sale By Owner) or buying a home which is being sold FSBO, you need a knowledgeable Walworth County real estate attorney to protect your real estate transaction. Many things could and do go wrong during a FSBO real estate transaction. Walworth County real estate attorney Shannon Wynn will help you steer clear of potential pitfalls. [read more]
Looking to purchase a new home, or possibly vacant land? Coming up with an initial down payment can be tough for some Delavan real estate buyers. This is why our Delavan Real Estate Attorney has put together some tips to help you save for a real estate down payment. [read more]
Our Delavan real estate attorney knows that when purchasing a home, not everything goes according to plan. Some mishaps could have devastating impacts on your home purchase and even stop the closing. When interacting with so many people (appraisers, buyer’s agent, seller’s agent, lenders, inspectors, title company personnel, insurance salespersons), you never know where a real estate nightmare will originate. Our Delavan real estate attorney lists 20 closing nightmares that could happen to you. [read more]
You can buy a house after a Walworth County bankruptcy. The most common types of bankruptcy are Chapter 7 bankruptcy and Chapter 13 bankruptcy. How soon you can buy a house after bankruptcy depends on the type of bankruptcy filed and the type of mortgage loan sought. The various types of mortgage programs each have different requirements. Most financial institutions have their own mortgage loan requirements as well. [read more]
Many first time homebuyers do not understand the closing process. They are uncertain of what will happen in the near future during this stressful, yet exciting, time. Real estate buyers also do not know that it is extremely beneficial to have a Walworth County real estate lawyer on their side during the closing process. [read more]