Chance Gates' Blog

The Nevada Rural Housing Authority launched a new $25 million bond program.  To try and help thaw the frozen market for buyers of manufactured housing in Northern Nevada.

The bond program provides $4500 for first time purchasers.  This money doesn’t need to be repaid, and is available in communities with less than 100,000 people.

A 30 year loan with the down payment assistance would carry a fixed rate of 5.357%.  If a borrow opts out of the down payment assistance the 30 year loan would carry a fixed rate of 4.875%.

Either way, purchasers who have signed a contract by 4/30/2010 and close by the end of June may still qualify for the $8,000 federal tax credit  to first time buyers.

Got a house to sell?  Do what many builders already do when they get a qualified non-contingent buyer that comes in their door.  Make THEM an offer!

Buyers already have a record number of listings to choose.  This means that sellers must be creative and even aggressive.  You already have your home priced right (because you have a qualified listing agent and he gave you the right advice) and your home shows great.  Now comes the buyer and their comments are that they like your home and it is between your home and two others.  Instead of sitting and waiting to see if they make the offer, give yourself the advantage and surprise the buyer.

Have your listing agent write up the contract as a one time best offer.  You must be willing to make a good offer to the buyer in order for it to have any substance.  Your agent calls the buyers agent and says “I have a contract for your buyers from my seller.”   Image the shock, but this also makes the buyers agent job easier and even makes them look good to their clients.  They will love you for it.  Key point – You need about a 24 hour timeline for the answer.  Do not allow any further time.  Why?  What if you get another offer the next day?  Also, you need to put some gentle pressure on the buyer to make up their mind.  You will find out fast if you have a serious buyer or not.

This is a selling technique being touted as the new solution to a slow real estate market. The idea is for the seller to make a reverse offer to everyone who has looked at the house. After a showing, the listing agent working for the seller of the property calls up the buyer’s agent and tells them the seller is willing to sell the house to them at a discounted price. This is a reverse offer.

Sound confusing? Well it is, and whether it works or not is open to debate. Following is the major objection to a reverse offer.

So once the seller has a looker and the listing agent calls them up with a discounted price. What the interested buyers hear coming from the listing agent is that the seller is either desperate, struggling, getting divorced, sick, in financial trouble or needs to sell and is willing to negotiate a real bargain of a deal. Not the ideal position to be in for a seller to be starting the negotiation process but a dream scenario for a buyer

Chance Gates does welcome any questions or comments on the Reno/Sparks real estate market or on any articles that may be posted.  Send your  emails  to  chance at ballard-company.com