Looking for Real Estate in Centerpoint?

If you are interested in buying or selling or an update on the real estate market in the Centerpoint, AL area, give me a call at 205-903-8445 or email me at lilofoster@yahoo.com.

Writing Purchase Offers in a Buyer's Market By Elizabeth Weintraub, About.com

Simply put, buyers' markets exist when there are a lot of homes on the market and very few buyers. If inventory--the number of homes on the market in your neighborhood--has been rising, it's likely that the days on market have been increasing. Couple that with declining sales figures over previous months, and home buyers are in an enviable position to negotiate. Here is how you can write a buyer's offer to your advantage.

1. Request E-Mail Listings & Updates
Almost 80% of home buyers today start a home search online. However, many buyers are unaware that the data they are

2. Tour Price Reductions
If you're like most buyers, you will want to offer less than asking price. It's just human nature. But if you plan to low-ball, you'll probably be unsuccessful at getting that type of offer accepted if the home was just listed. Instead, tour homes that have had recent price reductions or have been on the market for at least 30 days or more. These sellers are more likely to be receptive to a low-ball offer.

3. Obtain Comparable Sales
When you find a home you want to buy, ask your real estate agent to print out a list of similar homes in the same neighborhood over the last six months sorted by:
Active Listings
Pending Sales
Sold
The list should contain the following specifics:
Property Address
Age
Square Footage
Lot size
Bedrooms & Baths
Sales Price
Compare this data with online home value sites such as Zillow and RealEstateABC, and you'll see first-hand why the data your agent gives you will be more accurate.

4. Request Contingencies
In a buyers' market, you're in control. Write your offer contingent upon the property appraising at the agreed upon sales price and on obtaining your loan. Check with your lawyer to find out if you can ask for a loan contingency that will protect you all the way to closing. Ask for a reasonable period to conduct inspections and to approve title, geological and pest reports. Ordinarily, during contingency periods, buyers can back out without risking a good faith deposit.

5. Ask for an Allowance or Credit
If you find the perfect home but you don't like the color or condition of the carpet, for example, ask the seller to give you a carpeting allowance in your offer. Check with your lender before you write the offer to find out how to word a credit clause that is acceptable to the lender. You can ask for more than it will cost to repair or replace an item to cover your "hassle" factor. Many lenders let borrowers receive up to 6% of the sales price as a cash credit against closing costs.

6. Reduce Your Closing Costs
Depending on your local area, there may be fees associated with closing that are customarily paid by the buyer such as title insurance, property taxes, recording fees or escrow. In a buyers' market, you can ask the seller to pay those closing costs. Typically, those costs can add up to one or two percent of the sales price and are often paid out-of-pocket by buyers. Ask your agent if these fees are negotiable. Then ask the seller to pay them.

7. Renegotiate After Home Inspections
All buyers should obtain a home inspection. Most contracts give buyers the right to cancel a contract if the home inspection reveals repairs or defects that are unacceptable to a buyer. However, if the repairs are minor, you might want to renegotiate the sales price or ask for a credit against your closing costs. Caution: don't ask for a price reduction if the repairs were evident when you first saw the home or the seller might not be willing to negotiate with you.

8. Request Extras
Sellers realize that in buyers' markets, often they have to give a little something extra to the buyers to entice a sale. Don't be afraid to ask for a home warranty protection plan that covers you in the event an appliance breaks down or the plumbing or heating malfunctions. Normally these plans protect you for one full year from the date of closing.

9. Ask for an Item You Don't Want
Did you like the sellers' dining room table? China cabinet? Fish tank? Ask for it in your offer and use it as a negotiating tool. Often this draws the sellers' thoughts away from price and directs those thoughts toward the personal property. If the listing stated the washer and dryer are not included in the sales price, ask for them. If the sellers balk, tell your agent to say, "OK, if we leave the washer & dryer, are you then ready to sign the offer?"

10. Shorten Acceptance Period
There often is no reason to give a seller more than 24 hours to make a decision about your offer. If your agent is presenting the offer in person, she may ask for a decision upon presentation. But don't give them days to talk to Uncle Harry, their neighbor down the street or the coworker who knows everything about real estate. There are a lot more homes on the market and you deserve a fast answer.

Selective Immersion draws Rave Reviews from Real Estate Students

New Teaching Method helps Students Pass Real Estate Exam

(Birmingham, AL) A new method of teaching and instructing students has recently shown amazing results in students who have attended Real Estate Success Institute in Birmingham, Alabama. The teaching method is referred to as "selective immersion" by the originator of the technique, Mike Carraway.

After spending years sitting through real estate classes and in many cases having trouble staying awake, Mr. Carraway decided to do something about the "old school" methods of instruction to make sure students were engaged and really enjoyed classes and learned from them.

"I have taken the pre-license class in 3 different states and also have had to sit through Continuing Education classes in all these states. One thing they all have in common is that all of them consisted primarily of lecture, lecture, lecture." Mr. Carraway says that is not effective in appealing to all of the different learning styles that students use.

According to Mr. Carraway, because some students are visual learners, some are aural learners, some are active learners, and some are tactile learners, the classroom content must address all of these styles of learning. In addition, classroom content must focus on one subject area at a time. The subject area can contain many subareas, but, all of the learning types and teaching styles must be used to insure that all of the students grasp the main concepts first, and then the sub-concepts second.

"The idea is to totally immerse the student in the subject, and engage them in many different ways", says Carraway. Real Estate Success Institute uses a 2 week or 10 day format for the required 60 hour pre-license class.

"The 2 week format provides an excellent venue for the selective immersion teaching technique.", says Carraway. His students are drawn into the subject with engaging stories that illustrate the main points, role plays that further illustrate the subareas, question and answer sections, challenge quizes, and games akin to Jeopardy. In essence, the student is totally immersed in that particular subject for that day through a wide variety of activities. But it doesn't end in the classroom.

"All of our students are instructed to do 2 activities each evening - read their notes - and make up flashcards." But, Carraway says, the students are told to spend no more than 45 minutes each evening on these activities. He says that during the classroom time, students form new neural pathways in their brains that make new synaptic connections. These new pathways quickly disappear unless they are reinforced a few hours later. That's why the evening activities are so important.

"The first thing we do the next day is a quick review of the day before, further reinforcing these new neural connections." Carraway says he can always tell which students have not completed their 45 minutes of evening activities: he gets blank stares the next day from those students.

The results from this teaching method have been nothing short of amazing. Most of the students that attend the Alabama 60 hour pre-license class pass the state real estate exam the first time they take it. His school, Real Estate Success Institute draws students from the entire state of Alabama from as much as 5 hours away. Some students even book a hotel room for their 2 week stay and return home during the weekend break.

"I am very proud of the students who are accepted into the class, who do the activities, and who are helping us produce a successful track record for this new instructional technique."

Some of Carraway's past students have interesting comments on the classes. Debbie from Montavallo said, "The in-class exercises really reinforced the information; you are actually learning this stuff and didn't even realize it at the time." This comment tends to substantiate Carraway's claim of selective immersion being a really new and unique teaching method. Another student, Joe K., said, "The classroom was filled with real life examples and a multitude of professionals from the real estate marketplace.", which is referring to quick appearances from professionals in the business such as attorneys, home inspectors, and a variety of others.

Carraway says that having quick guest appearances for 10 minutes or so provides even more stimulation for the students. According to Carraway, stimulating the students constantly is what it's all about. "We live in a video game, reality TV show world. Our teaching method takes that into account and uses continual stimulation to help students learn new concepts."

Selective Immersion as a teaching technique looks like it could be the next new wave in schools and instructional programs. "It takes a lot of work on the instructors part, but to me, it's worth it if all of the students pass the exam the first time."

Real Estate Success Institute can be found on the web at www.BirminghamRealEstateSchool.com and can be reached by calling 205-833-6325. The school is located just off of I-59 in the Roebuck area near Trussville, Alabama. The address is 1100 East Park Drive, Suite 104.
"If you are looking for a fast paced, exciting class where you will get the information you need, learn the concepts you need to know, and remember them, then our 2 week pre-license class is for you."

Mike Carraway is a Real Estate Broker, Certified Real Estate Instructor, Author, Motivational and Sales Training Speaker and is the Real Estate Success Institute administrator. The school website is http://www.BirminghamRealEstateSchool.com Mike Carraway has been active in the real estate business for the last 21 years and owns the 2 office company WEICHERT, REALTORS - Access Realty in Birmingham, Alabama and the website is located at http://www.access1000.com He also maintains a weblog at http://www.access1000.blogspot.com

Article Source: http://EzineArticles.com/?expert=Mike_Carraway

Mike Carraway
Broker/Owner
WEICHERT, REALTORS - Access Realty
1100 East Park Drive, Suite 104
Birmingham, AL  35235
office - 800-840-0165
fax - 205-833-3350
4500 Valleydale Road, Suite 160
Birmingham, AL  35242
office - 995-3939
fax - 995-3929
www.Access1000.com
www.BirminghamRealEstateSchool.com
www.Access1000.blogspot.com
www.WEICHERT.com

Get Your Alabama Real Estate License in 2 Weeks!

Real Estate School Announces 2 Week Pre-License Class

 

(Birmingham, AL)  The Real Estate Success Institute has just announced the start date of it's next 2 week Alabama Pre-License Class.  It will begin on Monday, February 18th at 9am and will run from Monday thru Friday from 9am to 4pm for two weeks concluding on Friday, February 29th, 2008.

 

For anyone wishing to enroll in the class, the school has a website at www.BirminghamRealEstateSchool.com .  Students can get directions to the school, download a school application, make payment for the class, and get questions answered. 

 

Past students from the class have raved about the format and how well prepared they were to take the state real estate exam.  Interviews with previous students indicate that nearly 90% of the students passed the exam on their first attempt.

 

"I am so glad I chose this school.  I passed the very first time I took the state exam and so did most of the students in my class." Dennis P., Cullman.

 

With the real estate market already coming off of it's recent bottom and markets around the country and in Birmingham heating up, there has never been a better time to make real estate a career.  You can call 205-833-6325 for information on the classes or visit the website.

 

www.BirminghamRealEstateSchool.com