Snook Real Estate

• This type of home must be a stand-alone, detached property that doesn’t share walls with neighboring homes. A property that shares walls is classified as a condo or a townhome. 
• A single-family home is built on its own piece of land that is for the private use of the owner. 
• A single-family home must have its own private entrance and exit with direct access to the street. In comparison, a condo or apartment will provide access through a hallway or lobby that leads to the street. 
• Utilities like heating, electricity, water and other essential services may not be shared with any other residences, they can only serve the single property. 
• A single-family home is built as a residence for a family or individual and therefore will have one owner. 
• A single-family home can only have one kitchen, if an additional kitchen is added to the property then it will change the home’s zoning classification. 

As you embark on your search for the best single-family home for you and your family, you’ll come across many other words and regulations that will be important to understand throughout the purchase process. When you have submitted an offer on a property and that offer is accepted, then you will officially enter into escrow. Throughout the escrow process you may need to meet certain contingencies that need to be cleared before the contract is fully executed and the sale goes through. A contingency can make or break a sale, and this can vary from getting approved for a loan to being able to sell an existing property that you own before you can purchase a new home. Here are some of the most common contingencies that could potentially delay a real estate transaction:

• The buyer of the property is waiting to get a home inspection. 
• The buyer is still waiting for a mortgage pre-approval letter. 
• There is a contingency based on the appraisal of the property. 
• The buyer is waiting for approval from the lender on the loan amount. 
• If the property is a short sale (the lender is accepting a price that is lower than the mortgage of the home), that could mean the buyer and seller are waiting for price approval and sale terms from the lender. 
• For a short sale transaction, the buyer and seller could be waiting for official paperwork to arrive on terms that have already been negotiated and approved. 
• The buyer could be waiting for a co-buyer who is not in town to sign off on the sale of the home. 

So, what do you do if you find a home that you fall in love with, but the sellers have already accepted an offer that is contingent? Some people will tell you to move on and look for another house, but if you’ve really fallen in love with this one property you should speak to your agent about it and find out more about the contingency. Even homes that are under contract can fall through due to a contingency, so it never hurts to try. It also matters what the contingency is for – for example if the buyers need to sell their home before they can complete the purchase the seller may be accepting back up offers. If the buyers are simply waiting for a routine appraisal or to fulfill a termite inspection, then it might be too late to submit a backup offer. All of the information about a contingency clause and when it is expected to be fulfilled should be easy to find in the agent comments section in the MLS listing, which is not available to the public, so make sure to ask your agent to check for you. There are also very rare instances where buyers can back out of a sale even if everything seems to be buttoned up, so if you have completely fallen in love with a property make sure to keep tabs on it until it is labeled as sold – you never know what can happen! 

There are many different scenarios you can encounter when making an offer on a home, but a common one that buyers run into in a strong real estate market is multiple offers and bidding wars. This can be a very stressful and overwhelming situation, but there are ways to strengthen your offer in hopes that it appeals to the sellers. A personal offer letter written to the homeowner is something you should consider doing, whether the property is already in escrow with contingencies awaiting fulfillment, multiple offers or a straightforward bid on a home that has been on the market for a while without much activity. 

Writing a strong offer letter that makes a solid and lasting impression on the seller can really help you stand out in a competitive environment. The best way to do this is to appeal to the emotional side of the sellers and help them get to know you through your letter. Make sure to include specific details about the home and why you loved it so much, you don’t want the sellers to think that you send out a generic offer letter to every home you are interested in. At the end of the day sellers want the next owners of their home to care for it and love it as much as they did, so if you echo these sentiments in your offer letter, you’re sure to win them over. You should also include personal details about you and your family, what you’re looking forward to most if you buy the house and make it clear that you will be easy to work with and that the seller won’t have to deal with a troubling and complicated transaction. It’s worth noting that a personal letter included with your offer shouldn’t replace an offer in the amount that the home is listed for or a pre-approval letter, it is simply meant as a tool to strengthen your offer in case of competition from other interested buyers. You still have to pay a fair price for the property and be qualified to be approved for a loan if you need one. It also doesn’t hurt to increase your bid in a competitive situation, even just a little bit, because it shows the seller that you are serious about the purchase and very interested in the property. Sellers like to work with buyers who are qualified, serious and diligent so they can enjoy a smooth and easygoing transaction. 

If you’re ready to explore the real estate options in and around Bryan and College Station, take the time to look through our featured listings or contact us so we can discuss your real estate needs and wants. We pride ourselves on providing excellent service to our clients from start to finish and even beyond the sale – we enjoy lasting relationships with our clients and look forward to meeting you and working with you.