How to Handle Contingent Offers in the Twin Cities

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The market here in the Twin Cities is heating up, and because of this we're seeing more contingent offers pop up. Today I'd like to tell you how to better handle these because they can become tricky. Here are a few different tips for you if you're thinking about accepting a contingent offer.

Make sure you have done the research on the home that the buyers need to sell in order to buy your home. If you wouldn't buy that home, then I'd recommend against it. You could be waiting for them to sell for a while, and that will affect your bottom line.

Look at their online marketing. Try to find their property online. If it's easy to find, that's a good sign. However, if you cannot find it, then you should also think twice about accepting their contingent offer.

In our MLS, we have a contingent status, which means that if you have accepted an offer, it will show up as 'Active Contingent'. This means that the amount of showings you'll have on your property will decrease dramatically. People will see your home online but realize that someone may be trying to buy. This will scare sellers away and you'll be left waiting for your buyer.

Hopefully this can help you to get through a contingency without too much trouble. If you need assistance when making a decision like this, please don't hesitate to contact me. I'm sure my team and I could figure something out for you!

Know the True Value of Your Twin Cities Home

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Want to buy a Twin Cities Home? Search all homes for sale

Today I'm going to address a common question that crops up during listing appointments: Can you trust Zillow to give you an accurate home value?

A lot of times, the Zillow Zestimates are off between 5% and 15%. Sometimes the Zestimates are off by less, and sometimes they're off by more than 15%. The thing is, Zillow uses a computer algorithm. Anytime a computer algorithm is involved, it's awfully tough to determine exactly what your home is worth.

There are a lot of factors that go into determining your home value that an algorithm can't detect. If you're in an area where a home hasn't sold for a couple years, how would the algorithm calculate what your home is worth? What if your home is completely different than the other homes in your area? Those are some circumstances where the Zestimates would be very far off.

Ultimately, the best way to get a true valuation on your home is to talk to a professional real estate agent in your area. If you have any questions, give me a call or send me an email. I look forward to hearing from you!