Who is responsible for paying the "supplemental tax" bill?

You already put down a huge down payment when buying a house... you are tapped out.

But then, SURPRISE… here comes a supplemental tax bill in the mail!

It's terrible, but it's part of the home buying process and you have to pay it.

I know the pain... I had to pay that bill myself when I bought my home.

Keep in mind everyone pays a different tax amount, so make sure to ask your real estate agent (or me, wink wink) what the tax amount will be for the home you are interested in buying.

That way there are no surprises, and you can budget for that bill and your down payment.

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When to adjust your budget

Agents are strategically putting the asking price on their listings lower than fair market value.

By doing this the listing gets a lot of attention and gets multiple offers.

The property then sells for above-asking price, usually at fair market value.

Now that you know this info, be prepared to put in an offer on a home above your budget.

You could also look at properties below your budget and anticipate that the price will go up to your original budget.

Be the home buyer that is outbidding the others

Are you constantly being outbid when submitting an offer on a home?

Having a lower asking price is a widely used strategy by real estate agents to get multiple offers on their listing.

If you are seeing this a lot in your search area, adjust your budget!

Let's say your budget is $800k and you notice you have been outbid now a couple of times by buyers offering $25K above the asking price.

Adjust your budget down to $775K.

That way you can now be the one to submit an offer above the asking price.

You will now be the one who is outbidding all the other buyers by $25k.

Of course, have your agent do a market analysis on the property to make sure whatever amount you are offering is fair market value for the property.

Once we find a buyer for our home, is it safe for us to move out?

After reviewing the buyer's purchase agreement, you will most likely find that the buyer's purchase contingencies will all be removed by day 21 of the escrow period.

After all, contingencies are removed, it is fairly safe to start moving out.

I say fairly safe because a buyer could still back out of the deal after their contingencies are removed.

Most buyers don't do that because if the contingencies are removed, you as the seller can go after the buyer's deposit.

The buyer's deposit is usually 3% of the purchase price.

So if the home is $1,000,000 the deposit is $30,000.

Most buyers would continue with the purchase rather than lose $30K... but you never know.

In my opinion, it's reasonably safe to start moving out once all contingencies are removed.