Home Sales are Heating Up – Selling Faster than a Year Ago
You’ve heard the reports of low inventory and multiple offers. If you’re a buyer, that means you may be competing for the home you want. How do you gain an advantage in a bidding war?
4 Tips to Get Your Offer Accepted
I know you know this, but it is truly an essential step if you want to be taken seriously. Be sure to get a referral to a reputable lender from someone who has gone through the loan process recently. The guy who did a good job for your mom 5 years ago may not be your best choice in today’s complicated world of lending.
Write a “No Regrets” Offer
In a multiple offer situation, you may not even get a counteroffer. This means that saving something for Round Two isn’t important. At the same time, you don’t want to pay more than you will be happy about in the long run. You want No Regrets.
- Offer a price that if the seller accepts it, you have no regrets because the property is worth that much to you. If you feel you will always look back at this one as “the one that got away”, don’t try to save yourself $5,000 on a home you don’t get.
- And if you offer that price and the seller doesn’t accept, you have no regrets because it’s all you would have paid anyway. There is another home out there with your name on it.
Keep it Clean
Find out what is important to the seller, and make your offer as close to meeting their needs as you can, while still getting enough of what is important to you. Short closings are usually preferable to sellers, but have your agent find out. Most listing agents will tell your agent what it will take to get your offer accepted. A lot of buyer’s agents are afraid to ask.
It’s key to have an agent who knows how to negotiate. A skilled negotiator can frame your offer in a way that it meets the seller’s needs, but still meets yours as well.
Bonus Tip: Same advice applies when choosing an agent. The one who helped your mom 5 years ago may not be your best choice today. The game has changed!
The Secret Weapon
There is a Confidentiality and Non-Disclosure form which your agent should prepare and submit with your offer. Many people don’t understand that the listing agent can freely share the price and terms of offers they’ve received with anyone who asks about them. This form requests that the listing agent and seller don’t share what you offered with your competition.
If you have found a bold, highly skilled negotiator for an agent, they can submit this form AND ask the listing agent what the other offers are. There is no breach of ethics involved on either side. How’s that for a double advantage?