How to get your offer ACCEPTED
First thing you need to know is that we are not in just a Seller’s market. On the other hand, we are in an EXTREME Sellers market. What does that mean? It means that because of how low the interest rates are there has been an influx of Buyers to the point that inventory is even lower than it was 1 year ago. So the big question my clients ask is “How can I get my offer accepted?” Well, that’s a great question when you have several others buyers making offers on the home you want. After 11yrs, these are the strategies that I use that help you win more offers, more of the time. That being said, it doesn’t always work but it does work more often than not.So here we go. Here are some tips and tricks that I use to win your offer. And of course, if you have questions about any of these feel free to reach out to me at firstname.lastname@example.org or 864-430-2451 and I’d be more than happy to review them with you.
TIP Number 1
Write a personal letter about why you’re looking in the area, why you like that home and a picture of yourself and whoever is moving with you.
TIP Number 2
Be willing to do a “rent back” to the Seller for 2-3wks, if that’s what they need, at no additional cost. This reduces the Sellers anxiety of having to find a home fast and get out.
TIP Number 3
Don’t ask for closing costs. This is a pretty simple one but it will depend on what you can do financially. The Listing Agent is going to try and workout the best and most effective deal for their client. So depending on your financial state this may or may not be an option for you.
TIP Number 4
Be willing to go over the asking price. Get the listing price out of your head. What is the home worth to YOU? At the end of the day it’s not about the price but the monthly payments right? One year ago, or even 5 years ago interest rates were higher. So what your monthly payment now is lower than what it was 1yr ago or even 5yrs ago. So take the listing price out of the equation. Can you afford the extra $5k,10k, 15k or even $20k over the price? If you can, then don’t worry so much about the listing price. You do what you can afford. Do NOT let your EGO or PRIDE get in the way of the home you really want. You will regret it later, and unfortunately I’ve seen that happen time and time again in this business.
TIP Number 5
Purchase the home “as is.” This doesn’t mean that you can’t perform an inspection and terminate the contract. However, it relieves the anxiety of the homeowner and any possible repair items.
TIP Number 6
Waive the appraisal. When financing we can not avoid this. However, this states that we are willing to pay the difference if the appraisal comes in short. For example. If we come to a sales price of $350k and the appraisal comes in at $340k then we are willing to pay that difference. Going too far over can cause a Seller not to accept because of the anxiety of the home not appraising for way over. You can also write in the contract that you are willing to pay a certain amount over the appraisal value. All of this can relieve the Seller’s anxiety as to what the appraisal will come in at. That being said, most appraisals are coming in at value; unless you’re going $20k+ over. In those instances you need to plan on paying the difference.
TIP Number 7
Use an escalation clause. This is something many Agents are not familiar with and can be to your benefit. What this clause states is that we will automatically increase our bid “X” amount for anyone that goes over our price range” For example, if you bid $300k on a home and your escalation clause states that you will increase your bid $1,000 up to $310k then whenever another bid comes in your bid will automatically increase. Now, the caveat here is that the other Agent, legally, doesn’t have to show us what the last offer was and how we beat it. There is some honesty and trust that has to go into this. However, many times we can request to see what the last offer was that caused ours to go up to whatever the sales price wound up being… maybe $306k or even $310k.
I hope these tips help. Give me a shout at email@example.com or 864-430-2451 and I’d be more than happy to review them with you. If you found this helpful refer this link to a friend or tell them to call me. I'd be more than to explain and help them
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