Posted Oct 20, 2020
Here are my tips for writing a solid offer in this strong seller’s market.
In this current seller’s market, it’s very difficult for individual buyers to win out against their competition. Our inventory is low, meaning there aren’t many choices, and there are tons of buyers who are interested in taking advantage of the low interest rates. However, that doesn’t mean there aren’t certain things you can do to make your offer stick out in the crowd and catch the seller’s eye.
Here are my tips to give you the edge in our hot market:
1. Write your best offer. This isn’t a market where you can hope for negotiation. If you write your best offer from the beginning, the seller is more likely to choose yours. When you work with us, we have a visual pricing tool that will help you pick the best price to include in your offer.
2. Shorten or waive contingencies. For example, the inspection contingency: If the seller and their agent have already done inspections and disclosures, we can then review them and decide if we even need to do an inspection ourselves. You could also waive the appraisal contingency, though you do need to figure out whether you have the resources to do so. We can help you with that.
“This isn’t a market where you can hope for negotiation.”
3. Make sure you’re qualified. That means your loan needs to be fully underwritten when you go to make the offer. A fully underwritten loan means that there’s no question that the lender is going to give you a loan, which will let the seller know that you’re ready, willing, and able to proceed to the close.
4. Use a large earnest money deposit. Put your money where your mouth is; that will show the seller you’re serious about buying the property.
5. Give the seller time to move. If you’re going to make it a short escrow period, make sure that you give them ample time to pack up and move out of the house.
These are just a few of the things we’ll do to help you craft a winning offer when you work with us to buy a home. If you have any further questions, don’t hesitate to reach out to us. We look forward to working with you.