Don’t Believe Everything You Read: The Truth Many Headlines OverlookThere are a lot of questions right now regarding the real estate market as we head into 2022. The forbearance program is
How to Get your Offer Accepted in this Competitive Market
Dated: March 7 2021
1) Make a Clean and Straight-forward offer
Be sure that if you want to be competitive you have your agent write a clean offer, free of seller concessions and requested closing costs. An offer with too many asks will stick out like a sore thumb i.e. such as asking for a home warranty upfront (unless seller provides). Be sure to have the offer followed up with a pre-approval letter. Many people are waiving inspection/financing contingencies. Talk to a professional real estate broker to make sure you are still protected but also appealing. Bonus points if lender calls listing agent to rave about you and your ability/qualifications to close the deal.
2) Have your Agent call the listing Agent Throughout the Entire Process
Communication is key. Every listing agent likes to know how the showing went, if an offer is coming in and generally know what may be going on behind the scenes. If your agent communicates general information you may be able to find out details that the sellers want and that is key to making a very appealing offer.
3) Make a Full Cash offer, refinance later OR Utilize an Escalation clause
Cash is always king, you can close quick and non-contingent funds are always very attractive to a seller as compared to a buyer who requires financing and an appraisal. It may be good to also include and escalation clause in your offer so that if you come in lower than someone else your purchase prices escalates to a number you feel comfortable paying in a written out escalation addendum.
4) Offer Free Rent-back
In a competitive market the seller may not know where they are going, giving them time to find their next location will make an offer stand out!
5) Offer Above Asking with a Strong Earnest Money Deposit
Most Sellers just want the highest and best for their investment. Coming in high, over-asking in a Seller’s market will put you ahead of many other offers most likely. Additionally if you have enough liquidity putting a stronger, more aggressive earnest money deposit will show you’re serious to Sellers and that you really want the home.
I grew up going to open houses in Scottsdale, Arizona with my mother, who studied interior design and used to pretend my room was a model home and would organize it in that way. When I was in my early....
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