Creative Ideas to Win the Home in a Bidding War
June 8, 2021
In today’s competitive market with lack of inventory, low interest rates and high buyer demand, it is important to make your offer stand out. Especially in the affordable and first time buyer market, here are some ways to make your offer stand out and be more appealing to a seller. Sellers are often receiving 3, 5, and in some cases 25+ offers the first day a home is on the market.
What To Offer
Quick closing, or longer if that suits the sellers needs better, be flexible.
No Repairs unless major and or affect health or safety.
Appraisal Waiver where you agree to pay in cash the difference between appraised value and your purchase price. Speak to your lender before you do this!
High Due diligence fee (in states that have this in their contracts) and short or no due diligence -be careful as this could equal no right to inspect or “AS-IS”.
Do not ask for closing costs, extra personal property, or a home warranty.
Have a strong pre approval letter NOT just a prequalification letter. Speak to your lender !
If you’re not an investor make sure your agent lets the other agent know as some sellers would rather sell to buyers who intend to live in their home.
Write a letter with your offer as to what you love about the home and why you want to live there.
Remember: Not all of these are applicable to every situation and come with a word of caution to understand what you are agreeing to when making these conditions and concessions in your offer.
Discuss the consequences and benefits of these suggestions to make sure they are applicable and acceptable to your situation. Consult with your agent and lender well in advance so you can react immediately when a home you want to purchase comes on the market.
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