If you want to buy a home in this highly competitive market, how can you make your offer stand out? You need to cater to what’s important to the seller. Here are a few ways to do that:
1. Limiting your contingencies: Many contingencies don’t actually cost that much. For example, you might want to have a radon test (and you probably should at some point), but even if radon levels are high in a home you want to buy, it won’t cost very much to fix later on. Don’t let contingencies that you can test for later bog down your offer. Another could be the appraisal contingency… If you are financing and things are tight, you will have protection from your financing contingency if a low appraisal stops you from being able to qualify for a loan.
2. Pricing: In some occasions, we’ll use an escalator clause, meaning your offer automatically goes above other offers by a certain increment up to your maximum point.
3. Communication: We recently received five offers on a listing but only two agents actually reached out to me to find out what was important to my seller. It’s important to try and find out what’s important to the seller, when they want to close, where they’re going, and whether they want to take certain things with them. One of those two who reached out to me was the eventual winner even though it wasn’t the highest price.
Certain terms of an offer can end up being more important than price to a seller.
Hopefully you find these tips helpful; there’s much more we can share with you on a case-by-case basis to help your offer stand out for your dream home. Just give us a call or send us an email soon and we’ll happily help you out!