“I made a complete offer and might not get the house. “
When we think about buying a home, we all believe that offering the total price for the house will result in the home being purchased without any hassles. It means that the seller gets the total asking price, and they get to forgo the negotiation process. But instead, you now might be in a bidding war. But that is my dream house, what do I do?
That’s right; You found the home for the next steps of your life, which seemed emotional enough. Then you hear multiple offers on the home you can see yourself growing old in. Is the only tactic to help increase my chances to offer above the asking price? Here are five things that can help you navigate this situation.
Five Things to Help in a Seller’s Market:
1. Best Terms for the Seller
The seller of the house is human and has a life as well. Accommodating their needs could be the things that get you in their old home and into your new one. Moving is stressful for both sides and helping them with a closing date or their schedule could make all the difference. Asking the seller agent for these details can not hurt.
2. Contingent Upon
In certain situations, having the buyer make an offer that is NOT contingent upon inspections. It isn’t the right idea for every buyer or situation but it can appeal to sellers. Talk to your clients about not making offers contingent upon selling another home if they can. In a multiple-offer case, we suggest we make the offer as “clean” as possible. If they can pay their own closing costs, if they want a home warranty – buy it yourself, if they wish to title insurance – buy it yourself. Ask the seller to pay the most minor additional items to help secure the home.
3. Earnest Money: What Does This Mean?
Rocket Mortgage has a great article about how this works. Earnest money is an amount
as a good faith deposit. Think of it as getting cold feet during the buying process, and it can help decrease the chance of reversing out of the deal. It allows you to put money in escrow, show the intent to purchase, and can be a way to persuade both parties to move forward with the close.
4. Cash is King
The best financing terms possible – cash – if they can do some money, conventional – if they can do a traditional loan, then we write the best financing option.
5. Be Patient
Buying and selling a property is never easy for either side. Having an agent who can navigate the expectations is vital to minimizing the stress during this life-changing experience.
ERA Real Solutions is a top-10 ERA franchise systems brokerage. Our boutique approach allows us to maintain a 98.7% customer satisfaction rating. Our high-quality, full-time agents have quickly made us “The New Standard in Real Estate”.