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Getting Outbid? Strategies to Make Your Offer Stand Out and Get Accepted TODAY!
Dated: November 18 2020
Highest and Best.
If these two words are starting to sound like a reoccuring nightmare, you are not alone.
With low inventory and even lower interest rates, many homebuyers are finding the competitive environment challenging. With multiple buyers competing for properties, even terrific offers are often being outbid.
Fortunately, there are some things you can do to make your offer more attractive to the sellers and increase the chances of getting the property.
• Have Full Pre-Approval – A step beyond pre-qualification, a pre-approval involves submitting your full application to underwriting. Your lender will collect all your financial data and submit for review. This is stronger than a pre-qualification; a pre-approval requires the buyer to provide the proof of their ability to qualify for the loan. If you need a recommendation for a qualified professional, just ask!
• Increase the Earnest Money – Earnest money is the deposit held in escrow. While the contract will dictate how monies are disbursed in the event of a cancellation, increasing the amount offered can show the seller you’re serious.
• Add an Escalation Clause or a "Love" Letter - These two tools are not acceptable in all markets, so I recommend speaking with your real estate professional on this one. Both can be very effective tools as long as you fully understand their intention.
• Pay any Appraisal Shortage – When offering more than asking price, sellers become concerned about the appraisal coming in too low. If you are willing to pay over market value, include the amount of shortage you are willing to pay.
• Remove Inspection Contingency – This option can be tricky, but if you are planning a large remodel or are willing to tackle any defects found, then you can make your offer stronger by accepting the home as-is.
Classification: Public In this fast-moving, competitive real estate market, it’s important to make your offer stand out from the crowd. These strategies are great ways to demonstrate to the sellers that you’re serious about buying their home, increasing the chance of having your offer accepted.
The most powerful tool you can arm yourself with is a Competent Realtor! Put the expertise of a professional broker or team behind you and you will be taking the first step towards, "Offer Accepted"!
The Stone Team uses a proven strategy to locate ALL home possibilities, this includes off market properties, coming soon properties and our unique process of identifying "stale" homes that came to the market over priced or poorly positioned. If we can serve you in any way, please reach out via your preferred method of contact. Until then, stay safe and well ~ Tara Stone, Broker/Owner
Tara and her team are a full-service, luxury Real Estate & lifestyle Broker. Specializing in luxury homes, equestrian properties, land & new development. Tara fosters a culture of partnership in whi....
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Highest and Best.If these two words are starting to sound like a reoccuring nightmare, you are not alone.With low inventory and even lower interest rates, many homebuyers are finding the competitive