To have any chance of being a competitive homebuyer in our market, there are some key tips you should follow:
1. Write a strong offer with tight deadlines and few (if any) contingencies. One of those contingencies is the inspection contingency, which gives the buyer the right to cancel the transaction if they don’t like what they see during the inspection. We encourage you to communicate with the inspector through your agent before writing your offer so that you can have the inspection take place in a timely manner. This will give the seller peace of mind knowing that you’re not going to waste their time.
2. Communicate well with the listing agent. An open line of communication with the listing agent about the offer will show the seller that your agent is knowledgeable and experienced, as well as demonstrate that they can make the transaction move forward smoothly.
3. Ensure that all the financial aspects of your offer are strong. Your sales price, earnest money, and deposit need to be strong to entice the seller.
4. Be straightforward and don’t play games. Don’t write unrealistic offers that the home couldn’t appraise for. Unfortunately, many agents like to play games by going under contract at a high price and then trying to get a bunch of concessions from the seller later. This tactic just muddies the water and has the potential to cause the seller to pass over your offer.
5. Make sure your lender is ready to contact the seller’s agent early so they can present the pre-qualification letter with the offer before it’s accepted. If the lender contacts the seller’s agent as you submit the offer, that will make your offer stronger, since it will tell the seller that you’re ready to go and willing to move the transaction along without hassle.
If you have questions about this or any other topic, reach out to your Colemere Realty associate. We’d be happy to help.