Going Once, Going Twice...Sold! Put Together an Offer the Seller Won't Refuse
By Keith Loria
Submitting an offer on a home and waiting to hear back is one of the most stressful parts of the home-buying process. Since there is always room to negotiate when it comes to price, you want to be sure to put in an offer that the seller can’t refuse or you risk losing your dream home to someone with a higher bid.
While prospective homebuyers are often unaware of current trends in the real estate market, many typically rely on advice and guidance from their parents, friends and coworkers who don’t necessarily have a good pulse on the real estate market.
That’s why educated buyers who have spoken with their agent about an acceptable offer will have a better chance of hearing “sold” when the phone rings. Not only will a good agent offer valuable information, they can also help you buy the home you want at the price you want to pay.
Real estate agents have access to statistics and trend information that others don’t, so their advice is invaluable. But when it comes to submitting an offer, it’s important to keep in mind that it’s about more than just the money. In fact, there are several things you can include in the bid to help foster a successful deal.
When it comes to getting a bid accepted, first-time homebuyers often have a significant advantage over repeat buyers because their agent is instrumental in advising them to not only take the time to get pre-qualified, but to also be pre-approved for a mortgage before they even begin looking for a home. And since they don’t have to wait for another house to sell, their offer will be attractive to someone looking to sell a home.
Another thing to keep in mind is the fact that sellers are typically attracted to “clean” bids. A clean bid is one in which the buyer doesn’t ask for any contingencies, repairs or updates to be done. In the end, sellers are happiest when they can simply collect their money and move out quietly.
Buyers should also plan in advance to have funds available for a fast closing. Many agents will tell you that even if you’re not the highest bidder, your bid may still be accepted because you are willing to close right away.
Before making an offer, be sure to talk with your agent and decide what you’re willing to give up in order to have your bid accepted, as it could be the most important bid you ever place in your life.
For more information on increasing your chances of having your offer selected, contact our office today.
Reprinted with permission from RISMedia. ©2013. All rights reserved.