We are FTHB and trying to purchase in the $250-$275 list price range in MN. Our agent says this is the most competitive price range in our market. We are preapproved for a conventional loan at 5% down well beyond this price range. We have enough liquidity to put down 10% + our closing costs.
We've lost 3 multiple-offer scenarios so far (no seller costs or home warranty in any offer):
- Offered 6% over list, 10 day inspection, 10% down, appraisal contingency. Seller cited not liking appraisal contingency.
- Offered 6% over list, 7 day inspection, 10% down, appraisal contingency. No response from seller or their agent at all.
- Offered 8% over list, 7 day inspection, 10% down, appraisal contingency only if it appraised below 98% of our offer price. Seller cited preferring a higher down-payment offer.
All these offers have been made the day of our showing, which has been 0 -- 2 days after the house entered the market.
Any ideas on how to strengthen our offers? Anything our agent or lender could present differently that might help?
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source https://www.reddit.com/r/RealEstate/comments/gt57c0/tips_to_strengthen_our_offers/
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