Every other post here is people struggling to get offers accepted. I absolutely hate reading these posts because everyone should have an opportunity to own a home they love and not just settle on. No fluff, getting straight into it. This might be long.
1. Pre under-written approval:
The lender/broker has already verified your credit/assets/debts to income. Get all your documents there. Also, make sure it’s a reputable lender/bank/broker for your area. I can’t stress this enough. Us realtors doing 70+ deals a year have worked with every lender under the sun. If the lender is a red flag, you will have a severe disadvantage.
2. Analyze Your Competition
- Have your Realtor call the last pended home you love. They ask two questions - how many offers the LA received / how far % over ask are similar homes selling for. This will let you know two huge factors. How many buyers you MIGHT encounter on the next house, and how far over ask people are paying.
3. List Price Does NOT = “Market Value.”
- Too many buyers right now are looking at the top of their budget when many homes are priced slightly below market value. Yes, you’re getting outbid because your 20k over ask offer might be market value for the home. That’s why you see 50-70k above ask. Look 5-6% below your top of the budget and start there.
4. How To Waive Inspections SAFELY.
- Have your Realtor use their preferred Inspector to perform pre-offer inspections. In short, spend an hour + with the inspector. No report, just going over everything and take notes. If there’s something catastrophic - move on. If not, waive the inspections on your offer and proceed.
5. Use & Occupancy For Seller TOP strategy
- The best thing about this is that sellers don’t see it coming. Imagine as a seller, being able to stay in your own home, stress-free with money in the bank in your home for 7-10 days, and leisurely move-out. This is what use and occupancy means. Cash is tight for some sellers. Repairs / moving expenses etc. this allows them to occupy the home for a few days / week after closing. It takes a lot of the moving everything out the night before closing out of the picture. The other thing this does is it shows compassion for the seller, and you end up having some level of pre-negotiation because it’s something the agent will remember. The key is to stick out and be different.
6. Got Cash ? ** Danger Zone ⚠️ **
- Offer to pay X amount over appraised value, or if you’re really crazy waive the contingency all together. This is if you have a lot in the bank and the house has some sort of ultimate value to YOU. Next to parents / in-laws / friends / work. Or totally unique one of a kind.
7. Tips for The Realtor
- Write a compelling Subject line for your offer The BEST offer for 123 Main St
- Attach a cover page to the offer with easily identifiable terms.
- Combine ENTIRE offer into ONE PDF and Name the PDF AmazingOffer_123MainSt
8. Tips for the Loan Officer
Call the listing agent and talk up your buyer. Reassure that your buyer is good to go and is excited to do a deal with his/her client and you will do everything in your power to close early, or on the terms the seller needs.
—- Real estate is a relationship business. People want to do deals with people they like, and deals with people that make it easy and the MOST accommodating. Offer things the seller might not see on the other offer.
In closing I know this will not apply in every market and some suggestions may seem down right crazy. I work in two markets, Boston, MA and Scranton, PA — two totally separate markets but a lot of these we apply daily. But if this post helps 1 person find their dream home that will make my day so let me know in the comments. I wish you the very best!
- Mike Urban
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source https://www.reddit.com/r/RealEstate/comments/l8diq5/the_ultimate_guide_to_getting_your_offer_accepted/
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