29 May 2013

Being challenged in this market?

Many houses are receiving multiple offers and to win the house, you need to stand out from the crowd.   Here are some tips that we recommend to make you an attractive home buyer:

  • The market is moving fast!  You need to have your loan pre-approval and down payment ready before starting the search. This means having “proof of funds” to submit with your offer to show the seller that your stated downpayment is liquid.
  • Multiple offers are becoming quite the norm, so you need to be ready to compete to seal the deal.  Do your homework, understand the comparable sales in the area you are looking in.  The longer the negotiations, the bigger the chance you could lose out to someone else who made a better offer.
  • You must be reasonable without being difficult because in a multiple offer situation you need to realize that until an offer is signed, sealed, and delivered, other buyers can make offers on the property and the seller can accept an offer at anytime.  Sometimes, while you are thinking of a response to the counter, the seller has accepted another offer.
  • Even though it’s a competitive market, you should stick to your budget.  This is very important to retain while you are in the heat of a multiple offer negotiation.  No one likes to lose but you need to know your limit.   Make sure you understand what the consequences are if you remove your appraisal contingnecy, and etc.  If you’re not comfortable, don’t do it!
  • Buyers who have found a potential home shouldn’t wait days to make an offer. Since time isn’t on the buyer’s side,  you need to submit an offer quickly.  Time is of the essence.
  • In this market, cash is king. The more cash a buyer has, the more appealing they are as a buyer. Putting down 20 percent or more also makes a buyer look more financially stable and gives sellers comfort that they’ll qualify for a mortgage. If you can put a larger down, then do it.

Sure price and financing takes a strong stance when it comes to an offer submission but TnT Realty Group will always make you shine when representing your offer to the sellers.  With us as your Realtor, we will gather as much information as we can on the opposing party to give you recommendations on strategies to structure your offer so that it can be a winner.  In addition, we build rapport with the listing agent and create a story of our buyer for the seller to picture whom they would selling the house to.   One recent transaction was when we represented a VA buyer on a home in Carmel Valley.  There were multiple offers and we knew that our offer was not the highest. Yet, we communicated with the listing agent to see her view on VA buyers and were informed she was ex- military and so was the seller. That allowed us to build on that connection and shine the light on how our client is the best buyer for her seller.  The end result, our client’s offer was accepted!  Isn’t this the type of agent you would want on your side?  Give us a call for a free buyer consultation today!

 

 

 

 

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