How to get your offer accepted in a fast-moving/ sellers market!
For a buyer, it is not uncommon to have to compete with 3 or more offers on homes in this fast-moving Northern-Virginia market. Some properties sell within hours of being listed and some sell even before coming on the market (Pocket Listings).
With that being said, it is crucial that you and your agent have a strategy to get the home that you want.
The most common misconception is that the money is the seller’s only motivation. Many sellers will accept offers that align with a stress-free transaction over those that offer of more money.
Below are some tips to consider when strengthening your offer;
Money - It may not be the only motivation for the sellers but it still is important. This is not the best time to low-ball sellers. Offer the maximum amount you feel comfortable with (and can afford) and if you lose the house, you’ll know that you gave it your best shot.
Closing – Try to listen to the seller’s agent and get a feel for what is important to the seller. If the home is vacant or the seller has almost completely moved out, they may be attracted to an offer of fast closing. Vice versus, if the seller appears to need some time, try to be flexible on closing data and maybe consider a post-occupancy agreement (seller stays in home for a bit past closing date).
Reduce or eliminate some contingencies - The main contingencies found in our contracts are financing, appraisal, inspection and lead-based paint. Removing or reducing the contingent periods will strengthen the offer (be mindful of the risks involved with this).
– Remember that simpler is better -
If using a lender- Have your lender make a personal call to the seller’s agent expressing how qualified you are and their confidence in you closing
Make a larger Earnest Money Deposit - When a buyer leaves a higher EMD, it illustrates a high level of seriousness and shows the seller that you are all in
Write a Heart-felt letter from the buyer to the seller - expressing, thanks for considering the offer, things you like about the home and neighborhood and why you would like to live in the home. Make it warm and sympathetic.
Keys Points:
* Do not Low-Ball
* Listen for what the seller’s motivation is
* Make the offer simple and straight-forward
* Try to create a Win-Win situation
Happy House Hunting!
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