To RE brokers out there, seeking your consultation. I'm preparing an offer on a SFR in the Seattle area (Eastside) ahead of the offer review date. This will be for my aging parents to move in, and the house has met many of their requirements eventually after 9 months of searching. Admittedly it's an emotional purchase but won't tell the listing broker. Do you have any thoughts on to make it a win?My offer structure (2 options I'm working on): Cash-offer: • Offer: $100k above asking price plus $6700 escalation for up to $125K above asking price • Earnest money: $200K fully released 2 days after acceptance • Closing: 10 days • Wave: • Inspection, Appraisal, Title and Financing contingencies. • Neighborhood Review and Information Verification period. • Inspection, Appraisal, Title and Financing contingencies. • Neighborhood Review and Information Verification period. Non-cash offer: • Offer: $80K above asking price plus $6700 escalation upto $125K above asking price Earnest money: $200K fully released 2 days after the mutual • Closing: 30 days • Wave: • Inspection, Appraisal, Title and Financing contingencies. • Neighborhood Review and Information Verification period. • Inspection, Appraisal, Title and Financing contingencies. • Neighborhood Review and Information Verification period.

Since I'm not familiar with Seattle, FIND A LOCAL ROCKSTAR AGENT in the area, and offer a fee for them to sit and go over the offer(s) and the property you are considering. I understand about wanting to "win" the property, but it makes me very uneasy for you to waive the Inspection, Appraisal, Title and Financing contingencies (especially the Inspection and Appraisal). Ok, I just checked your profile...it looks like you are a real estate agent. If you have the deep pockets to pay cash, are familiar with the area and the property, and have enough $$$ to make repairs (estimate the worst case scenario), and the property checks off most of the "wants/needs" on your/your parent's list, go ahead and make your best offer. You could also call the listing agent and ask them if the seller has any special requirements that they would really like to see in an offer. They may tell you nothing, or they may tell you a morsel of information that makes all the difference in what you offer. Best to you!

Oh, and I've seen a seller accept an offer BEFORE the stated offer review date. It happens!

@Ali Veis - Start with what the comps say. This is far more important than how many thousands over/under list price you are. Listing agent could intentionally price listing $100K under market value to draw interest and create a bidding war. In that case your "$100K over list price" is really just the market value of the home and in this market with the shortage of housing inventory, it is completely possibly someone will overpay. We've won numerous offers for homes on the Eastside, Seattle, Northern Tacoma, etc. and the market is very unique and competitive in each of those areas.

@Ali Veis, it depends. Putting $100K is not a guarantee that you will get your offer accepted. Your agent can reach out to the listing agent and see how many other offers are received so far and you can tweak your escalation based on that

Hi Ali, I’m a Seattle Broker and happy to talk to you about our current market and what tactics are winning offers- just curious if you have an agent that’s submitting this offer for you and if you’re just not confident in their advice? Please DM me to chat! Brie Groves, Realtor, Certified Negotiations Expert Lake & Co.

Beth Traverso is in tbat general vacinity. Shes a rockstar agent, Id reach out to her.

Updated about 4 years ago on 10/11/2021. Most recent reply

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Ali VeisehPoster

Real Estate Broker
Bellevue, WA

Buying & Selling Real Estate

Is my buy offer strong enough?

Ali VeisehPoster

Real Estate Broker
Bellevue, WA

Posted October 09, 2021 11:28

To RE brokers out there, seeking your consultation. I'm preparing an offer on a SFR in the Seattle area (Eastside) ahead of the offer review date. This will be for my aging parents to move in, and the house has met many of their requirements eventually after 9 months of searching. Admittedly it's an emotional purchase but won't tell the listing broker. Do you have any thoughts on to make it a win?
My offer structure (2 options I'm working on):

Cash-offer:

Offer: $100k above asking price plus $6700 escalation for up to $125K above asking price
Earnest money: $200K fully released 2 days after acceptance
Closing: 10 days
Wave:

Inspection, Appraisal, Title and Financing contingencies.
Neighborhood Review and Information Verification period.

Non-cash offer:

Offer: $80K above asking price plus $6700 escalation upto $125K above asking price
Earnest money: $200K fully released 2 days after the mutual
Closing: 30 days
Wave:

Inspection, Appraisal, Title and Financing contingencies.
Neighborhood Review and Information Verification period.

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Is my buy offer strong enough?

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