Attention Buyers: Make Your Offer Stand Out Above the Rest!
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Buyers are always asking me for ways to improve their offers. The easy answer is money –most sellers would agree that more money would make for a stronger offer. Aside from price, there are quite a few things we can strategically work into the offer that will not have any affect on you. This strategy could improve your position and may allow you to pay a lower price because there are terms that sellers actually appreciate.
- No litter. This is when you are going after a property, which is often a hotly-contested property in an area with little inventory and the absorption rate is moving very quickly, and you negotiate a deal that includes home warranty, termite inspection etc. Asking a seller to pay for a $70 inspection on a high-dollar asset will not work in your favor. However, in some markets this could be appropriate – this makes it that much more si-highlight--primary to speak with your real estate agent.
- Shorter inspection. By default, the California purchase agreement allows for a 17-day inspection period. The truth is that within 24-48 hours of making a deal, we can have the inspector at the property and receive the results within 24-48 hours after that. This allows you to be fully negotiated on repairs within just a few days! If you can write your inspection contingency at 10-14 days as opposed to the traditional 17, you’re showing the seller that you’re a strong, confident buyer and that you’re going to close. If you’re in a multiple-offer scenario, the seller will lean towards you because you’re showing more effort. Also, this won’t affect you because a good agent will know how to protect you!
- Become pre-approved. This is something that should be done before you even begin looking at real estate. If you are not pre-approved, how is the seller to know if you can follow through on your offer? Put yourself in the shoes of the seller – if a buyer is saying they will buy a home under certain terms, you want proof they can follow through. A strong pre-approval letter almost turns you into a cash buyer and your agent should be able to position you that way. From there, all you need is to agree on price and close!
Thanks and have a great day!
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