How to Win Multiple Negotiations When Buying a Home
Over the course of the past few months, we have seen some new trends begin to develop regarding the terms buyers are presenting to sellers. In the current market, some buyers developed a defeatist attitude as homes have often been selling above asking price. This is based on the limited supply of homes and the increased demand for them. This has forced me to be more creative in order to help buyers engage sellers and get them in the home that they desire.
We have seen over a dozen situations in which the listing agent has countered the buyers offer with the terms to remove their appraisal contingency within the offer. One key item for buyers to know is that this contingency is interconnected with the loan approval contingency. If the home in question does not appraise, then the buyer has their loan contingency to protect their interest in moving forward with the deal.
Buyers are now catching on to this trend and are presenting offers without their appraisal contingency in place out of the gate. These savvy buyers have quickly realized that they still have their loan contingency. In other words, they still have their loan contingency to ensure they are approved and can move forward with the qualification...