Trying to find a house but your offers are getting rejected? In this market it doesn’t always come down to the highest bidder.
- Have Your (Financial) Ducks in a Row: Recently I had a listing with 2 offers, both for the same amount of money and both with the same contingencies. The difference? One buyer had a 5% down payment and the other buyer had more than 50%. When the appraisal came back for a little less than the purchase price (which happens often in appreciating markets) it was a non-issue. If we had gone with the other buyer it would have been a HUGE issue.
- Reduce or Eliminate Contingencies: If you are not comfortable waiving the home inspection, try reducing the amount of time you have to get it done. Generally we see a 10 day time frame but if you offer to get your inspections completed and sign the purchase and sale agreement sooner it will make your offer more attractive to the seller.
- Make it personal: Some sellers really want the person who buys their home to LOVE it. I once had a seller, in a multiple offer situation, accept the one that was $35,000 LESS because she was so impressed by how much the buyers expressed appreciation for her home. If you really are in love with the home make sure that information is relayed to the sellers.