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Writing a competitive offer in this market is important, especially in a multiple offer situation. Here are some tips to keep in mind to ensure you’re giving yourself the best shot to get your dream home!
Put forward a sizable deposit
Deposit size is a sign of good faith that you are serious about moving forward with the deal. It’s not always possible, but if you do have the savings on hand, it’s a good idea to put down as much as you are willing to spend. Many people think it’s all about the final dollar number, but we have seen sellers leave money on the table pricewise because the deposit is so generous.
Write an Unconditional Offer
In this market, we suggest writing as few conditions into the offer as possible. Home inspections can scare sellers, and if there are 5 other offers on the table with no conditions, you can bet they will go with one of those. Therefore, if a home inspection is important to you, there are a few ways to get creative to ensure that you get that inspection done before offer date, so you can go forward with a great offer and full confidence in the home.
If you’d like to chat about how we can make this happen for you, give me a call at 204.891.3083!
Appeal to Emotion
Oftentimes, the house you’re viewing is a home with a long history of memories. It may have been where the sellers got married, set up a now-successful business, brought home their baby from the hospital for the first time, or taken their kids’ graduation photos. For this reason, sellers are often reasonably emotional about their home, and will connect with a buyer who will appreciate the same things they did about the property. So, when you’re viewing the house, as you’re considering the hardwood floors and appliances, also take the time to learn a little about the current residents.
This doesn’t mean to go snooping through their drawers or looking in their fridge, but make note of their choice of artwork, family photos, and hobbies they might have set up around the place. Then, write something personal into the offer to show that you have respect for the home and the seller. It won’t make the seller abandon tens of thousands of dollars, but if they’re torn between two similar offers, it could make all the difference.
Come Out Strong
Some buyers don’t want to go to their top price in their first offer, in hopes that they can negotiate when the seller comes back to them. The truth is, in this market, that second call back may not be coming. Sellers are often overwhelmed and stressed out, and don’t want to go back and forth in negotiations. Identify what your best price is and offer that number right out of the gate. I’ve seen buyers risk it by offering low, then having the property go to someone else for a number they were prepared to pay anyway. It’s not a good time to gamble!
Have you or someone close to you been involved in a bidding war? If you can think of someone who could use this advice, send this article to them! And if you are looking to buy a home in this market, call or text 204.891.3083. Let me win you a house!
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