Make your offer more attractive!
In today’s real estate market , as a buyer, you are up against fierce competition. Low inventory and high demand: without a doubt, it is a seller’s market. We are still seeing multiple offers scenarios and buyers want to make their offers as attractive as possible. Below, you will find a few things to consider when putting your offer together to make it extra appealing to the seller.
Mortgage pre-approval. Maybe you already are pre-qualified for mortgage by reputable lender. And that’s great news! BUT, to show the seller that you truly are a serious, solid buyer that can deliver, you should elevate your game and get pre-approved. Whereas, pre-qualification gives you a glimpse into the amount you can borrow, the pre-approval will provide you with the actual numbers giving
you a stronger standing in the competitive real estate market.
Limiting or waiving certain contingencies in a Contract of Sale is yet another way to score some points with the seller. HOWEVER, this strategy is risky and it may cost you. You might even lose your deposit or be required to pay extra down the road. This might be the case with waiving inspection or appraisal contingencies. When it comes to waiving certain contingencies, it might be a good idea to talk to a real estate agent or even your attorney first.
Escalation Clause is another tool a buyer may use when there are multiple offers. It gives you the edge and makes the negotiations smoother. This clause allows for the automatic offer increases should the seller be in negotiations with another buyer that submitted a higher offer. With the Escalation Clause you set the increase amount.
Increasing your initial escrow money deposit instead of giving a symbolic, customary amount, will surely show how committed you are to buying a particular property.
Know the local market. Ask the real estate agent to provide you with the reports and local statistics that also show the listing price to sales price ratios. Knowing the recent sales for the particular area will help you establish your offer amount.
LOVE WHERE YOU LIVE
Kasia Karolewska, Sales Associate
Coldwell Banker Associate
