This past year has been frustrating for many buyers. They have shopped for homes, found ones they have fallen in love with, and then to only lose out in a multiple bid scenario.
Structuring your purchase contract to gain the attention of the seller is key based on what you are comfortable doing to get the home of your dreams. Below are some strategies that are working in today’s market with sellers to ultimately get your offer accepted:
- Be flexible on timing / closing date
- Offer to pay part of seller’s closing costs, moving costs, etc.
- Offer to pay part of any home repair costs that may arise out of the home inspection (set a cap of $2,000 as an example); I do not advise my clients to waive the home inspection
- Get pre-approved with our lending partner so you can make an offer that is non-contingent on loan approval. Contact us for details of this program (it is real)
- Depending on the amount of down payment you can afford and if you are financing your purchase, you can offer to fill the appraisal gap up to a certain dollar amount. Meaning, if the home purchase price is $700,000 and it appraises for $690,000, you will be willing to pay the $10,000 difference.
- If you have more than 20% to put down, you could elect to waive the appraisal contingency if it makes financial sense
- Allow the seller to lease back the property for a short-period of time, if they are looking for flexibility
- I always talk to the listing agent to find out the seller’s motivations so we can structure a winning offer, the key in today’s market to differentiate yourself from competing offers.
If you have questions or would like to discuss strategies to have a winning offer in today’s market, please contact us at 949.749.5828.