March 2015 – The weather may be cold – but the market is still hot

This happens all too often in today’s market.    The house you wanted and submitted a contract on is sold, but not to you.  The inventory to select from is not growing because the demand from buyers sells houses often in a day or two.  Even if you’re the first one through the door there are likely numerous showings the first day right after yours and often multiple offers.  Will this madness end?  Yes, but probably not in the near future.

What can you do to make your offer win the bidding?

Offer more than the asking price if you think the property is worth it.  Many homes are selling for more than the asking price with fierce bidding.

Put a price escalation clause in your contract.  What’s that.  Your contract agrees that you will pay $x-thousand dollars more than the highest bona fide offer the seller receives.  It is wise to put a cap on the ultimate price, however.

Have your REALTOR find out from the listing agent exactly what the sellers want.  Sale date, possession date, inclusions, special requests.  If you can live with their wish list, make your offer exactly match their wants.  This may tip the scale even if there are other offers.  Many agents don’t ask exactly what the sellers want and and write only what the Buyers want when they write their offer.  Therefore, it’s an excellent tactic.

Home Inspection – set the inspection date close in as well as the date for inspection objection.  Both you and the sellers want this one out of the way as soon as possible, as it is a make or break event in any contract.

Include a letter about you when the offer is submitted.  Let the sellers know about you, your family and why their house if perfect for your lifestyle.

Don’t ask for any Seller concessions.  Asking the seller to pay X% or some amount for loan fees or some other closing costs simply reduces the net proceeds of sale to the seller and effectively reduces your offering price.

Make certain your REALTOR is an experienced agent.  It’s important that the contract you submit is written in a complete, professional manner.  Omissions and ambiguous provisions may cause a Seller to reject your offer off hand and choose one where all the t’s are crossed an and i’s are dotted.

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 If I can help you by showing you homes and writing a professional contract for your purchase, let me know.  720-982-8654 – talk or text.

Good luck in your home search.