How to Review An Offer So That You Get Top Dollar For Your Home

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Wow! Inventory has never been as low as it is today. And with so many buyers out there anxious to find the home of their dreams, it’s no wonder that we are seeing a lot of things change in our marketplace. Sellers have the upper hand now and with that upper hand, comes the task of learning how to manage multiple offers and discern which is best for you. Here are some tips on how to review an offer; questions to ask so that you get the most money when you sell your property.

Is the Buyer Preapproved for a Mortgage or Prequalified?

Contrary to popular belief, a seller with a prequalification is simply not as good as one that has been prequalified. It is an important thing to consider when looking at an offer and the difference can easily make or break your transaction. When a buyer has been preapproved, the lender has reviewed and verified all the important aspects of the financial transaction.

How Much Money Are They Bringing to the Closing Table?

As our marketplace leans heavier and heavier toward a seller-centric environment, the issue of how much down payment they will be able to make will come up more and more. When a buyer has more money down on their purchase it is definitely a stronger offer than one where the buyers have less at stake. Look for a letter or statement from the bank demonstrating their ability to cover the funds promised as a down payment.

Is There a Contingency To Sell Another Home First?

Many buyers have a home to sell first before they can move forward with a new purchase. In the offer you receive from these buyers you will likely see a contingency upon the sale of their home. When comparing multiple offers, if one buyer is able to buy your home without need to sell their home – the chance of other problems or mistakes will reduce significantly.

How Far Out Is the Closing Date?

The ideal closing date is about 45 to 60 days from the date of accepted agreement. When you start getting into closing dates that go out two months or more, there tend to be more problems. A lot can happen in that much time, whether a job change, life change or even a change of  heart – so if there is an offer with a closer closing date, that would definitely be the stronger choice.

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As always, we look forward to assisting you with all your real estate needs and in the interim if you would like to learn more about today’s hot real estate topics, catch us on Saturday mornings on AM830 KHVH. We look forward to it!

How to Write an Offer – and Win the Bid – In Today’s Challenging Market for Buyers

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With inventory levels at all time low, it is no wonder that buyer are facing some challenges getting the home of their dreams. What exactly are they dealing with these days? Well, for starters they are having a hard time finding the perfect home. And after exhaustive searches when they finally do find the home they want to make an offer on – they discover that in many cases, other buyers are also bidding on the same property.

When it comes time to making an offer in today’s seller-centric marketplace, how can you stand apart and be noticed by the seller so that your bid is the winning one? We’ve shared four of our favorite tips on how you can gain that edge and get into the home of your dreams.

Time is of the Essence

At a time when very many buyers are vying for very few homes – it is critical that you spend the time and effort needed to find the home you want. Leaving just evenings and weekends to look at potential homes poses a challenge since most other buyers are doing the same thing. By taking a proactive stance; perhaps leave work early or look at homes during the day during lunch break can make all the difference.

Make an Offer Quickly

Anyone shopping for a home these days can tell you that it’s not easy to find the perfect home – or even a strong contender. When you do find it, don’t waste time – get in and put an offer on it! The faster you get that in, the less chance there is for other buyers to see the home and upstage your offer.

Make Your Offer Strong

Most buyers have the misconceived belief that simply by reducing the price of the home – their offer will be the most attractive. The truth is that other things also have a strong impact on sellers. Make sure all required documentation is filled out completely. Remove any contingencies if they are unimportant to you. Be flexible with your negotiations and most important of all, employ some of the key strategies suggested by your real estate agent.

Find a Knowledgeable Agent

For most people, the purchase of a home is the largest financial transaction of their lifetime. Rather than risk making a mistake or worse, potentially losing the home – have a strong, knowledgeable agent by your side. They will protect your interests, provide valuable advice and counsel and most important of all, they will help you get the home of your dreams.

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Buying a home in today’s market should be a great experience and we’d love to be a part of that with you! Contact us today to learn more about how we work to achieve our clients’ real estate goals. And don’t forget, join us every Saturday on AM830 KHVH for the Team Lally Real Estate Show. 

Call our buyer hotline 234-4421 for a free list of our coming soon properties!