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Though our region was largely unaffected by the rest of the nation’s housing market crisis we did experience a strong buyers’ market for a while. Today, however, we are definitely sitting in a seller’s market – one where sellers have the upper hand and buyers are left to compete against each other to win the home of their dreams.
To help
you achieve the success you want when it comes to landing that perfect home,
we’ve put together ten tips that will give you a better chance at getting the
home you want.
Submit a Pre-Approval Letter With
Your Offer
These
days, sellers would rather avoid the uncertainty that goes along with not
having the financial backing of a solid lending institution. When making an
offer, be sure to submit a pre-approval letter (not a pre-qualification letter)
to demonstrate that a bank is willing to lend you money.
Hire An Experienced Realtor
Dedicated to the Profession
In a
world where there are multiple agents multi-tasking to the umpteenth level, you
will benefit most from working with a Realtor that is dedicated to the
profession – and committed to your success. Along with a full-time career, comes
the kind of experience that you should expect from your agent.
Click here for a look at our buyer's agents
Click here for a look at our buyer's agents
Make a Clean and Neutral
Offer
Nothing
kills an offer like one that is loaded with conditions, complexity and
difficult to decipher language. Make your offer clean, simple and as neutral as
possible. Not only will it be attractive to the seller but also it will make
your offer stand out against the rest.
Make It Your Best
Offer
With the
multiple offers typically seen in a seller’s market, it makes sense to come out
with your best offer the first time around. Assume that your first offer is the
one chance you’ll get – and chances are the seller will take it seriously.
Put Down A Larger Earnest
Money Deposit
Just
like sellers take making a strong offer more seriously – placing a fair amount
of earnest money down also demonstrates your seriousness in the deal. Consider
putting down one percent of the purchase price or more – depending on how badly
you want the property and your Realtors’ suggestion.
All Cash Is More Attractive
To A Buyer
Though
sellers receive the funds either way, the difference that a cash offer makes is
a matter of time and convenience. There is a longer waiting process entailed
with deals that are financed through a lending institution and the last thing a
seller wants is to prolong the transaction.
Shorten Your Inspection
Periods
As long
as you can get your inspections done you have nothing to worry about. One area
that buyers can gain some leverage against others vying for the same property
is by shortening the length of time allocated for those inspections. Where a
typical time frame allowed for a home inspection may be 10 days, savvy buyers
sometimes cut that in half.
Waive Some Contingencies and
Offer To Pay Some Seller Expenses
If you
are virtually certain the home is the one for you and there are no issues
expected prior to closing, perhaps consider waiving contingencies to strengthen
confidence in the seller. Whether this means waiving the mortgage contingency
(ideal for buyers with alternative means to finance the property) or to waive
other contingencies – it will stand out in sellers’ minds and give you the
upper hand over others.
Write The Seller A Personal
Letter
Not
surprisingly, sellers are sentimental about their property and want it to go to
what they perceive is the “right” family. Reach out and send the seller a
personal letter explaining why you love their home and how you plan to extend
the same care for it as they have done so. Attach a family picture to bring a
human touch to the transaction.
Shoot for a Quick Closing (30
Days Or Less)
Rather
than extend closing dates, work to resolve everything sooner than later.
Sellers seeing the potential of an expedited transaction are more likely to
accept an offer that provides them that opportunity.
~
Here’s
even more information about how to gain valuable leverage in a transaction when
sellers have the upper hand; Ten Tips for Winning Purchase
Offers In a Seller’s Market. Listen to the Team Lally Real Estate Show, every Saturday on
AM830 KHVH at 11am. And if you would like your very own free copy of the
Honolulu Real Estate Guide, written by Adrienne Lally, contact us today and we
will send it to you. Chapter two is dedicated to winning your home in a
competitive market.
As
always, we invite you to contact us for all your real estate needs. For buying,
selling or investing in your dream home, trust Team Lally!
