You saw a beautiful home, while you passed by a new neighbourhood, while driving to work, saw the For Sale sign, spared not even a minute, got in touch with phone number in the sign, discussed in detail with the owner/realtor on the other side and within few days, quickly prepared the best offer you can think of and submitted.
While waiting for the owner to respond, you started to dream about living in that beautiful abode, marvelling at its beautiful, spacious rooms, splendid views from the windows and enjoying coffee in the beautiful backyard in the evening.
And a bolt from the blue strikes, you are told that you have been outbid by another buyer and all your dreams crash like castles in the sand by a mighty wave.
To ensure that you never lose out in the future, you must make the right moves so that you do not suffer another heartbreak.
Taking a close look at the real estate market always helps. These days, demand outweighs the supply and the seller is in the driver seat, calling the shots. As a buyer, it is your job to please the seller with your first offer. You must be ready and willing to give the best possible offer at the first instance. Your first offer might not be the best one to either get immediately accepted by the seller or at least shortlisted so that you can stay in contention. In later situations, you can always outbid everybody else through a higher counteroffer, but you have to get to that point first.
An experienced seller always reviews all the potentially good offers carefully and looks for the buyers who are dead serious about purchasing their property. By committing a higher down payment and EMD, you can show that passion and seriousness towards that deal. Your chances get enhanced by showing a passionate intent through your offer.
In situations like these, usually the offer with the strongest closing terms usually wins. An all cash commitment always stands out in comparison with a lender financing offer with a 45 days waiting period. But the reality is that most of us are financing, so removing contingencies or shortening up those timelines will help the seller see that you are serious about closing or at least not wasting their time. Retail buyers are competing against investors who can offer cash and close in 2 weeks, but if the closing time frame is not the issue and the seller is looking for a higher offer, then being able to offer more than an investor is the advantage of a retail buyer, just double check with your agent to make sure that it will pass the appraisal.
When a seller is the king, they would want to consider all cash offers with no contingencies like inspection and appraisal with more interest if they are wanting to close fast, but if they are trying to set themselves up for retirement and time is not of the essence, then the highest and best offer is more appealing to them.
As a buyer, use these tips in the future so that you do not lose out on your dream house. You can also get in touch with the extremely experienced of American Made Home Solutions to do all the heavy lifting for you by joining our buyers list and finding off market deals that have a better chance of being in your price range or allowing you to customize it to suit your desires. Sign up at www.vipbuyersdeals.com
