Welcome to our weekly feature, Ask the Rocca Sisters, where we answer the important questions from clients, colleagues and members of our community. This week our question comes from Liz L. in Waterdown, who asks, “I’m looking to downsize and every home I have been interested in has had multiple offers on it, and I do not have as much money that other buyers might have to keep upping my offer. Do you have any tips on how to get my offer noticed and, more importantly, accepted when my buying power might not be as strong as some others?”
Hi Liz! Cathy Rocca here to answer your excellent question. Sometimes, it can be challenging to buy the first home a buyer wants to purchase. It is not uncommon that a fantastic home that is well-priced can draw multiple offers. When this occurs, the home often sells for more than list price.
But money isn’t always the bottom line for a seller. Other factors come into play when it comes to multiple offers. If you are aiming to purchase a home in a seller’s market, here are some tips to help you write that winning purchase offer and to help you gain an advantage over the competition.
Put Your Best Face Forward
Now is not the time to make a low-ball offer in hopes the seller will bite. In this type of market. You might get only one chance to make an impression on the seller, so determine what your top dollar is and put forth an offer for that price.
Write a Friendly Offer
Do not write an offer that includes demands that will irritate or anger the seller. If the sellers want a few more days in the house, show that you are different from the competition and be generous by giving the seller two or three days to move out. If there are things you would like them to take care of or fix, and they are not really a big deal, consider letting them go.
Keep Your Contingency Periods Short
The objective of contingencies is to protect you and your earnest money deposit in case something goes wrong, like not being able to secure a mortgage in time. If you choose to waive your financing condition, for example, it assures the seller that you will still be able to come through with funds even if your lender doesn’t. Before you agree to waive any contingencies, however, you should check with your attorney. If you decide you want to keep contingencies in your offer, try to keep the time period to get your inspection an appraisal or a mortgage as short as possible.
Making a successful offer can be tricky and frustrating, but with an efficient realtor that is experienced and has the correct know-how, you’ll soon be in your new home.
Our Team monitors the market minute by minute and will alert you to any new properties as they hit the market. In a fast-paced market, this is key to successfully finding and securing your new home. Not only that but understanding the market is essential to paying the right price for your new home. Our Team is dedicated to surveying and evaluating the market. They spend countless hours previewing homes and monitoring the agents listing system so they can provide you with the comparable information you need to make the right decisions when making offers on homes.
If you are looking to buy or sell your home, you can take comfort in their full service, highly responsive, executive team of professionals for all your real estate needs.
Contact The Rocca Sisters Team today and let their personal approach and proven results surpass your expectations.
Good luck, Liz!
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