5 Tips To Getting Your Offer Accepted In A Competitive Market
Go Big Or (NO) Home!
In today’s market you must be ready to make a strong offer without hesitation. With historically low inventory, and increasingly high demand; home listings are receiving multiple offers in just a matter of days! Low-ball offers are a thing of the past (at least for now), and most homes are selling for over list price. When you find the home of your dreams, be prepared to make a very strong offer to beat out the competition.
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Cash Is King!
More so now than ever, CASH is KING! With an influx of out of state buyers relocating to Florida, more and more buyers are paying cash for their Florida homes. If you have the means to pay cash, great! Make sure you have Proof of Funds ready to go to include with your offer. But what if you don’t have enough cash and need to using financing to purchase a home? In this case, make sure you have a solid pre-approval letter from a local Florida lender (not a bank or online national lender). Whether purchasing a house with cash or financing, make sure you have your ducks in a row and documents in order!
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Be Flexible With Seller’s Terms
By now, we all know that we are in a “Seller’s market.” The best chances to win a competitive offer scenario is to play by the seller’s terms. Find out what is most important to them in deciding which offer to accept. For example, is the purchase more important or the closing timeline? Some sellers are in a situation where they need to sell before they can purchase their next time, in which case a long closing date or a lease back period may trump the purchase price.
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Little Or No Contingencies
An “As-Is Contract” has never been more literal than now. With multiple offers, the seller is in a position to chose which offer they will accept. Refer back to Tips 1-3; submit an offer that is as clean as possible with little or no contingencies. If possible, consider removing the financing contingency or consider an appraisal gap in the event the property does not appraise. Consider removing your inspection contingency or at least shorten it to 5-7 days. There are so many ways to submit a strong offer, you just have to make sure you are working with a realtor who is experienced in a competitive market. Which leads me to Tip 5…
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Partner With A Winning- Real Estate Team!
Sure a monkey can open a lockbox and upload a listing to the MLS. But how about proactively sourcing those “off-market” properties, strategically coordinating your next move, drafting a strong offer with creative clauses to give you the leg up? Those attributes take skills, experience and grit. If you really want to beat out other buyers on your dream home, make sure you are working with a realtor who can deliver and has a proven track record!
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