Our local real estate market is in the Seller’s advantage right now. If you are actively looking to purchase a home or condo, then you have seen the intense negotiations going on as buyer’s compete against each other to Win the Seller’s favor.
Here are some useful strategies I recommend to my clients when preparing their offer to Win in a multiple offer situation:
1. Purchase Price, Most properties are selling above asking. You need to know how much more by % in each neighborhood. This will give you a better idea of where your offer needs to be.
2. Financing, Cash is King in this market, but if that’s not an option then having a strong lending partner that understands this competitive market is critical. They should be willing to work closely with you and your agent when making an offer.
3. Inspections, Not always an option, if you want to win. However, having a good quality inspector available that can look at a property ahead of time is a good strategy to consider.
4. Appraisals, With prices rising many appraisals are coming in low. To improve your position with the seller, consider offering to cover some or all of the difference if the value comes in low.
5. Timing, Where does the Seller need to go? Do they need more time in the property? This could be the winning term that makes your offer stand out!
Want to know More? Let’s talk.