You’ve heard about this market being a “Seller’s Market”.
Competition is heavy and there are more Buyer’s looking for a home than homes available. So the big questions is, how do you get your offer accepted in this market?
Step 1 –Be Pre-Approved and DU Approved
In this market it is not enough to be pre-approved. Many Seller’s want to know you’ve been “DU Approved”. This means your Lender has submitted your loan package and received a Desktop Underwriting approval from actual companies that will provide you with the loan.
Step 2–Review any Disclosures or Reports Prior to Writing an Offer
In some cases the Seller has disclosures and/or Inspection reports completed. This is a bonus for you, the Buyer.
Step 3 – Write a Letter to the Seller
A letter from the Buyer to the Seller can sometimes provide insight that the Seller may not have when reviewing multiple offers. It is not required, but another option for the Buyer to help your offer stand out from the crowd. Taking a moment to draft a few positive point that frame why you have chosen there home can go a long way with the seller. Should you need a little help Threets and Associates will be right there with you.
Step 4 – Be Competitive with the Market
Offer price is usually the #1 key to an offer. Obviously the Seller wants to net as much as possible when selling their home. In a competitive market, a Buyer has to be sure to offer according to the market condition in that area.
Step 5 – Write a “Clean Offer”
Once offer price is established, you must consider all of the other terms of the contract.
Step 6 – Offer Something to the Seller
Threets & Associates specializes in negotiations. When competition is high, some Buyer’s like to offer an additional bonus to the Seller besides price. This could be related to Seller rent-back, moving expenses, etc. If you wish to do so we can discuss this at the time of the offer and determine what is suitable, legally allowable and within means.
Remember, as our client we always keep your best interest in mind while trying to meet and exceed your real estate needs and goals.