May 18, 2020
Let’s face it, there is always competition for a great homes when they hit the market. With that said, a lot goes into writing a great offer that is worth of consideration and acceptance.
Price is usually at the top of a seller’s list. I always tell my clients to make an offer where if they get the home they are happy, and if they don’t the home, they feel like they gave it their best shot. A seller doesn’t have to counter to you. If someone comes in and gives the seller what they want, then why would they look elsewhere and worry about making a counter offer to a lower offer. My wife and I learned this lesson when we purchased our first home.
Sellers want expediency when it comes to buyers doing their due-diligence. The sooner a buyer signs off on the inspection, appraisal, and loan contingency, the sooner a sellers get to start packing. A buyer can make their offer stand out by promising to act quickly. A buyer should be able to complete an inspection within 10 days of entering escrow. An appraisal should be returned to the bank within two weeks. A good lender will have a fully underwritten file within 17 days. A great lender can do it within 14 days I wouldn’t ask for more time.
Having a full underwritten mortgage approval letter goes a long ways towards securing the home of your dreams. If you’re in a position with a lender where you just need to find the property, then you’re in great shape. Get your financial ducks in a row with your lender. You’ll be able to act fast if you do! No seller will even review an offer without a mortgage approval letter and proof of funds to accompany the offer. You’ll want to show the seller you’re serious by having these attached to the offer.
Don’t ask for any extras when trying to write a winning offer. Asking a seller to pay for your own closing costs, or fees that are usually not associated with the seller’s side is not a good idea. Keep it simple and do things in a traditional way. The listing agent will recognize your efforts and see that you’re a reasonable buyer. The overall presentation of the offer, and the contents of the offer tend to be a good indicator of a buyer’s behavior once in escrow, so be reasonable.
Lastly, work with an agent who has a track record of closing real estate transactions. Experience matters. Allow your real estate professional to guide the way. Ask a lot of questions and make sure that you have a full understanding of the process in front of you.
Happy home shopping!
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