Write Full Price + Or Go Home!
Getting creative in this marketplace has become second nature and managing client expectations has taken precedence. Knowing what could stall a sale or entice a seller on behalf of your buyer is critically important to the success of any contract.
There are several ways in which to “win” a successful bid and using these tactics helps.
Always call the listing agent prior to showing a home or writing an offer to learn of other offers.
Always check tax records for Deed recording
dates as to FHA purchases. Know the comparable sales in the neighborhood to provide advice at the showing.
If you’re showing a home to an investor, have rental comps with you.
Ask if there is a deadline for submitting offers, especially if the property is an REO.
Our ARMLS has a document section - so check it for documents prior to showing.
Ask if there is a price the seller is looking to achieve.
Ask when the seller would like to close.
Ask if the seller will give priority for primary home buyers.
Ask if you’ll be given an opportunity to respond to a multiple counter offer or if an escalation clause is needed.
Ask if the seller has a preferred title company so as to earn discounts for both buyer and seller. (Shows you are working to gain the seller some discounts.)
Ask if anything is excluded/included in the purchase of the property.
Having worked with several investor clients who pay cash, their offers can close quicker and with fewer hiccups; whereas, a primary home buyer might require financing and take longer to close. However, knowing what the seller is looking to accomplish is key as your offer can be adjusted to enable a good outcome for all parties.
Explaining why the above points are important to home buyers works in your favor as you have their best interests at heart in working to achieve a purchase. I’ve even gone so far as to explain to clients that we agents aren’t enemies and it’s in their best interests if I work to maintain an optimal relationship with the listing agent. This could benefit them as it shows our process can be effortless, less headaches for the listing agent. In Arizona we’re seeing multiple offers in all price points and our inventory is at very low levels.
It's imperative to do research before you show homes, let alone write purchase contracts.
Best be ready for multiple offers or your wasting your buyers' time and yours, not to mention gas!
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