How To Stay in the Game After Losing an Offer
Home sales across the country increased to their highest pace in almost six years, according to the National Association of Realtors. First time home buyers are out in force, joining seasoned home buyers in the quest for a home.
The lack of housing inventory increases the competition and the number of contract offers. Last week, we wrote a contract for a modest single family home. Our offer was one of ten. Tuff times indeed!
If you've lost a deal or two, here's some advice
- Re-evaluate Your House Buying Plan-if you are buying a home with someone you have to agree on what you want-talk it out. This gets back to a previous blog about writing a "need" & "want" list. There should be only 1 list!
- Accept that you may have to go full price or higher-when there is competition, you have to stay in the game. Have your Realtor provide a CMA (comparative market analysis). Review the comps with your Realtor to develop a strategy. Talk to your mortgage lender before making any financial decisions.
- Consider writing a Seller Letter-writing a letter to the home owners may sweeten your offer, but don't expect too much. Most of the time, the home owner will go with the highest offer or most qualified buyer. Having said that, we have had success with Seller Letters. If you really love a house and want to write, we encourage you to do so.
- Consider doing a pre-contract inspection- a home inspector does his work prior to submitting a contract. This way, when you write an offer, you won't need a home inspection contingency.
- Patience and Persistance-if you don't have much cash and you are not in a position to escalate above list price, hang in there. A couple of times a day, check your auto updates from the Multiple Listing Service. This is the list, provided by your Realtor, showing the most current homes listed for sale that meet your search criteria. When you find a home of interest, call your Realtor. Get in to see the homes you like as soon as possible. We have had success with this strategy especially during the work week. Sometimes a Seller doesn't really want to have an Open House. If you submit a solid offer, they may cancel the Open House.
This strategy can work!
It happened for our Home Buyers last summer.
Happy House Hunting!
If you are searching for a home in the Greater Washington DC area consider Exclusive Buyer Agents with Buyer's Edge.
Victoria Henderson is an Associate Broker, licensed Realtor in Virginia, Maryland and Washington DC
Marshall Henderson is an experienced Realtor, licensed in Virginia, Maryland and Washington DC
Members of the National Association of Exclusive Buyer Agents
Washington's Premier Buyer Brokerage
4849 Rugby Avenue Bethesda Maryland 20814 office 301.657.1475 cell 301.922.1677
Real Estate for Home Buyers
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