Do you keep losing bidding wars on your new home purchase? Well, there may be a good reason why the seller chose someone elses offer over yours. In the world of hyper competive offers, sellers are looking at the cleanest offers first and disregarding offers that have way too many clauses or contingencies.
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If you have been offering on homes with no success you may want to eliminate these 3 things from your offer.
Closing costs- Are you asking the seller to make a contribution towards your closing costs? Buyers who can't pay their own closing costs are seen as a risk in the sellers eyes. While you can make your offer higher to account for the closing cost request, the raising of the price can create appraisal issues down the road. Unless closing costs paid by the seller are absolutely neccesary, you would be best advised to skip that request.
More: Getting Outbid? 5 ways to make your offer stand out!
Home Warranty- For young buyers having a home warranty can help add peace of mind when purchasing a home, knowing that you have a buffer against costly repairs during that first year. While the cost is usually only $500 to $600 it can be the difference between your offer and another being accpeted. If you really want a home warranty, agree to pay for it yourself!
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Contingency to Sell Your Current Home - Do you need to sell your current home before you can purchase its replacement? You would be best advised to get it SOLD first. At a minimum you will want to have it under contract before offering on a new home. Most sellers will not accept a contract that has them waiting for you to sell your home, especially when they have non-contingent offers to choose from. While it may be scary to sell your home before you have its replacement, it is a risk you may need to take if you want to be competive in a multiple offer situation.
Have questions about the current market? Want an experienced negotiator on your side? CAll US, we get the job done.
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