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Tips to Strengthen Your Offer on a Home
As we approach the high season in the land of real estate, more and more properties are experiencing multiple offer situations. When two or more parties have submitted an offer on the same piece of property, it becomes a multiple offer situation. This is often referred to as a bidding war. However, it’s not always the party with the highest offer price that wins.
Many different variables affect the offer that ends up being selected by the seller. It’s important to understand these variables, so that you can craft the strongest offer. First, it’s important to understand what the seller wants. Has the seller already vacated the property? If so, they most-likely would appreciate a quick close. If they are still living in the home, you should inquire as to the seller’s ideal closing date, and craft your offer accordingly.
One of the most common oversights I see in offers submitted in a multiple offer situation is in the third-party financing addendum. The third-party financing addendum is required with any offer that involves financing. The first oversight I see is in regards to the term of the loan. The addendum spells out the limits for the interest rate and the origination charges. It puts a maximum value on these terms. For example, say ... more
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