Getting your real estate offer accepted.
By Wayne B. Pruner
http://www.yourhomeinportlandoregon.com/
Wayne's Portland Oregon Real Estate blog
www.activerain.com/waynepruner
It is of great importance to position yourself to have the "Best Chance" to get your offer accepted. You enhance your chance of getting the home of your choice by doing the following:
Get pre-approved for the purchase.
•· A Seller wants to know that you can get a loan and complete the transaction. If there are multiple offers, the Seller is going to choose the one that has the financing in-place. You have demonstrated that you are a serious buyer. Getting pre-approved takes very little time and is of great value.
Submit a strong, competitive offer.
•· When you find the house you really want, make a strong, informed, fair offer. You have been planning on buying for years and searching for houses for months. Do you really want to risk loosing this house and have to keep searching? If you genuinely want that house, don't play games.
Include a substantial earnest money deposit.
•· Acceptance of an offer is sometimes determined by the amount of the earnest money deposit. How large of an earnest money deposit should you offer? A large earnest money deposit generally makes an offer more desirable. Sellers want the biggest deposit they can get. The size of the deposit gauges the commitment of the buyer. However, buyers do not want to tie up an unnecessarily large amount of money. A decision has to be made on how attractive to make the offer, versus the amount of the buyers money that is at risk. A rule of thumb is 3%-5% of the purchase price.
Minimize or eliminate contingencies.
•· A contingency is a condition that must be met before the sale can be completed. Some conditions are absolutely necessary, such as for financing and inspections. Making the sale "subject to" your wife getting a certain job or the neighbors cleaning up their yard, are not. The fewer the contingencies, the stronger the offer.
Have a buyers' profile available.
•· Appeal to the Seller's emotional side. Describe your family, your job, why you like the sellers' home, etc. and submit it with your offer. Having a solid offer and introducing a human element may tip the balance so the Seller accepts your offer.
Be aware of new listings.
•· Check new MLS listings daily. Be prepared to view a new property fast. Homes sometime sell in hours in a hot market. Even in a slow or average market, desirable homes that are properly priced sell in a few days.
Provide comparables on property.
•· Have your agent substantiate your offer with the price of other homes sold in the area. A Comparable Market Analysis in the area will suggest the appropriate price to offer.
Buyer and agent need instant communication access.
•· Both the buyer and the real estate agent need to have instant access to each other via phone, fax, and e-mail. First with information wins.
Wayne B. Pruner is a Realtor® in the Portland Oregon area. He is ready to help you with all your real estate needs. His phone number is 503-891-0795.
Comments(1)