Special offer

Think About “Goldylocks and the Three Bears” When Writing An Offer in Northern Virginia

By
Real Estate Agent with Integrity Real Estate Group

Writing the Right Offer in Northern VirginiaIn Northern Virginia the competition for listings is strong.  Not as crazy as the height of the market but in many cases listings will bring multiple offers.

For buyers that means working closely with a buyer’s agent to craft the best deal you can on your dream home.  Recently while reviewing offers on a listing in Woodbridge the book “Goldilocks and the Three Bears” came to mind.

Make an offer that is to low and your offer most likely will not even be considered.  What is to low?  If the average percentage of list price to sales price in a neighborhood is 97% and you make an offer for 80% of list price you can be fairly well assured your offer will not be considered.

If your offer is too high you may end up in the same pile.  Let’s face it appraisals are tight in today’s market.  Lenders aren’t financing just any deal and want proof not only of your financial qualifications but the value of the home you are buying as well.  Just as before if the list to sales ratio is 97% and you offer 120% a savvy seller will know that your offer won’t pass muster with an appraiser.

 

Finally there is the just right offer.  Not only does it fall in the parameters of the list to sales price ratio but it comes with a strong lender letter, a solid earnest money deposit (EMD), has reasonable requests on contingencies and seller subsidies.

If you are searching for a new home in Northern Virginia give me a call at 703-346-2213.  Let’s talk about how to craft the Just Right offer that will get you in your new home in 2010.

 

 

Posted by

                                   Real People*Real Lives*Real Estate

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations. 

Military Relocation Professional


Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.

Integrity Real Estate Group
 
Real People*Real Life*Real Estate

Licensed in the Commonwealth of Virginia



 

 

Comments (14)

Floyd Franklin
Zenith Realty - Reisterstown, MD

Cindy,

What you are saying is that Buyers should not waste their precious time, they should turn to the back of the story and get it "Just Right" from the start.

Great idea.

Feb 27, 2010 05:16 AM
Gerry Michaels
Glasswork Media Arts - Gettysburg, PA
GettysburgGerry Social Meida

I completely agree with you Cindy, it is all about pricing these days. Buyers of course know that the market is down, however they also all believe that the market trend doesn't affect their home...go figure,

Feb 27, 2010 05:25 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Cindy

The real estate professional should be guiding the buyers to make the right contract from the start.

Good luck and success.

Lou Ludwig

Feb 27, 2010 09:37 AM
Brian Block
RE/MAX Allegiance, Managing Broker/Branch Vice President - McLean, VA
Northern Virginia & D.C. Real Estate

Cindy,

Nice analogy.  And if someone is looking for an agent with "golden locks," that's you!

Feb 27, 2010 10:38 AM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Floyd-absolutely.  Now is not the time to lowball and offer in Northern VA.  Some agents might suggest to their seller to take an offer that is significantly over list price and then complain later that the appraisal process is flawed.  Study the numbers in the neighborhood and you can craft the right offer most of the time.

Feb 27, 2010 10:36 PM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Gerry-I think the best course I took in RE was the Fundamentals of Appraisal course.  I learned how to look at pluses and minus for properties and help determine a fair market value.  It helps me crafting offers for both buyers and sellers.

Feb 27, 2010 10:37 PM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Lou-you are right.  There is a difference between making OFFERS and BUYING a house.  Agents who study the market and prices trends know how to help their buyers actually BUY a house.

Feb 27, 2010 10:40 PM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Brian-have fun at the RE/MAX Convention.  I'm sure we will be hearing from you on the road. 

Feb 27, 2010 10:40 PM
Cara Pearlman
Frankly Real Estate, Inc - Bethesda, MD
Realtor - ABR, SFR

Cindy - what a great analogy!! We have bank clients rejecting offers that are too high all of the time because of the anticipated Appraisal issues. 

Mar 01, 2010 01:02 AM
Carra Riley & Declan Kenyon
Brokers Guild Cherry Creek Ltd - Westminster, CO
Helping people Transition at all ages!

Cindy...I think you are spot on with this post!!  Not to high, not to low - just right.

Cosmic Cow

Mar 01, 2010 01:43 AM
Carol Culkin
Diamond Partners Inc - Overland Park, KS
Overland Park Residential Real Estate

Cindy - Cute cute cute!   Wonderful analogy and a very clever post.  You can't get any more elementary in explaining things than this.  LOL.

Mar 01, 2010 08:22 AM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Cara-to high can be a big concern with appraisals.

Oct 01, 2010 11:16 AM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Carra-if you get it just right you just bought a house.

Oct 01, 2010 11:17 AM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Carol-thank you.

Oct 01, 2010 11:17 AM