Goldilocks & The Three Bears-Writing The Best Offer For Your New Home
As most of my readers know, I'm not a big reblogger - but I loved this post. The same applies here in NY. This is a buyers market not a fire sale and the crazy lowballs that I see sometimes will not work. At the same time there is competition for homes in certain areas and people have actually gone a bit off the deep end bidding up the price. In this case, buyers need to be rational even if they love, love, LOVE the home. The bank needs to be willing to lend the money and they won't lend on anything that is over-priced.
In 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 Northern Virginia 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 75% 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. 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 and their agent will know you are counting on a lower apprisal to renegotiate the price.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 contingencies and seller subsidy. The just right offer is the one the seller will select every time.
If you are searching for a new home in Northern Virginia and want representation from an agent who knows how to write the just right offer give Cindy Jones and CJ Realty Group a call at 703-346-2213. Let’s talk about whether now is the right time for you to buy a new home in Northern Virginia and how to craft the offer that will get you in your new home before the end of 2011
No Hassle-No Pressure-Just Straight Talk About The Northern Virginia Real Estate Market
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 CJ Realty Group, Inc a call at 703-346-2213.
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