There are so many foreclosures in our Marietta housing market, but there are a few exceptional deals in them. Those often get into a multiple offer situation. There are a couple of tips I use to get the advantage in a multiple offer situation that costs no more money to my buyers.
We offer double the normal earnest money. It shows you are serious, makes the bank selling the property feel more comfortable, and does not cot the buyer a penny more (as the buyer is credited back the amount at closing). Most offers will have 1% earnest money. I recommend to my client to put down 2%.
We write in a quicker closing date. Most lenders have realtors believing we need 30 to 45 days for closing. Find a lender that can do the job in two weeks. Yes, it can be done (well, maybe not if your client is going VA), and a quick closing makes our offer even more appealing. The listing agent will get paid quicker, the bank will get the inventory off their books quickly, and my client gets his house faster. Since it is a foreclosure, he can take immediate possession without having to schedule someone to move out. It is a win/win/win. The lender may be a little stressed, but he/she will manage because you are referring them business.
A two week closing may mean there is no need for a financing contingency, because the due dilligence/inspection period may run the course of the contract to closing.
On an offer for a HUD home, since the appraisal and some other closing costs are already covered, I often do not request the full 3% of closing costs that HUD will pay, because it is often not needed. That makes my offer's "net" more attractive.
If you are looking to buy a home in Marietta, Georgia, or the surrounding area, you will want the help of an exceptiional negotiator to help you get a great deal. We can help you get a great deal, and it does not cost you anything for our services. We are paid by the person whose home you buy. Start the new year out right by taking advantage of the great interest rates and low prices for homes, and in 2013 you will be delighted when your tax refund check comes in.
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