Multiple Offers – Details Do The Talking

Reblogger Don Sabinske
Real Estate Broker/Owner with Don Sabinske, Sabinske & Associates Inc. 539MN

Amanda Davidson wrote what I consider an exceptional post about the details of making an offer in a multiple offer situation.

This is starting to become an issue on some of the more desireable properties here, too.

 

Great advice, Amanda. 

Original content by Amanda S. Davidson 0225221517

Multiple OffersThe Northern Virginia Real Estate market continues to be strong and with low inventory, shortened days on the market, and lots of buyers multiple offer situations happen every day.  As a buyer is can be frustrating when your offer isn’t selected even downright discouraging when it happens more than once. Price is and will remain the biggest factor but, when a seller is looking at multiple offers the small details pack a powerful punch.

 

Multiple Offers - What To Consider When Writing A Contract

1.     Price – if you know there are multiple offers don’t lowball, other buyers aren’t going too and when the seller sits down with their agent the first thing they’ll look at is price. Put in an escalation clause to exceed another offer by X amount up to up to X sale price.

2.     Pre-Approval- make sure the loan officer knows they need to be available to take the listing agents call to verify financing. I call all of the lenders listed on pre-approvals to have a brief conversation with them about the potential buyers financing. If they don’t answer or return my call my seller will know.

3.     Contingencies- shorten or eliminate as many contingencies as possible. A 15 day home inspection contingency vs. a 5 day home inspection contingency can make a big difference when a seller is comparing offers.

4.     Termite Inspection- if your type of loan allows it pay for your own termite inspection. Typically a seller paid item and not an expensive one at that but, when looking at offers every detail counts.

5.     Home Warranty- if the seller isn’t offering one up front but, you’d like to have one put in the contract that it will be buyer paid. Again not a big ticket item (about $370) but, the small things add up. Combine that with a buyer paid termite inspection and that’s a difference of $400 in the seller’s eyes.

 

In the grand scheme of things these are minor items. If you could pay an extra $400 to be the chosen offer, would you? Most buyers answer yes without hesitating. Consult with your Realtor® on how to make your offer stand out. When in a multiple offer situation details do the talking. Please note that doing all of these things does not guarantee you will be the chosen offer but, it does give you the best chance at be selected.

 ************************************************************************************

Spot Light on Alexandria, Virginia Neighborhoods

Runnymeade Townhomes In Alexandria, Virginia

Autumn Chase Hunt Subdivision In Alexandria, Virginia

Island Creek In Alexandria, Virginia

Olympus Condos

Founders Walk

Cameron Station 

 

Living A Dream Real EstateAmanda S. Davidson - Featured on WUSA9
Co-Owner/Broker Living A Dream Real Estate

8201 Greensboro Drive Suite 300

Mclean, Virginia 22102

Cell: 703-431-3755
Fax: 703-562-7057
Web: www.livingadreamrealestate.com

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Groups:
Active Rain Newbies
Realtors®
The Lounge at Active Rain
Addicted to Active Rain
M.A.N.C.R.O.W

Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
637,936

Don Sabinske

Sabinske & Associates Inc.
Relocating to Sherburne County? Call me!
*
*
*
*
Spam prevention

Additional Information