I was fortunate to write an offer for a wonderful set of buyers last week where my expertise helped save them over $12,000! In our market in Franklin, TN homes are flying off the market faster than a buyer can look it up on the map. Buyers are competing with mulitple offers on the same property and many buyers are willing to pay above the asking price and remove any home inspection contingencies in order to help secure their offer as the winning bid. We looked at a home that they fell in love with and we sat down to write an offer. Before writing any offer, I always do a market analysis to show my buyers what homes have sold in the neighborhood, what homes are under contract and what homes are available. I did the necessary research on the home in question and discovered that I could not encourage my buyer to write an offer for asking price because I felt that the home was grossly overpriced. I could not locate any comparable homes in the neighborhood that had sold within $$40,000 of the asking price within the past 6 months. Another home on the same street just a few doors down, just went under contract for less than $400,000 and this home was listed at $439,500. I did some more research and even asked the seller to provide me with her CMA that she used during the listing process. Her comparable homes also were not within miles of the list price either. So I educated my buyer on what the market would allow for a home of that size and helped my buyer come up with an offer price that was fair for that neighborhood. Many agents would have allowed the buyer to write a full price offer because that is what is happening in the marketplace, but I assure you in 20/30 days when the seller has likely packed up all of their belongings, and the buyer is ready to move in, the appraisal would have come back majorly short and the whole deal could have fallen apart. I was able to attach my data and a letter explaining how we came up with the offer price to our offer and the sellers accepted our offer with no counteroffer. This home had also sat on the market for over 111 days where in Williamson County, homes priced between $350,000 and $450,000 in this area had sold on average in 45 days. I was able to use this data to make my buyer's offer appear stronger and more fair. If you are considering purchasing any home, please have your Realtor provide you with a comparative market analysis to ensure that you are not paying too much and that the home will likely appraise for the sales price.
For more information about how I work to best represent my buyers, please call me at 615-507-0481 or visit my for buyers section of my website at http://www.WilcoExpert.com.
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