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How to Write an Offer in a Sellers Market

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Real Estate Agent with Pilkerton Realtors

How to Write an Offer in a Seller's Market

 

 

In a Seller's Market, it's not uncommon for a Buyer and Buyers Agent to find themselves in a multiple offer situation.

Often, when preparing the offer, it may be the only one. That can Writing an offer in a Sellers Marketchange quickly and turn into 2,3,4 or more offers arriving at once.

If the property is new on the market, a Buyer should prepare their offer assuming others may follow.

Take these steps when Writing an Offer in a Seller's Market:

First, show the Seller that you're qualified. Show that you have been to the lender, given them the documents they need, and that you've been Pre-Approved.

Have the Lender state that approval is based only on the Appraisal and Title work. This will be one of the strongest cards you hold.

Next, Offer a Large Earnest Money Deposit. This shows the Seller that you mean business. Unless you change your mind, this money is still yours. If for some reason the Inspection is a problem, the inspection contingency will protect your money.

Find out what's important to the Seller. This can be so overlooked. Your agent can have a friendly conversation with the listing agent and find out any "hot buttons" the seller might have.

This could include a quick close or and extended close. It could mean they would be comforted with a quick close and possible delayed possession. See what they need that you would be willing to concede to get that house!

Write your Best Offer. This is probably not the time you're going to "get a deal". So if this is the house you want, look at the comparables and write your best offer.

Include a Love Letter. Tell the Seller why you love their house. Most sellers bought the house because they loved it. Knowing the next homeowner loves it as well doesn't hurt your case.

Follow these simple steps and very well may Write the best Offer in a Seller's Market.

 

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Connie Harveyis a local agent with Pilkerton Realtors, serving home buyers and sellers in Nashville, TN, Brentwood TN, and Franklin TN. Let her help you realize your Real Estate goals. She can be reached at 615-371-2474.


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Comments(9)

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Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

Connie: Wise suggestions. A friend of mine lost a home to someone else because of a longer closing.

Feb 04, 2014 05:33 AM
Connie Harvey
Pilkerton Realtors - Brentwood, TN
Realtor - Nashville TN Real Estate

Hella - I try to find out where the Sellers are going and what type of closing they would prefer.

Feb 04, 2014 06:08 AM
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

Good afternoon, Connie. Great advice. I hope that you have a stellar year this year.

Feb 04, 2014 07:32 AM
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

Connie, these are excellent tips. This is often difficult for buyers coming from other parts of the country who may be experiencing a different market in their area.

Feb 04, 2014 08:20 AM
Jim Patton
Aspire Home Real Estate 209-404-0816 - Modesto, CA
Realtor - Stanislaus ,Merced, San Joaquin Counties

All good sugestions Connie. It's not time for the buyer to play games with the seller when it's a strong sellers market.

Feb 04, 2014 09:48 AM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Having a strong bank letter works in my area however we are not in a seller'smarket and haven't been for a couple of years.

Feb 04, 2014 11:36 AM
Connie Harvey
Pilkerton Realtors - Brentwood, TN
Realtor - Nashville TN Real Estate

Michael - Thank you. I hope you do too.

Tammie - I couldn't agree more.

Jim - Buyers often have to lose the first house before they get serious and start listening to you.

Debbie - We have such low inventory that it has become a sellers market again.

Conrad - Our market has really piced up.

Feb 05, 2014 04:39 AM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Connie, buyers need to know that a sellers market requires a different strategy.

Feb 05, 2014 08:42 AM
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Lots of great tips, Connie.  I especially like the 'love letter' to seller.  Works 9 out of 10 times.

Feb 05, 2014 10:43 AM