Buyer Tip: Writing Your Best Offer...The First Time!

By
Real Estate Agent with Cedar Rapids/Iowa City, IA KW Legacy Group S44645

May the best offer win!   Unfortunately, neither of my buyers this weekend "won" the house that they wanted.  A cautionary tale...

 

This weekend, I had two different buyers at were interested in two different new listings.  The first buyer couple saw the house and wanted to "sleep on it".  Which is fine, I get it.  After explaining that this particular home would sell quickly and it would be difficult to find another like it, we parted ways.  But by the next afternoon when they decided to make an offer, the house was already gone.  Other buyers had slept on it the night before and there were multiple offers resulting in a sale price above the list price! In our current market, in specific price points, you don't have the luxury of "sleeping on it".  And if you do not already have your pre-approval in place or know how much you want to spend, you are also at a disadvantage.  

 

frustrated women at a computer

 

The other buyer, saw the house twice over the weekend.  With no other offers on the house, we had a unique opportunity to be the first offer.  But there was again an obstacle.  This buyer has a home that needs to sell first, and it isn't on the market yet.  So despite a strong offer, those two items were a deal breaker for the seller and the offer was rejected.  The seller received 4 offers on the house after the open house yesterday and it is now under contract.  

 

The first buyers are now pre-approved and ready to not let the next house slip through their fingers. 

The second buyers are going to continue to get their current home ready for the market and once it is online, it should sell quickly and we will be in a much better negotiating position.  

 

The pre-Spring market is a great time to sell, but buyers need to be ready to compete with their best offer out of the gate.  With multiple offers likely, we need to prepare by having the pre-approval ready, writing the strongest offer possible and moving quickly to make a decision.  The interest rates are still below 4%, so it is still a great time to make a move.  Call me today for a FREE buyers' consultation if you are thinking that 2018 is the year for you to purchase a new home.

 

Keep smiling!

 

 

Karen

 

 

 

 

Posted by

 

Karen Feltman, REALTOR®, ABR, AHS, CHMS,                                                                      CNE,CRS, e-Pro, green, GRI, SRES, TRC

Keller Williams Legacy Group

4850 Armar Drive SE Ste B

Cedar Rapids, Iowa 52403

Email: karenfeltman@gmail.com

Mobile  319-521-0701

www.KarenFeltman.com

Licensed in the State of Iowa

© 2010-2018 by Karen Feltman, Cedar Rapids/Iowa City Relocation Specialist 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Iowa Linn County Cedar Rapids
Groups:
Active Rain Newbies
Realtors®
1st Time Buyers
Iowa Real Estate
Addicted to Active Rain
Tags:
cedar rapids real estate
home buyer advice
home buyer consultations
cedar rapids home buyers
karen feltman realtor
home buyers in cedar rapids
buying a house in cedar rapids

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
2,553,949
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Sacramento has been low on good housing inventory for a couple years now.  "Sleeping on it," often has homebuyers losing out to more motivated and swiftly acting competitors.

Jan 09, 2018 06:32 AM #1
Rainmaker
3,631,204
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Karen. This is an excellent post and absolutely accurate everywhere always.

Jan 09, 2018 07:50 AM #2
Ambassador
1,976,451
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Karen, the old saying "if you sleep on it, you may not sleep in it" once again applies. Sometimes it takes buyers a try or two to realize there is a good reason why we inform them of the market condition and what to expect. 

Jan 10, 2018 06:11 PM #3
Rainer
65,994
Golden1 Agents
San Mateo, CA

Thank you for sharing this.

Jan 14, 2018 03:31 AM #4
Ambassador
3,983,135
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

That works exactly that way in my market too. Those that drag their feet, don't get the home.

Jan 20, 2018 07:43 AM #5
Ambassador
3,005,692
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES  took my comment.  I f you have to sleep on it, you may not sleep in it.

Buyers sometimes have to lose a house to get really serious about pulling that trigger.

Feb 11, 2018 03:10 PM #6
Ambassador
3,339,609
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Your market in Cedar Rapids is much like our pre-spring market - if you snooze, you lose! It typically only takes once for them to realize that they need to fully trust me on the 'hot' houses!

Great post, Karen! I'm sure you've gotten both of these well on their way to their home purchase by now.

Feb 11, 2018 03:12 PM #7
Post a Comment
Spam prevention
Show All Comments

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

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

Rainmaker
528,806

Karen Feltman

Relocation Specialist in Cedar Rapids, Iowa
Ask me a question
*
*
*
*
Spam prevention

Additional Information