This is an excellent post by Candice A. Donofrio from AZ about making offers that are attractive to a seller. Everything in this post is so true that I had to repost it for any Tredyffrin Easttown or Main Line buyers who are not being successful with their purchase offers.
If a house is not selling it is often said it is the price, lower the price and it will sell. Likewise, if your offers are not being accepted, it may be the price, but it also may be the terms you are inserting into the contract. Think like a seller, what is goingto be attractive to them? And, please, just because the mortgage lender told you you can get a 6% assist think that sellers in the hot Main Line and local area markets are going to be falling over themselves to give it to you if they do not have to.
Nick Vandekar, lives and works in and around Tredyffrin Easttown School Diustrict and the Main Line, for help buying on or around the Main Line contact Nick Vandekar, Selling the Main Line with Long & Foster Real Estate Inc., office 610-225-7400, cell or text 610-203-4543, email Nick@VandekarTEam.com, website www.SellingTheMainLine.com.
I was in the grocery store yesterday and heard the checker talking to a stocker:
"Hey Joe, did you get your house yet?"
"Just lost the third bid!"
Hah! You couldn't PAY ME ENOUGH to get in on THAT conversation, but I knew exactly what was going on.
I don't do much residential, but our market here is flowing just like the Mighty Colorado that runs through it . . .
I thought to myself, "His agent is letting him make stupid offers! He'll NEVER get a house till he gets REAL!" LOLZ
Why would I think this, being a Mohave County AZ commercial real estate broker?
Because after selling hundreds of residential units in my earlier years, and handling a few residential units annually for valued clients, I know exactly what it looks like.
Agents do their buyer-clients NO FAVORS making wimpy wimpy wimpy offers!
And it's not ALWAYS about 'sticker price'.
Wimpy wimpy wimpy:
Low deposit, low return. Too-small earnest deposit is a terrible idea! You might as well say 'I can't scrape up enough skin to even BE in this game!' In almost all instances, the deposit is 'soft' until contingencies are cleared. So what's the problem? Make your deposit 'on the high side of customary for your area' . . . there's a reason it's called 'earnest money' - to demonstrate you're for real.
Dirty laundry. Contingency contracts may or may not be doable in your area, but too many 'subject tos' will decrease the buyer's desirability.
Moon and stars. If needing help with CCs, why further bend over the seller with a lowball if the house is priced right to begin with?
HEFTY HEFTY HEFTY:
Give to get. Think like a seller. What can you concede on that won't kill you, but might make the seller perk up? Shortened due diligence period or escrow? Buy your own home warranty?
Quality qualifying. A reputable lender in the local area can help you make inroads. MAKE SURE the lender is willing to engage with the listing broker. A lender who is unreachable or not forthcoming with basic information is a confidence-buster. They should be able to answer the question, "Is there any reason the borrower would have any problem closing this deal?" with a resounding "NO". They should also be able to state that proper and current application documentation is in.
Prove it. If paying cash, a funds letter from your bank stating that you have available funds to make this purchase will be necessary. Don't make us guess whether you have the dough!
Spic and span. A clear contract in plain language with no contradictions or ambiguities will reduce the need for analgesics and help your cause.
So . . . make your offer too sexy for Milan, New York and Japan!
And too HEFTY for a 'no'!
Bullhead City 86442, Fort Mohave 86426, Mohave Valley 86440
SEARCH FOR ARIZONA COMMERCIAL REAL ESTATE
On The Beautiful Colorado River ~~~
ALL WORDS AND IMAGES ARE INTELLECTUAL PROPERTY OF CANDICE A DONOFRIO AND NEXT WAVE REAL ESTATE INVESTMENTS AND MAY NOT BE USED WITHOUT PERMISSION. C.2010-2020
Don't even think about it.