How do I get my offer accepted in this extreme Real Estate Market?

Those are great tips, Scott.  This is not the time to be low-balling offers!

CONGRATULATIONS Scott, on having this blog FEATURED in the Old Farts Club group!  

So true Scott, the appearance of a great high bid price can be minimized even cancelled out by overloading contingencies into the offer.

Oh the frustration of being a buyer in a seller's market.  Work with a full-time, local professonial and LISTEN to them.

Honestly, there are many good offers being written right now in our market. We have noticed the winning bids are always the highest bids with the least amount of contingencies. They also include an addendum that promises the buyer will increase the down payment in the event of a low appraisal.  We lost two this week despite a minimum of contingencies, 30K over asking price, and an offer to bring 15K increased down payment.  The buyers are fully vetted and the sellers agents each received communication from the lender stating the strength of the buyers. It didn't matter. The highest and most outrageous offer is winning. Outrageous meaning way over value and no inspections. 

Hi Scott there is a skill to writing offers that escapes many agents.  I talked about this subject yesterday while teaching a ce course.  Many agents are frustrated with this crazy hot market and loosing offer after offer. If they listen and take heed of what experienced agents are teaching, they'll figure it out. Reaching out to the LA is also a very wise idea.  I prefer that agents call me up front and tell me about their clients and find out what works best for sellers. 

Great advice - buyers would be wise to hire the right agent and then follow their advice.

Hainling from NJ originally, this is a dangerous question to poase as the answer may include references to Vinnie & Ralphie and baseball bats LOL LOL ...Hey...YOU....

This is not a typical seller's market that we have been seeing for some time. We are seeing buyers offering free rent-backs, waiving appraisals and offering to pay the difference between appraised value and purchase price, and of course making over-asking offers, sometimes substantially so. Some are waiving inspections. A well-done pre-approval is a must-have, and having the lender contact the listing agent to review the buyers' qualifications can help. Finding out what's really important to the seller up front can help, too.

Jeff

My brother and I both got deals on day 1 with financing.

His was where the buyers Mom lived 73 yards away from the subject property and the seller, though using a listing agent, picked the neighbors kid to buy it.

Mine was one where I called the listing agent and said "If I get you a full priced offer, will you get it signed today?"  He said he did not know.  I said, "How bout I get you $1000 over the asking price, you get it signed today?"  He said, I will work on that.  It was a Saturday and Saturday night, they sent back a counter, with some challenging items, but we took it anyway.  Especially after the listing agent had 10 more attempted showings on Sunday.  Listing agent admitted he messed up and should have waited until Monday.

Such a timely article - neither helping buyers or finding sellers is easy right now.

Hello, Scott. There is an old saying "Experience is the best teacher". In this red hot, multiple-offer market, the minimums to even have a shot at success as the buyer's agent are; a solid pre-qual from a reputable lender (no form letters, etc.), see the home right away, go in with your "highest and best" offer (in most cases) as you'll be blown out of the water otherwise, limit your requests to none or very few, if possible, make sure every applicable line on every document you submit is filled out correctly and anything you write out is succinct and unambiguous. Another tip is to CALL the listing agent! Find out what the seller's hot buttons are. In other words, what is their real motivation to sell? So many agents just submit an offer without ever contacting the listing agent or even to let them know they submitted an offer! None of the above guarantees success, but it's a great head start.

Have your buyer's drft a letter to the seller telling the buyer's story. Make your clients more than a number. This has worked many a time for my clients over the years.

I think it's a good thing to tell a buyer why they lost. BA's shouldn't keep that a secret. They should report back on price, not enough down payment, not soon enough closing date - something.

A buyer's agent today must be knowledgeable not only about properties, but about the offers that are getting accepted.

You make some good points but the fact is there are too many GOOD offers on just every listing.  That's what has happened with the past five listings I've had. Several very good offers, from reputable agents, with excellent terms. There is just so much demand right now...easy for buyers to get discouraged.

Hi Scott,  Thanks for sharing these great tips.  Many  buyers are asking - and you are right the bottom line is write a better offer by hiring the best person for the job - one who knows the local trends.

We're seeing some very crazy offers. Can it get much crazier?

Key takeaway: All agents are not created equal. 100%!! Want to write better offers?? 1st step is to read the MLS and offer instructions... Oh how many agents disregard the comments and agent to agent remarks and then wonder why they didn't get pick. 2nd step...call...with your phone...and use your voice to talk about your offer with the listing agent. These days you get texts and emails, but a voice will make your offer MUCH more appealing or give you the extra details you need to actaully get an offer accepted!

Such an important article for everyone to read. This is not an easy market for buyers!