Tips for getting your offer accepted

Getting an offer accepted in this market can be a challenge, especially when searching for properties at or below the median home price for any given area. Knowing how to structure an offer and doing some research can certainly increase your odds and possibly get you into that home you actually want vs. the only one you were able to get.

Know what details are in an offer

Buyers need to be educated on what is found in the purchase agreement. Many seem to have the idea that an offer is just about writing in a price. Close of escrow date, inspection contingency, appraisal contingency, termite reports, repairs, home warranties, deposits, loan types, down payment and closing costs are many of the “terms” that make the difference between an offer getting accepted versus another. To make your offer as competitive as possible, try cutting down on as many time frames and expenses you are asking the sellers to cover. At the end of the day, the seller is looking at the bottom line not your “offered price”.

Agents with personality usually get the job done

Notice I said usually. That’s quite simply because no amount of personality will make a lowball offer attractive. They key here is to work with an agent who is somewhat well-known or at least well-liked among his/her peers. You’d be amazed at how many offer tie-breakers are decided based on who the agent on the other side is. After all, we are going to be working with that agent for the next 30 to 45 days and we’d like it to be enjoyable.

Know the comps

Most offers don’t get accepted because they are not realistic. Just because the list price is $300,000 does not always mean the seller will accept $300,000. Market value is what a ready, willing and able buyer will pay today. With so much competition, not only should you be aware of what homes have been selling for but also what we expect home prices to go. The key here is to have an agent who is up to date on his knowledge of neighborhood comparables, similar sold homes. This will prevent lots of heart ache in the long run.

I hope these tips will have you rethinking your strategy and get you into your new home soon.