In a market as tight as we have in Denver today home buyers need to write strong offers if they want to get them accepted. Low, low inventory can’t satisfy […]
In a market as tight as we have in Denver today home buyers need to write strong offers if they want to get them accepted. Low, low inventory can’t satisfy buyer needs, making the multiple offer situation more commonplace. With only one winning offer, savvy home buyers learn quickly what makes a strong offer. In the run for the real estate roses, it takes an experienced Realtor who understands how to write a powerful offer that will be seriously considered. Home buyers need to know what makes a strong offer so they can prepare to win.
1.) Get pre-qualified by your bank or a competent loan officer before writing any offers. I used to take buyers out home shopping before they’d talked to their lender, not anymore. I want you ready to go and ready to compete. If I have a strong lender letter in hand, it strengthens your position and makes the process easier.
2.) Often times the seller needs time to move. Using one Realtor to coordinate the timing of a sale and purchase is wise. When working with a buyer, I always call the listing agent to inquire about the seller’s timing needs. If your schedule permits, we can accommodate the seller by writing an offer with a 30-60 day rent-back period. This takes some of the pressure off of the seller, easing stress, and allowing them to stay in the home after closing to close on their replacement home.
3.) Up the ante. A good agent will never lose the earnest money you put up, so showing the seller you’re serious by adding more green to the pot will make them more likely to accept your offer.
4.) Use a cashier’s check for the earnest money. It makes no practical difference but subtly indicates to the seller you really are serious enough to take the time to get a cashier’s check.
5.) Write an Escalation Clause into your contract that says your offer will beat any other verifiable offer by, say $2,000, up to your top dollar amount. An escalation clause, when written correctly, asks the sellers to provide evidence of a credible higher offer so that you know you’re being dealt with fairly.
These are just a few of the strategies I employ to get your offer accepted and knowing how to stand out in a crowd of home buyers is key. Be prepared to compete. Because it’s always more fun to wear the tiara than the runner up sash.