MORE THAN MONEY
Did the sellers recently purchase the home?
Have the current owners lived in their home or are they investors?
How quickly do the sellers want to close?
Are the sellers in a financial hardship?
Why are they selling?
Where are they moving?
When do the sellers prefer to close ie. transfer ownership?
Is the home in a Will or Living Trust?
Have the sellers had any recent bad experiences with selling? If so, decipher what components would make them more confident with your offer?
What if you don’t have a pile a cash lying around? Take the extra step and get approved with a lender who can provide you a Guaranteed Approval! When you have this one thing, you will out compete other like offers. Many of these lender guarantees come with a promise to reimburse both buyer and seller up to $5,000 if they are unable to close.
2. Close date – Time is money baby. If the seller prefers to close as soon as possible, the winning offer may (on paper) be less than the highest priced offer. But in actuality closing earlier could save the seller hundreds if not thousands of dollars in taxes, insurance and mortgage payment.
3. Earnest Money – Put some skin in the game. Earnest Money conveys to the sellers that you are making a Good Faith Offer. That is, you aren’t simply going to walk a day before closing because you got cold feet. Putting as much as 3% earnest money (3% of the purchase price that is) in a competitive environment, is sometimes warranted to get your offer in the winning seat.
4. Home Inspection – Have one. Yes. You heard me. Have one. If you don’t have extensive house knowledge, it’s not advised to purchase a home without hiring a professional to get into your crawl space, attic, scope your sewer line or septic and dig into every nook and cranny before going all in.
You can however, perform a pre-inspection ie. do a home inspection before your offer is accepted. If you do this and are satisfied with the condition of the home, you can check the box that you’re inspection is already conducted. This allows you to compete again home buyers who are waiving their life away. 🙂
Include a clause in your contract that states your Inspection is for Informational purposes only. It’s not advised you include this in the purchase and sale without the review of an attorney. This modification help compete again other home buyers who are choosing to waive their inspection.
5. Professionalism & Reputation – Work with a local expert. It pays to hire a Professional Realtor who knows the market, the other working professionals and has the resources to offer you when you need them.