Making an Offer a Seller Can't Refuse

In Avon Lake and surrounding areas with shrinking inventories, home buyers have competition when a new listing jumps into the market.  Kiplinger's Personal Finance has highlighted how today's buyer can create a more competitive "irresistible" offer to present to a seller.  Most of these are techniques, I have used over the years selling real estate in this area.  Nothing new but worth repeating!

• Be pre-approved!  Sellers EXPECT this documentation more than ever before.
• Don't lowball the sale price!  Today buyers are getting only one opportunity to get the home they want with inventory this low.  When title transfers on that property, wish I had $100 for every buyer who stated "I would have paid that amount for that home!"  Today you need to submit your best offer the first time!
• Increase Earnest Money!  This will let the seller know how serious you are about purchasing the home.  Every seller can counter an offer to purchase with a larger deposit to be held in escrow.
• Keep contingencies to a minimum!  Of course, all sellers prefer NO contingencies.  Buyers want to protect their interests also.  Kiplinger's suggest offsetting a financing contingency with a written preapproval (attached to your offer to purchase) and a strong earnest money deposit.  If you are so inclined and have enough cash....temper an appraisal contingency by assuring the seller if an appraisal issue arises, you would be willing to split the difference (up to a specific amount) or pay the difference yourself.   Then you MUST perform even if the appraisal is $37,000 lower!
• Write a letter!  Many buyers' representatives suggest writing a personal "love" letter about the home for the seller to win their hearts over!  In my opinion, the representative should write a note to the agent for presentation to the seller which addresses information provided by the buyer(s) about themselves, address the strength of the buyer (ready, willing and able) and how the buyer has been educated about what and why items may be negotiated after the inspection(s).

SELLERS AND BUYERS need to be educated there are three (3) times negotiation can occur in any transaction: first-buyer's offer to seller resulting in an agreed and signed contract.  Second-after inspections are completed.  Third-when appraisal is received by the lender and buyer(s).  Believe me, we are seeing all three negotiation periods occur in more transactions than not!

Questions about writing an offer that is hard for a seller to refuse, the agent you have hired to represent you should have all the answers!

Carol Murphy, Certified Residential Specialist

KELLER WILLIAMS Greater Cleveland West ~ Carol Murphy Team

Avon Lake Homes For Sale