When a listing agent receives multiple offers on behalf of a seller, breaking them all down on a spreadsheet is a great way to get an overview of the situation.
WHAT do you do when you have five identical offers? As a listing agent, I can tell you what we look for.....
Everyone wants to have their offer accepted, and they must be willing to take risks if they want to win. If a buyer Isn't willing to go the extra mile, they should limit themselves to placing offers on homes that have been sitting on the market for awhile.
Here are some tips that can help you stand out in a hot market:
DON'T offer under the list price with an escalator clause. If the home is overpriced, it won't sell and will still be available for you later. If you know there are other offers you have no leverage and the seller isn't ready to negotiate.
DON'T offer full price with an escalator clause. It is frustrating to see several offers that safely offer full price. Start out higher and stand out!
DON'T give a low earnest money. This is important and there are times that even the buyer's agent won't quite understand why. If you are a buyer who is scraping together 3% for a down payment, then a 3% earnest money is something you will not walk away from. If you are a cash buyer and put down a 3% earnest money that is different. At that point, if you saw another property at the eleventh hour that you liked better, losing the 3% may not be such a big deal.
DO offer your highest and best, or very close to it. You may be surprised that you are the only one willing to do so and this can immediately impress the seller enough to work with you.
DO have the home pre-inspected. No agent wants their client to buy something that is going to be a money pit down the road. If you know you want the home, go for it. Hire someone before you write an offer and don't have that contingency on your offer.
DO make it clear that you are willing to be flexible on your closing date. If the seller needs to rent back from you for a month or two, offer that option. In the log run it is worth the inconvenience.
DO write a personal note with a photograph of yourself and / or your family. This may sound corny, but it can be the tipping point for a seller who is reluctantly leaving their beloved home. Some owners don't care and yes, its true... money talks... BUT You don't know who is on the other side of the table and it may very well be someone you can win over by adding your personal touch.
We will help you stand out in a crowd! Call us today for a consultation.