In today’s market where there is a lack of inventory of homes for sale and homes selling quickly, as a buyer you want to put present the best offer you can to the seller. Here are some tips on how to be successful.
- Keep It Simple. Try to keep your offer as clean and simple as possible, so don’t ask that items not normally included in a sale be included in your offer, such as furnishings or washer/dryer. Don’t ask for carpet or paint allowances. Don’t ask for the purchase of the home you are making an offer on to be contingent on the sale of your home for sale if you don’t have a contract on your home yet.
- Know Your Seller. A good agent (like us) will try to find out as much as possible about the seller’s situation, such as why they are moving, if/when they have to be out of their home, how long they have been on the market, are there any other offers on the table or coming. While it is not always possible to get this and other information, any tidbits you can learn can help you make the appropriate offer.
- Let Them Win. Based on what you know about the seller’s circumstances, try to give them a “win”. If they need the money from their sale fort heir next purchase, try to give them the closing date they want. Also, be considerate and give them 2 or 3 days after closing to make their move if at all possible.
Bonus Tip- The above ideas don’t mean that you cannot negotiate to get the best terms for you. Even in today’s tight inventory market, it is often appropriate to ask for a price or closing cost concession on a resale home IF you are not competing against other offers. And most sellers consider it appropriate for you to ask them for a home warranty.