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. Do not ask that items not normally included in a sale of a home such as furnishings or washer/dryer. Do not ask for carpet or paint allowances. Do not make your offer contingent on the sale of your home if you don’t have a contract on your home.
- 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 want to be out of their house, 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.
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- Let Them Win. Based on what you know about the seller’s circumstances, try to give them a “win”. Give them the closing date they want. Allow the seller one or two day of possession after closing to be out if that works for you. Let them know you are a reasonable person.
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.