By Cristina Edelstein-Skurat
You finally found a house that checks all your boxes, it is in your desired area and fits within your price point. You and your real estate agent start chatting by putting in an offer. That’s when your agent tells you that after talking with the listing agent this home already has over 10 offers plus more coming.
You REALLY want this house and want to make sure you put in the strongest offer possible but you are not sure what it takes to beat out the competition…
The scenario above is what is happening for buyers every single day. Our team’s goal is to have YOUR offer be the 1 in 10 that WINS and gets ACCEPTED. We have helped over 500 happy clients and counting this year which gives us the expertise to know what it takes to win!
In this current seller’s market, offering above list price puts your offer in a competitive position from the start. For homes listed within $200,000 to $400,000, it is standard to offer 25% above list price. For homes priced within $500,000 to $700,000, it is standard to offer 5 to 10% above list price.
Cash or Conventional Mortgage Financing
On average, the majority of accepted offers are a minimum of 5% down or more in terms of financing your new home. In competitive situations, 20% down, or even better yet, cash offers, are often chosen as the winner. We have programs that provide solutions for many buyers!
Removing the Inspection Contingency
By removing the inspection contingency, the offer is not subject to negotiations or cancellation due to the results of the inspection. We like to recommend that our buyers do the inspection prior to a highest and best deadline to make informed decisions yet still win on their dream home.
Non-Contingent on the Sale of Another Property
When your offer includes a non-contingent clause, this means your offer does not require the successful closing of your current home or another home in order for this sale to go through.
Appraisal Gap Coverage
Your offer has language that you would cover any difference if the property does not appraise at the purchase price. Gap coverages can range from $1,000 all the way to the entire amount.
Your chances for success go up for every winning strategy you include in your offer listed above. And very often it’s not just the price that determines the winner. Usually it’s about the offer as a whole, the expert agent representing you, their communication style, the overall tone of the negotiation, and who the seller trusts is the best fit for their home. That’s why it’s so important to work with an expert agent who knows the industry and has the expertise to help you achieve your real estate goals!