Here are three ways we get lower offers on properties accepted.
Lately, my team and I have had great results getting out buyer clients’ offers accepted without even being the highest bidder. In today’s market, it’s common for houses to get 10 to 15 offers within the first 48 hours, and of course, only one gets accepted. A lot about buying has changed because of this hot market. My clients and I were frustrated with this trend until we made these three changes:
1. We started making cash offers. Gone are the days of 40-day closes. We’ve seen a lot of mortgage companies offering to buy the home for you with cash in exchange for a small premium. It’s totally worth it, though, because the closing happens within two weeks, and there’s less risk for the seller, meaning it’s more likely to get accepted.
“A lot about buying has changed because of this hot market.”
2. We increased the deposit fivefold. Before this hot market, you could put down as low as 1%, but because of the competition, it’s much better if you put down at least 5% or more. You do get full credit for it at closing, but a bigger down payment makes an offer look stronger.
3. We started asking for a short inspection period. A 10-day inspection period was normal before this current market, but a period as low as zero or three days will get the seller to consider your offer much more.
If you have any questions about this topic or anything else related to real estate, please give me a call or send me an email. I love helping you all out whenever I can.
