Ingredients to the Perfect Offer...

Look at you, all battered and bruised.  You’re losing offers left and right.  But that doesn’t have to be the case. Let’s get creative and break down that perfect offer.

By this time, if you haven’t picked up on what's going on in the real estate market, we are experiencing one of the lowest levels of inventory in history.  And even with crazy high interest rates, places like the DMV, are still experiencing another round of extreme buyer offer battles.

So let’s break the offer down, so we can zoom in on where to improve to make any seller excited to accept your buyers next offer:

1. Price. The more money, the better your chances. But, not always.  Sometimes the winning offer isn’t the highest or best.  The Key is in the guarantee.  The guarantee over that low appraisal can win you more times than the highest offer.  Because, let's be honest, you could offer unlimited money, but if you won’t pay over the appraisal, your offer is the same as all the other high offers.

2. Earnest Money.  This is an easy win in my opinion.  If you have contingencies, this number doesn’t really affect you as a buyer, especially if contingent on financing, because you always have that out.  Either way, this number can give a seller a large sense of security that you won’t walk away from this deal for some unforeseen reason.

3. Source of Funds and Downpayment.  Cash is of course king, but the next best is a higher down payment and conventional loan type. The higher the down payment, tells that seller that you are a more qualified buyer.  Nothing negative about other loan types like the FHA or VA programs, which are great loans, but can be more strict on condition and price, and for that reason, if you are using those loan types, making up in the other categories will help you still stand out in the pack of offers.

4. Closing Date.  Some sellers want a fast close, some want time to rent back to find or coordinate moving into their next home.  The more flexible you are here, the better your chances. And a bonus, if you are willing to give the sellers a free rent back, that will definitely get you brownie points. And for those getting a loan, settling fast is a possibility if you get your approvals finished prior to writing. 

5. Waive stuff or pay for stuff.  That’s right.  Are you willing to skip the inspection?  Or maybe forgo repairs?  Buy it as is? How about, pay the seller's transfer costs?  

Working with the right agent is going to be crucial in accomplishing this as you will need to gather the sellers motivations and be able to craft a thoughtful offer that the sellers just can’t refuse.