In a seller’s market where inventory is low, multiple offers are the norm. To help my buyers win in multiple-offer scenarios, I coach them to “think like a seller” in order to get their offers accepted. That means getting creative – and understanding that the best offer is not always the highest offer!
Below are some ways that you can “think like a seller” and be more strategic about submitting a winning offer. The goal is to show the seller that you mean business – that you want the house and you will do everything on your end to make the process smooth and problem-free.
- Put Yourself in the Seller’s Shoes: Consider perks that might appeal to a seller. For example, you may want to offer to let the seller leave behind garbage that you will dispose of. You also might offer to take care of the cleaning before you move in so that there is one less thing for the seller to take care of. Maybe the sellers would welcome one more summer in their family home. You may consider offering to rent it back to them for a specified time period or offer a flexible closing date to make it more convenient (there are pros and cons to consider, of course).
- Consider Waiving Contingencies: To a seller, a contingency represents a hurdle during which the transaction may fall apart. In order to think like a seller, waive contingencies or at least limit them to what is essential. That means that if you are unable to secure financing for a mortgage, you won’t ask for your earnest money to be returned. Or that you will shorten or waive an inspection. Many sellers allow buyers to do a “pre-inspection” before making an offer so the buyer feels comfortable waiving the inspection. Or waive the appraisal continency and offer to bring money to the table if the home does not appraise for the offer price. Again, there is a lot to consider here and I want you to be protected, so I will let you know the pros and cons so you are comfortable with your strategy.
- Make Your Offer as Clean As Possible: To a seller, making your offer as clean as possible means that your offer is not contingent on the sale of another property and does not have other financial constraints. It should also be free of seller concessions, which are things that a buyer asks for outside of the offer price, such as help with closing costs.
- Money talks: Despite what I said above that the best offer is not always the highest offer, for many sellers it is all about the money. In many cases the winning offer will be above “full price”, so be prepared to offer more than asking. Also consider increasing your down-payment and putting as much of your down-payment into earnest money in order to make a strong impression. Sellers appreciate this because they feel it ensures you won’t break the contract because you will be worried about losing this money.
If you are ready to buy, give me a call at 253-222-2626 or send an email to firstname.lastname@example.org. Together let’s strategize on how you to help you think like a seller to get the home you want!