Sandy UT - 5 Steps To Make Your Offer Accepted
With home inventories in Sandy UT still low and the most desirable areas in what many consider as a 'Sellers Market', many would be home buyers have been left feeling like they might have missed the opportunity of a lifetime. Just when you are getting discouraged, you notice that prices have dropped 1% in each of the last 2 months. You might start thinking that spring is a good time to start looking for your Dream Home again. The problem is that so are all the other potential buyers that thought they had missed their opportunity.
The fact is that inventories of homes are low and there are many buyers for each well-priced home on the market.
So how do you make your offer stand out and be the one that is chosen?
1- Get Preapproved - Not prequalified.
Get your financing lined up before you start submitting offers. While you may know that financing is not a problem, the Sellers don't.
Preapproval involves filling out a 1003 mortgage application and providing all documentation required by the lender. This will involve showing your assets and income. Making sure that you are approved will help ensure that there are no suprises prior to closing.
2- Be Flexible.
Many Sellsers are looking for a 30 day close, but some Sellers may need to wait 45-60 days.
If your are competing with other offers, make sure that your offer is as clean as possible. Don't expect your offer to come out on top if you include a clause that you will have to sell your house first. If you do, your offer will not be considered. You might need to risk having two homes of a short period of time.
Sheryl Hodor, an agent with Bershire Hathaway HomeServices Florida Realty, agrees.'the buyer should feel comfortable makeing an offer with a quick closing, not mortgage contingency and a limited inspection time frame' she says.
Most Sellers understand that a mortgage contingency will allow the buyers to back out of the deal. A Seller doesn't want to take their home off the market for an offer that they are unsure can close.
3- Make them an offer they can't refuse.
Don't be afraid to offer the full listing price or even over the list price to ensure that your offer is the best offer. Now I'm not saying thousands of dollars over the list, something as simple as $250 over the list price with a short close will get the Seller's attention.
Again keep the offer clean-the fewer contingencies the better.
4- Act Fast.
While I'm not advocating rushing the process, if you have done your homework and know that you can affort the house and love both the house and the neighborhood then you should show some urgency.
Times are different than they used to be. We live in an age of instant communication, minutes can and does make the difference between getting your offer accepted or rejected. Don't hesitate using technology to your advantage. Most Agents are familiar with how to use electronic signatures to make sure that your offer is presented in teh fastest time possible.
5- No Lowball Offers.
Don't waste everyone's time by making a lowball offer, thinking that the Seller is expecting a lot of negotiation. Lowball offers run the risk of offending the Seller and in a multiple offer situation that could be the death of your offer.
Don't spin your wheels haggling over $500 or a $1,000 dollars on a $375, 000 dollar home. It isn't worth it. This is not a time to be petty or cheap. You have done your homework-you know the house is worth what you are offering.
Contact me today if you are interested in buying or selling your home. I want to help you find the ideal home for you and your family. Call, or register online today!
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