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5 Tools For Competing In A Multiple Offers Market
The real estate market is on fire right now, houses areflying off and on the market faster than you can blink, which is great forselling but it makes buying a little more competitive. When I say competitive,I mean you will start dealing with what is called ‘multiple offers’; this meansthat there is not only you, but one or more home buyers that have placed anoffer on the same house. You have to be ready to jump on the house you want,with the BEST offer possible. So, here are some tips that can help ensure thatyou are making every effort to get into the house of your dreams.
1. Offer Over Asking Price- I know, Iknow, this is news you hagglers don’t want to hear, but it’s the harsh truth. Rightnow, interest rates are low and so is the quantity of homes on the market, soif you really want to compete, be prepared to play ball. Of course, your agentshould make sure to have the comparatives for the neighborhood and know whatthe market value is, when going in over asking. Those are both imperativetools, when going in over asking price.
2. Don’t Ask The Seller To Pay For Any ClosingCosts- This tells the seller that you don’t have any more money and I don’tknow if you’ve heard, but money talks. Give them a little extra to walk awaywith and they may be more willing to look at your offer, over the others.
3. Put More Money Down- When you come tothe plate with your contract stating that you are willing to put 10-20% maybeeven more down, this will show the sellers that you mean business and you havethe money to back it up.
4. Don’t Ask For Personal Property- It’sespecially easy to walk into a wonderfully staged house and want that and when I say that, I don’t mean just the feeling of being home in that space,you think that their belongings are the key to that feeling. Well, they aren’t.And when I say belongings, I don’t mean the items that are included(dishwasher, ceiling fans, etc.) I mean, couches, TV’s, bedroom sets. Don’tmake the homeowner feel that they have to now come up with pricing for theiritems or feel like they are being pressured into selling them. That house willstart feeling like home to you, in no time and you’ll find the perfect ‘things’to fill it with.
5. Give The Sellers The Possession They Want-Be flexible and let the sellers pick the closing date. Of course, said closingdate needs to be within a reasonable time period, but let them feel that theyhave adequate time to get their belongings taken care of and out the door. Thiscan ease stress and tension and may just be the bargaining chip that seals thedeal.
The above are only 5 great bargaining tools. There areplenty more in your arsenal and you can’t be afraid to use them, a good agentshould know them all. You can even use multiple tools at once. You just have tojudge how much you want the house and of course, make sure that you aren’tselling the farm. Your real estate agent has the tools to ensure that the offeryou decide to go with, is in your best interest and gets you in as a strongcandidate.
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As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....