Writing a Strong Offer
As a homebuyer, in the ultra hot Austin market it is important to position your offer to win. With many buyers competing for the prime listings how you position your offer matters. Here are a few tips to consider. It is also important to consider an agents level of experience as some tactics to strengthen offers may come at an expense or added risk to you the buyer.
“Highest and best” is a term you’ll often hear during an overheated seller’s market, when there are few homes available to lots of buyers. It s the strongest offer one can submit on a home for sale.
In this market, prices are escalating quickly (the old supply-and-demand economic model at work) and bidding on homes has become frenzied.
In a seller’s market like we are now you’ll typically be faced with competition from investors – those guys and gals that come in waving lots of cash and proffering enticing promises to close quickly.
Although it’s not impossible to win against these buyers, it is challenging. The most important thing to remember is that the seller is in charge. Because of this, don’t plan on receiving any concessions from the seller. In fact, don’t ask for them. If you do, and there is a clean cash offer, you will lose.
To beef up your offer, consider doing the following:
- Go through the offer with your agent and look for ways to shorten time limits – offer to have the home inspection complete quickly, for instance.
- Skip asking for seller concessions.
- If you have the money, offer to pay the owners title policy. This gives the seller extra at the closing table, while not raising the offer price.
- Consider shopping for homes priced under your maximum loan limit to give yourself more money to use as seller incentives – such as the aforementioned credit for owner title policy.
For more ways to win in this hot Austin Market contact me today.
Writing a Strong Offer
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