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Recently, we closed on the house for my buyer in a multiple offer situation and we weren't the highest offer. This reminded me of my personal journey, we had put in a few offers (unsuccessfully) and after losing out on a house that we really liked, we were discouraged but trusted that our home was out there…we just had to be patient. So, how did we win in multiple offer situation for my buyer?
1. Finding out what is important to the seller? what is their motivation? When do they want to close? what might be some of their pain points? In most move in ready or all updated houses price is almost always important to the seller which typically leaves less room to negotiate and 99% works in favor of highest offer or cash offer. But not every shiny thing is gold and my job as an agent and an licenses home inspector gives me the opportunity to see and walk through hundreds of houses that look shiny with cosmetic upgrades/updates but no real strong bones and quality. I enjoy coming across houses built in late 1900s brick or cedar with good mill work character and structure that are time tested. Today these houses sell for premium and with the right upgrades it can be a huge value add. Try to build or buy a brink or cedar house in today's market you'll likely spend $1M+ and I am talking in farther burbs of Chicago.
2. So, back to how did we win in multiple offer situation? It was an older home, seller had put in time and money to prep for the market so they really didn't want a buyer who's going to come back with ton of inspection report fixes and obviously being an older home there were going to be things not up to code, reverse polarity etc., so we decided to take the home as-is i.e. we weren't going to ask for any repairs or credit but were protected by inspection contingency if we were not comfortable moving forward with, we would have been able to back out of the contract and get our earnest money back. That ended up being vary crucial for the seller as we learned. 3. Other thing is having loan offer contact the listing agent after submitting an offer. This can be a huge pain points for sellers, after buyer gone through inspection and attorney review but waiting on the financing. So, making sure your lender is bought into the time frame, that they call the sellers agent and reassures them that. 1. You are a super solid buyer. 2. They are familiar with lending in this (sellers) market, and they will close and approved in time. 4. All these things together, it was the total package buyer offered, price is obviously huge part of it but it's not everything. So, make sure when you are putting together an offer, you are considering the other things that matters to a seller. I hope this was helpful, let me know if you have questions.
Pro tip: Buy the house before the current owners has already made all the aesthetic changes. We made it easy on the sellers; and my buyers get to design their new home! & add value -they already picked out new granite counter tops with a waterfall edge. I cannot wait to see the completed product! |
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