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Everybody knows we’re in the midst of an absolutely insane real estate market. Home prices have been rising for years now, and COVID only accelerated those increases due to interest rate decreases and supply/demand imbalances. This has created significant issues for buyers!
With seemingly 10+ offers on homes within a few days of listing, buyers are left scratching their heads on how they can possible get the home of their dreams. Prospective buyers are doing everything from offering thousands over asking price, to making offers without any contingency protections. These can be dangerous waters to tread, as it can leave you at risk of huge loss.
So what is a buyer to do?
Is it possible to get an offer accepted without going $50,000 over listing price? Can you get a home without eliminating your inspection contingencies? The answer is a resounding yes!
While it of course helps to have these items included with your offer, there are many reasons sellers accept offers, and price isn’t the only thing.
It pays to find out what is important to a homeowner in putting their home up for sale. Oftentimes that seller may be trying to find a new property, so offering to allow the seller to have a free rent-back of the home after closing escrow could be a huge bonus. This provides the seller an opportunity to avoid a double move later on.
Prospective buyers can also offer to shorten contingency dates, without fully eliminating them. That way they aren’t putting themselves at risk of something like mold issues, that would normally be uncovered by the home inspection. Eliminating being able to uncover this peril can be a careless choice.
It can also be very helpful for buyers to have their lender call the listing agent to support their buying qualifications, as well as providing an opportunity for the lender to validate shortened timeframes.
Buyers must work with pros!
In this market, it pays for buyers to have a highly qualified Realtor and Lender in their court. Now more than ever, it’s critical to have professionals who can go above and beyond providing the standard services. Each home and corresponding transaction are unique. Qualified professionals will be able to help you navigate through the process and stack the odds in your favor for getting into your next home!
Feel free to reach out with questions…we’re here to serve your best interest!