3 Tips To Getting Offers Accepted
Hey everyone! It's Austin Solomon at The Solomon Group - Coldwell Banker Action. Today we are talking about the 3 most important tips to getting your offer accepted in today's competitive market.
It's fun to see what's going on in the marketing from the selling side... as I get to see all of these offers coming in. I've probably seen about 150-200 offers in the last 2-3 months on our seller's homes. And of those, probably only 30 of those have gotten accepted.
Let's boil it down to the 3 things that are setting offers apart... that is what we're talking about today!
3.) Cash / appraisal deficit coverage
Let's start with price. This is one of the easiest ways for a seller to sort out the offers. They will likely keep the highest offers together near the top, and move the lower ones to the bottom of the pile. That's nothing new for buyers.
Something new this year is waiving home inspections. Like it or not, about half of the offers coming in right now do not have home inspections. I know a lot of people are not comfortable that, but in this current market, if half of the buyers are willing to waive them, buyers need to understand that having an inspection in there may require other terms to be more desirable to remain competitive.
I'm just giving some very broad advice in the marketplace... I would recommend you to consult with your agent, that is the whole point in having an agent to help craft a competitive offer and help you reach your personal goals.
The third point is having cash or an appraisal deficit coverage. When a property goes up for sale and we have multiple offers over the asking price, and the buyer has a financing contingency, one of the first questions the sellers ask is "will our property appraise for that much?" Are they actually going to be giving us the purchases price or will the appraisal come through low and will the buyer want to drop the price down? That is a legitimate concern for many sellers right now and rightfully so!
One of the things buyers are doing up-front is addressing that concern on the front-end. They are letting the sellers know they are going to cover a gap if the appraisal comes in low, they are still willing to pay more than the appraised price.
Quite simply, those are the 3 tips that can help a buyer get their offer accepted in this crazy market. I hope you enjoyed this short educational clip. For more tips - visit our podcast page or download on your favorite app.
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