Top 10 ways to strengthen your purchase offer and beat out competing buyers
Going above the asking price doesn’t always sweeten the deal
This post by real estate agent Janna Scharf, of Keller Williams Realty Coeur d’Alene, was originally posted on ActiveRain.
I just finished up with my fortunate seller client who had the difficult task of deciding which one of three excellent offers to accept for the purchase of her home. That’s right, three outstanding offers.
I had a conversation with the agent for each potential buyer and explained the following to them: There will be three competing offers. The seller is doing a Home Affordable Foreclosure Alternatives-approved short sale. There was no point in running the purchase price up above the fair market value that Wells Fargo was willing to accept, which was the listed price. The seller is not going to receive any of the sale proceeds. What would be the deciding factor for her is the strength of the buyer, and their willingness and ability to hang in for the duration. I suggested each of them do whatever they could to strengthen their offer in every possible way.
We ended up with three excellent offers, essentially all full price. How to decide? We could have used a dart board, because the fact is they were all great. I pulled out my legal pad and started splitting hairs in a side-by-side comparison.
Sometimes I think buyers and their agents don’t realize that there are many different ways to strengthen a purchase offer besides just the obvious one, the purchase price. This is always something to seriously consider when making any offer, whether or not competing with other buyers. What follows are some things a savvy buyer will consider when making a purchase offer in any situation.
Top 10 ways to strengthen your offer:
via Top 10 ways to strengthen your purchase offer and beat out competing buyers | Inman News.