Recently, it seems like every property that I write up has at least two other offers that I have to compete with. While the market is still not where it was, there seem to be plenty of buyers going after the best deals. If you are a buyer who is planning on getting a ” deal “, you need to write your offer as clean as possible if you are to have any chance at success.
By ” clean “, I mean nothing extraneous. If something doesn’t have to be there, cut it out. When you are in direct competition with other buyers, the extras could make all the difference. For instance, don’t ask for a home warranty in your offer. Home warranties only cost around $300.00, aren’t that useful, and are not worth losing a property over.
Make sure that you offer 3% as a deposit. Anything less will make the seller doubt your commitment to buying to property. If you are not willing to put 3% at risk, why would a seller feel comfortable choosing your offer over one that does? The seller needs to feel like you are willing to go the distance and see this transaction through to the end.
If possible, don’t ask for a lengthy escrow period. Anything over 30 days makes it appear as though you don’t have everything in order. It also makes it seem like there is a greater chance for the escrow to fall through. Keep in mind that the market is still declining and taking a property off the market for two months may cause it to fall further in value. If you are using an FHA , VA, or other government program, you probably don’t have any choice but to ask for at least 45 days on the escrow. In that case, tell them it will be 45 days or less.
Last but not least, do not ask for anything that is not offered with the house. For instance, the home is filled with some nice furniture but, it is not offered in the listing details. Don’t ask for it in your offer. If somebody else is trying to get the furniture and you aren’t, that will make your offer look that much better. This is especially true if the items you are thinking about asking for appear to be things that might have sentimental value to the sellers. Asking for the teddy bear in guest room that the sellers Grandma gave her in 1965 is not going to weigh in your favor.
If you do everything in your power to keep your offer simple, clean, and straight forward, you will have a much better chance of getting the property you are attempting to buy. So many buyers get caught up in the belief that they need to get everything they possibly can out of a seller that they miss the boat on some great deals. I hope this has been helpful and if you want any more information or I can help you in any way, please don’t hesitate to contact me at firstname.lastname@example.org.