I recently received a phone call from a woman who had read an ad for a listing I have. I had to tell her it was already sold, and explained that I have to turn in the ad 30 days before it comes out. It had sold 3 days after it came on the market with multiple buyers and over the asking price.
Her immediate reaction was from the gut and frustration. “What do I have to do to get a home?” I felt so badly for her, because I have buyers experiencing the same issue. There isn’t a perfect answer. We, as Realtors can advise in order to put the odds in our buyers favor, but sometimes nothing they do will ensure they will be the selected buyer.
However, the Realtor and their buyer, working as a team, should continue to put their best foot forward. Here is the advice I gave that woman.
- Have a Realtor working on your behalf – in this market, you can’t do it on your own.
- Listen to what your Realtor says – they have experienced this market and will give you the best advice.
- Be preapproved from a reputable lender.
- Be prepared to offer over asking. Your Realtor should be able to advise you as to the best price. Often times on this one, my buyers ask me how much over asking. My answer is, at what price will you regret not offering it and at what price would you say, I wouldn’t have paid that much anyway? That is your price range.
- Consider offering to pay the seller’s closing costs. Excluding commissions, you would be surprised how little this really is, but it always impresses a seller.
- Write a letter to the seller. Tell them how much you love the house and how you will take care of it. Give them a photo of the family. In this case, truly a picture is worth a thousand words! I have had buyers get homes even though they didn’t offer the most. The sellers just wanted them to have thieir home.
- Write an offer that has shortened recording and inspections times.
- Put as much deposit as you can – the sellers will be put at ease if you show you are willing to have “skin in the game”.
So, there you go! I just gave you all of my secrets. I wish you the best on your home search!