Posted on: 14 June 2021
Whether it is due to pent-up demand, post-pandemic wanderlust, or a historically low interest rate, houses are selling fast. Buyers across the country are having a difficult time getting their offer accepted when they are competing in multiple offer situations. There are several things you can do, however, to get your offer noticed.
1. Offer over: As of to date, over half the homes on the market have sold for over the asking price. In fact, in some markets, selling for one million dollars or more over the asking price is becoming the norm. Offering more than the list price may be frustrating, but it is one way to make sure you win the house when you are in a multiple offer situation.
2. Waive appraisal: Most offers are contingent on the home appraising for the asking price. Many homes are receiving multiple offers for above the asking price. In fact, the U.S. housing market gained over 2.5 billion dollars in value due to this phenomenon in 2020 alone. When you waive an appraisal, you are letting sellers know that even if the bank doesn't appraise the home for your excessive offer, you have the cash to back up your deal.
3. Waive inspection: While an inspection is a crucial part of the home buying process, you could offer to waive the inspection when you write an offer on houses for sale. While this isn't recommended as an inspection can help inexperienced buyers identify problems with the home, like foundation issues or mold, it is becoming commonplace in this fast-paced, seller's market. This is appealing to sellers because it eliminates the stress and hassle of a home inspection for them.
4. Give occupancy: Ask your real estate agent to find out if the sellers are ready to move. In many cases, granting them 30 days or more of occupancy after the closing is just what they need to pack and get their things in order. Buyers typically want possession on the day of closing. If you are not in a hurry, the sellers may appreciate your leniency.
5. Pay costs: In a traditional sale, the sellers bear the brunt of the closing costs. In fact, they pay the full commission for both real estate agents out of their proceeds. An offer on their home that offers to help pay for some or all of those fees will definitely catch their eye and may just help you get the home of your dreams.
This post-pandemic craziness won't prevent you from buying a new home if you know how to make your offer stand out from the crowd and appeal to the sellers. For more information about homes for sale in your area, contact a local real estate company.Share