Inventory across the country is at historical lows. There are stories of homes getting over 100 offers in a day in some of the hottest markets. Your market might not be that crazy but if you’ve been submitting offers over the last year, then you’ve likely been writing offers for your clients that are up against several other offers. Below are 11 ways you can write a winning offer for your client.
#1: Forfeiting earnest money if your clients walk away during inspections. Release of contracts are at an all-time high in most markets. Your clients can provide some comfort to sellers knowing that if your buyers back out they’ll get the earnest money to help with lost time while being under contract with your clients.
#2:Post-closing occupancy. Sellers also have the trouble of finding a home to buy after selling. If your clients can offer post-closing occupancy then that’ll give the sellers more time to find a home to buy.
#3:Call the listing agent. Build as much rapport with the listing agent as possible and ask what their buyer would like to see on a contract. Make your clients sound like the most qualified buyers too.
#4: Have the lender call or text the listing agent. This will help show your clients are very qualified and represented by a great lender.
#5: Waive the inspection contingency. If your buyers are comfortable with it waive the inspection altogether. While many things can come up wrong with a house post-closing, you’ll get a sense while at the house about how well the sellers took care of the home. The sellers’ disclosure should provide you and your buyer’s additional info on whether to feel comfortable about waiving the inspection.
#6: Waive the appraisal. If your buyers have the capital available then this is probably one of the best options. Most homes are selling well over the asking price and appraisals are starting to come in well below under contract price.
#7: Simplify the offer. Making the offer as easy to understand as possible can be a big winner. This can be done by not asking for a home warranty, waiving the appraisal and/or the inspections.
#8: Strategize with the lender. Work closely with the lender to see if any loans like a bridge loan are possible for your clients.
#9: Write a cash offer. Cash offers have a major upper hand more than ever right now. Help your clients understand that they can refinance their home after purchasing it with cash.
#10: Sellers and buyers to pay their own closing costs. Don’t ask for the sellers to pay any of the buyer’s closing costs.
#11: Shorten each contingency deadline. Make the inspection contingency, financing contingency, etc as short as possible. This shows the sellers your buyers aren’t messing around and want to be as efficient as possible.
The price isn’t all that matters in an offer and that’s why the more of these strategies that are included the better. As an agent, it’s important to make sure your clients know every avenue they can take to win a multiple offer situation but they also have to be well informed and comfortable moving forward with any of these strategies. Agents are more important now than ever and it’s an amazing time in the market for an agent to show their clients the true value they bring.
