I know from experience as a mortgage lender that low inventory and multiple offers creates stress, not only for buyers who are pre-approved and whose offers are outbid by others, but for real estate agents too.
So I found a list of tips compiled by real estate agents throughout the US that may help increase your chances of helping your clients get their offer accepted.
- Brush up on your negotiating skills.
- Be proactive and encourage your buyers not to wait until the weekend to view new listings.
- Get a strong pre-approval letter from me, your mortgage loan officer.
- Talk to the listing agent to find out what’s important to the seller (i.e., quick closing, extended move out date).
- Based on other offers in that particular neighborhood, determine how much over the listing price the buyer should offer.
- Minimize contingencies.
- Make sure that when presenting the offer, you have all the correct forms, including disclosures and counter-offer forms.
- Ask the buyer to write a letter to the seller stating what they like about the home and why they want to buy it.
- Include photos of the buyers (and maybe their children) so the seller visually sees them.
- Call the listing agent and let them know an offer is on its way.
- A large earnest money deposit conveys that the buyer is committed to buying the home.
- Ask for a quick response time to show the urgency of making a decision before any other offers arrive.
- The less complicated the offer, the more willing the seller will be to accept it.
One last thought. Try to find out as much as you can about the seller and the property. You’ll find a ton of information online just by entering their name and property address.
Oh, and be sure to contact me so I can help you with our 15 Day Closing Guarantee through our 321 Go Program – see below for details.