How to make the best offer as a buyer?
What to do if you get into situations where you have multiples or cut-offs? Or you are caught in an odd timeframe? In this article, we are going to talk about offering or placing an offer for a buyer. So, you’ll know what to expect. The market we’re in is very heavy in the sellers. And most properties come with multiple offers. We’re not this 70, 80, 90 offerings per home you see around the country or see these news articles about. But we do have multiples. And with the multiple offers, depending on how you enter in.
Again, knowing the market we’re in you need to have a competitive offer. Putting your best foot forward. And you may come to find out that from the time you enter your offer, other offers may come in. You may be the first offer. You may be the second or third and leveraging yourself. But there are times wherein the listings agent will come back to the buyer’s agent and list out some terms. An example of the terms is: The seller is looking to accept offers until blank time on a blank date.
They are presenting their client’s best interest. They are not saying that your offer is bad and not going to be accepted. There are factors that may affect your offer, depends on where you’re at in the process and how you enter. There are adjustments and there are things That you may want to consider which is important to the seller. So let’s write that in. Let’s try and change that offer to accommodate that piece because it’s going to help us get accepted. There are times where this doesn’t happen. And so, you just submit and you put forth your best effort.
We have been talking about some of these pieces in the previous episode. And the conversation goes, give as much you can give to accommodate as much as you can accommodate in this market, because it’s the seller’s market. And then you offer the most you’re comfortable offering. And you move forward. Escalation clauses, appraisal gaps, waiving inspections. So you can leverage yourself to your comfortability, but there are other pieces that may come in. Maybe it’s an extended close, maybe it’s possession after closing. Maybe they are asking for things like additional earnest money. Maybe asking for odd things, but whatever they may be, you can look at it from the seller’s perspective and think that they’re trying to be devious or they are trying to take advantage. Well, basically they are just looking for what is best for the situation, what’s most ideal for them when a situation like this arose.
We as a buyer have to choose and decide what’s best for us and present an offer according to basically up to that comfort level. At these times we know what’s important to a seller. And they have a chance to amend, change or remedy that offer to be in better favor potentially win the deal and get the home and move forward.
Again, it doesn’t mean that offer on the table isn’t that offer. Right? They still may accept the offer that we have. And it’s just something to be mindful of. There is definitely a high emotion throughout the process, especially if you made more than one offer on a home you’re desperate to get into something. You may feel as though you’re being taken advantage of. You may feel as though the seller is trying to gouge you. You may feel a slew of emotions, but ultimately you have to remember that we’re getting information that’s important to them. We can decide to act on it whatever means necessary.
So here’s my personal experience. We’re not being forced to do those things until we present them on paper and formally present and actually have negotiation back and forth. But just know that there are buyers getting good deals in this market. There are buyers who are happy and very, very content with the offers that they’re presenting and getting into them, leads into another situation from the week where we were up against nine other people and these buyers, we wrote an offer that was very competitive, that that was very forthcoming and advantageous to the sellers. And so, these back-and-forth pieces and what you do and how you present it is important. But you have to remember that as a buyer in a seller’s market, you have a comfort level. And sometimes that comfort level is not getting a house. And that’s ok! There will be another opportunity, there’s going to be another home that comes up in new. This is something that you may not want to hear if you’re in this situation. But as a buyer and if you’re not willing to go to some links that the seller may ask or request maybe now’s not the right time to buy a house. Maybe you need to sit back, wait and figure out and reevaluate what you want to go after.
But then there’s that other side of it. When you walk into that home that you know is your home. And you know, you want to be into it. You’ve got to leverage yourself to be with an agent who understands and knows how to get the property, how to get into the home. And there are two sides to that coin. And the goal is to find the balance, to be comfortable, to be happy, to be content, but also do it in such a manner that you’re leveraging yourself to have your offer selected from the seller.
It’s an emotional time for buyers, and, you know, this is an amazing market. If you’re a homeowner and looking to sell and it’s a great market to work in, quite frankly, there are a lot of opportunities and a lot of things that are going on that cause for learning and cause for growth.
There’s a lot of time that goes into the front side to explain the market conditions and to understand. And we’re going to talk about this. We’re going to talk about this throughout the next few weeks. But it’s important to know what you’re up against. You’re prepared and ready to go. And you then get to make the decision in confidence, knowing the things that have been laid out, knowing the truth of what the market is, and then knowing how to navigate through that or have someone you can trust.
Navigate through that process to either get you the price or get you the home. So, it’s an interesting week. A couple of different dynamics of things that I’ve come across. And I just thought it was important to share because it’s worth having a conversation, a couple of conversations in-depth, having thought, you know, talking with whomever else may be involved in the transaction, in the purchase of the home to ensure that everybody’s on the same page so that you can get the end result of what you’re after. Sometimes the answer is no, not right now.
Sometimes the answer is in the future. Sometimes the answer is, hey, we’re going to hold and stay put. “Our offer is our offer.” Sometimes it’s, hey, you know what? We’re okay with those terms and conditions and we want to change them to leverage ourselves to be the best.
So, you get to decide. But more importantly than that, it’s important to partner with an agent who understands the market and the dynamic from both aspects, what buyers are thinking, what sellers are thinking, what’s happening on the day today, and then having those conversations to know where your touchpoints are, how to navigate around them and to ultimately get you to achieve your goals for real estate. So Real Talk Episode 14, a kind of a long, drawn-out process. I think that there’s a lot of conversation that needs to go into the purchasing of a home.
If you’re in the beginning stages of that or you’re thinking about doing that in the near future, maybe even the next year or two, and you’ve not had the conversation, let’s formalize and have the conversation. It’s OK to touch base now for something that may happen way in the future.
We talked about that before. There’s never a wrong time to talk to your real estate agent and ask them questions. So, let’s rally behind that and do that. If you’re in that position, hope to find your will. Hey, if you have any questions in addition to this, drop them, drop them in the comments, shoot me a message
. Reach out to me via call or text or email. Hope to talk to you soon.