5 Things You Need to Know in This Seller’s Market

    5 Things You Need to Know in This Seller’s Market

    Aug 11, 2020

    5 Things You Need to Know

    in This Seller’s Market

    “I put in a full offer, and I might not get the house. “

    When we think about buying a home, we all believe that offering the full price for the house will

    result in the home being purchased without any hassles. It means that the seller gets the full

    asking price, and they got to forgo the negotiation process. But instead, you now might be in a

    bidding war. But that is my dream house, what do I do?

    That’s right; You found the home for the next steps of your life, which seemed emotional

    enough. Then you hear there are multiple offers on the home you can see yourself growing old

    in. Is the only tactic to help increase my chances to offer above the asking price? Here’s a list of

    five things that can help you navigate this situation.

    Five Things to Help in a Seller’s Market:

    1. Best Terms for the Seller

    The seller of the house is human and has a life as well. Accommodation of their needs

    could be the things that get you in their old home and into your new one. Moving is

    stressful for both sides and helping them with a closing date or their schedule could

    make all the difference. Asking the seller agent for these details can not hurt.

    2. Contingent Upon

    In certain situations, having the buyer make an offer that is NOT contingent upon

    inspections. It isn’t the right idea for every buyer or every situation, but it can be very

    appealing to the sellers. Try to talk to your clients about not making offers contingent

    upon the sale of another home. If they can. On a multiple offer situation, we suggest we

    make the offer as “clean” as possible. If they can pay their own closing costs, if they

    want a home warranty – buy it yourself, if they want title insurance – buy it yourself. Ask

    the seller to pay the least amount of additional items as possible can help secure the

    home.

    3. Earnest Money: What Does This Mean?

    Rocket Mortgage has a great article about how this works. Earnest money is an amount

    of money you put down to show you’re serious about purchasing a home. It’s also known

    as a good faith deposit.

    Think of it as getting cold feet during the buying process, and it can help decrease the

    chance of reverse out of the deal. It allows you to put money in escrow, show the intent

    to purchase and can be a way to persuade both parties to move forward with the close.

    4. Cash is King

    The best financing terms possible – cash – if they can do cash, conventional – if they

    can do a conventional loan, then we write the best financing option we can.

    5. Be Patient

    Buying and selling a property is never easy for either side. Having an agent who can

    navigate you through the expectations is vital to keep you from pulling your hair out

    during this life-changing experience.

    ERA Real Solutions is a top-10 ERA franchise systems brokerage. Our boutique

    approach allows us to run at a 98.7% customer satisfaction rating. Our high quality, full-

    time agents have quickly made us "The New Standard in Real Estate".