I want to give you eight tips to help you get your buyer’s offer accepted in a multiple-offer seller’s market.
- Get the buyer fully pre-approved, not just pre-qualified. As a listing agent, when I receive a buyer’s agent’s offer to purchase in contract with a pre-qualification, I get a little concerned. A pre-approval is much better. Pre-qualification means that they’ve run your Equifax, Experian, or TransUnion credit score. Even if they have a great score, there are a lot of stipulations they need to get to the lender, such as two years’ worth of tax returns, bank statements, blood type, hair follicles, and so on (just kidding about those last two). You want to be sure that they’re fully pre-approved to protect the seller at the highest level.
- Have your buyers write a letter directly to the seller, stating why they love the property so much and what appeals to the buyer. Hit the seller’s hot buttons. It’s important to show the seller that there’s emotion there; they want to be sure their house is going to be a great home for the new buyers.
- Submit an offer that’s 5% to 10% over the asking price. This is a common tactic in the market right now.
- Make an agreement to pay 5% to 10% over the appraised value.
- Put an obnoxious due diligence fee and earnest money deposit forward. You can be sure this will definitely help motivate the sellers.
- Have a shorter time period for home inspections, appraisal, and closing.
- Avoid offers contingent on appraisals and home inspections, unless there is major structural damage, radon, mold, or termites.
- Give the seller possession after closing a week to 30 days at no charge. Sellers don’t feel very comfortable moving their stuff out of a property before closing, only to find out that the buyer’s deal falls through. Giving that seller possession after closing definitely gives them more peace of mind.
If you have questions about how we train our high-performance agents at the highest level, feel free to reach out to us. We’d love to sit down and talk with you.