A well-rounded, attention-grabbing offer incorporates these four tips.
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When the market is very competitive, sellers will often receive multiple offers on their property. This is quite common here in Silicon Valley, so how can you help your offer stand out? Here are the four important things to keep in mind:
1. Understand the true role of pricing. Price is obviously important, but it’s not everything. From time to time, we see sellers accept offers based on a lot of other items besides price, so it’s not true to say that the highest price alone wins the home. You want the seller to have full confidence that your offer will close without any issue. A very high-priced offer that’s unable to close on time may present a bumpy road to the closing table and will not be welcomed by the seller. Do everything in your power to give the seller assurance that yours is a truly smooth offer.
2. Make offers without contingencies. An offer without strings attached will always be more appealing to sellers than a contingent offer. Do your homework beforehand so that you can confidently present an offer free of contingencies (or the least amount of contingencies possible). What contingencies can you eliminate?
“You want the seller to have full confidence that your offer will close without any issue."
3. Recognize the seller’s wants and needs. For example, a seller may like to have an extended rent-back period, or perhaps they need a little longer escrow time for whatever reason. In this case, a very thorough communication with the listing agent beforehand is important; if your competition fails to incorporate the seller’s preferences into their offers but your offer is reflective of those preferences, you’ll likely win out.
4. Connect with the seller emotionally. Remember: It’s not just a house, it’s where the seller has spent a lot of time and has made a lot of memories. From a seller’s perspective, it can be hard to let go of a home. You need to communicate that, as the new owner, you would love and cherish the property. Write a letter to the seller detailing how their home would be the perfect fit for you and your family’s needs, and be sure to thank them for giving you the opportunity to see it. When it comes time to consider all of the offers they’ve received, they’ll remember the warm feeling your offer gave them.
If you are writing an offer, I would be happy to answer any of your questions. Review these points with your agent and make sure you’ve covered all the details. As always, reach out via phone or email with your real estate questions, concerns, or comments. I look forward to hearing from you.
