— John Dolman Deerfield Beach Florida
With shrinking inventories, many home buyers are finding only competitive offers will win them the house they want.
Let me offer some of the ways home buyers can make more competitive “irresistible” offers. Be pre-approved: About three or four months before home buyers even shop for a home, they should review their credit reports to make sure they’re accurate and take short-term steps to improve their credit score. While that won’t guarantee they’ll get the loan, it shows sellers a lender has verified the buyer’s income and credit score to determine they can afford payments on a mortgage for a certain amount. Don’t lowball: Buyers may only get one chance to get the home they want in a competitive market. They may not get a second try to sweeten the deal later, so a lowball offer the first time around could cause them to lose out. Buyers should use sales prices of comparable properties in the neighborhood to submit their best offer the first time around. Consider an escalator clause: These purchase contract clauses are becoming more popular again. This is when the buyer agrees to increase their offer if there’s a higher bid from another buyer. Add earnest money: the amount the seller requests to show the buyer´s commitment. Write a letter: Personal love letters about the home addressed to the sellers are winning over some hearts lately. The letters tell the seller about the buyer (e.g. “We’re relocating from ...”) and what drew the buyer to the home (e.g. “We especially love ...”). Use a disclaimer. You can insert a disclaimer in your e-mail signature that looks something like this: "E-mails sent or received shall neither constitute acceptance of conducting transactions by electronic means nor create a binding contract until and unless a written contract is signed by the parties." This case is a good reminder that e-mails can come back to haunt you. Watch what you say, and remember that your e-mails could ultimately become an exhibit in court.
ASK GABE by Gabriel Palotas HHR Manager, has more than 20 years of real estate experience with a proven record of productivity, quality and integrity.
(Lic. FL Real Estate Broker • Nat. Auctioneers Ass. NAA • Int. Consortium of Real Estate • ICRE Transnational Referral Cert.)