In today’s Metro Detroit Real Estate market, buyers are experiencing that the tide has shifted from a buyers market to a seller’s market. Buyers are experiencing that homes are selling in literally hours, if not days once it hits the market. If you want to get your offer accepted quickly and not get into a multiple offer situation, here are some MUST DO tips to get your offer accepted quickly by sellers.
1.) Offer to Pay Sellers Closing Costs –For the last several years, it has been customary that many home sellers have had to pay for some of the buyers closing costs, such as offering assistance in the buyers pre-paid mortgage interest, property taxes, title insurance, mortgage costs, etc. In this market today, you may want to offer to help pick up the sellers closing costs such as property transfer taxes, sellers title insurance costs and state and county recording fees. This jester, may cost you between $1,000 to $5,000 but if you want the home, this may help make the decision for the seller choose your offer very quickly.
2.) Make a video of your proposal – Many of us today have smart phones that can take video’s very easily. I suggest taking a brief video of yourself, you and your significant other, your family and letting the sellers know how much you will enjoy making this your home and even give a little bio about yourself. Most offers today are submitted between real estate brokers electronically so take a few minutes, make this video and put a face to your offer.
3.) Removed Contingencies or Trim Down Time Frames – Many offers that home buyers submit typically have time tables established in the offer. There are typically four major contingencies in any purchase agreement. Those are inspection, mortgage approval, attorney review and inspection of neighborhood by-laws. If you do not feel comfortable removing any of these contingencies then I suggest trimming down the time-table allowed for these contingencies. Usually the first time-table is the home inspection. Most inspections typically have that the buyer has 7-14 days to remove this contingency. I would suggest trying to remove this within 3-5 days. The next is attorney review and inspection of neighborhood by-laws (if applicable). This time-table is usually 7-10 days. Again, I would suggest making this 3-5 days. The final time-table is mortgage approval. Typically the time-table is 30-60 days. I would suggest 21-30 days if your lender can accomplish this.
4.) Offer above the listing price – Again, in the market we are in today, more often than not, homes that are priced right and in good condition will typically get multiple offers. Try to beat the competition out first by making the offer so good, that the sellers will have to accept your offer. Put in a time frame that says your offer is only good for a few hours so it will force the seller to make a move quickly.
By using these tips, this should help in getting the home you want quickly.