It's imperative to discuss different options, such as loan types, down payments and terms that could be deemed more desirable to a seller; thus, making your offer stand out from the crowd. Additionally, some local lenders may have a better reputation than others.
CARMEL, Ind. (PRWEB) September 24, 2018
Negotiating an offer in a seller's market can not only be tricky, but stressful. To help those buyers faced with the difficulties surrounding a seller's market, Realtor Mallorie Wilson, of Century 21 Diversified Realty, shares the following seven tips:
No. 1: Get pre-approved. “Showing that you are a strong buyer, financially, to a seller is important in distinguishing yourself from the competition,” said Wilson. “It's imperative to discuss different options, such as loan types, down payments and terms that could be deemed more desirable to a seller; thus, making your offer stand out from the crowd. Additionally, some local lenders may have a better reputation than others.”
No. 2: Hire the right Realtor. The right Realtor can make all the difference in a seller’s market. Some agents have a good rapport with other Realtors. They may have more experience, knowledge and good communication skills and expertise in presenting an offer to stand out from the rest. Additionally, the right agent can walk a client through the multiple-offer process and will know how to include an escalation clause to ensure their client is able to compete with other offers.
No. 3: Timing is everything. In a seller's market, homes at times are selling within hours of hitting the market. “It is crucial to receive up-to-the-minute notifications of new home listings and to find a Realtor that’s accommodating, even at a moment’s notice,” stressed Wilson. “In a tight market, this can be the difference between getting the home of your dreams or losing it.”
No. 4: Prepare a fair offer. A fair offer means paying what the current market dictates. In a seller's market, most homes that are in desirable locations/neighborhoods and in good condition sell for at or even over list price. “Have a real estate professional help educate you on what's fair in the current market,” advised Wilson. “Everything is based on a house-by-house basis.”
No. 5: Make the terms of the agreement more attractive. “Attractive terms may mean more earnest money down, a closing date that might be more compatible with the seller's schedule, and possibly an offer to the seller a few days post-closing to move out,” added Wilson. “Keep the offer as clean as possible with limited contingencies.”
No. 6: Consider an “about me” letter. Let the seller know not only about you, personally, but also what you loved about their home. “To most sellers, they have an emotional attachment to their home as it’s a place where memories were made,” stated Wilson. “You would be surprised at how often a letter helps buyers’ offers win in a bidding war. In fact, I've had sellers accept a lesser offer because of the influence this letter had on them.”
No. 7: Be flexible in your must-haves. In the current market, many buyers are being more flexible on the condition of the home in order to stay within their top location. “It is best to keep an open mind when looking at that dated kitchen or bathroom, as they can easily be updated after closing,” concluded Wilson.
About Mallorie Wilson, Century 21 Diversified Realty
Mallorie Wilson, a Centurion award recipient for Century 21 and Top Producer for her Century 21 office, works alongside her team of seasoned agents with combined decades worth of experience. They work with both buyers and sellers in all around Indianapolis with focus on Marion and Hamilton Counties. Wilson was featured on the cover of Top Agent magazine in 2015, and in 2017 was ranked #6 in Century 21 for the Indiana-Ohio region. For more information, please call Mallorie and her team at 317-590-3434 or visit http://www.malloriewilson.com.
For media inquiries, please call 805.650.6121, ext. 361.
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