Real estate is a hot commodity in our town this year and all indications are that it will remain that way for the foreseeable future. The growth in our state is exploding and northern Arizona is no exception.
When homes go on the market that are priced competitively there is usually a flurry of activity and buyers are lined up to make offers. If you are one of these buyers there are a number of things that you can do that may get the sellers attention and put you in first place among prospective purchasers.
Work fast and get your offer in as soon as you have viewed the property or perhaps even before viewing with a contingency that you will look at the home within 48 hours.
Make your first offer your best. Sellers are in no mood to counter low offers as your competitors might be bringing in a better offer.
Sometimes sending a letter along with the offer will get the sellers attention and give you a leg up in negotiations. I recently got an accepted contract because the buyers sent a letter along with our offer explaining that they were first time homebuyers and were desperately searching for a home.
Of course, cash talks; and if you are able offering an all-cash purchase will no doubt get the sellers motivated to accept your offer. Most of us don’t have that luxury so offering a large down payment may be the next best thing.
If you feel comfortable with the home, you can remove the inspection contingencies and take the home as-is. I seldom recommend this approach as you never know what you may find after closing that could give you buyer’s remorse.
Sometimes, depending on the seller’s motivation, offering a quick close will put you in the driver’s seat. On the flip side, if the seller doesn’t have another home secured, allowing them to live in the home for a short period after close may help you secure the purchase.
Always submit a pre-qualification letter or proof of funds document from your financial institution with your offer. In fact, most sellers will not consider an offer without these documents.
While there is no guarantee that any of the above items will secure the home purchase, it won’t hurt to review and consider them when you are ready to make an offer.