Buyer advice in Strange Time
We live in strange times. Stephanie J. Brown wrote, “Don’t compare your life to others. There’s no comparison between the sun and the moon. They shine when it’s their time.”
So whose time in real estate is it? Certainly, it’s a sellers’ market. How do buyers then get a house? Below are two strategies for reaching your home buying goals. The first strategy we call Solid because it is the blue-chip best methods approach. The second approach we call Recent because it has been effective for desperate buyers. It is difficult to suggest doing these but having knowledge of these options provides an understanding of why buyer A did not get the house and what measures buyer B may have offered the seller.
· Use an experienced real estate agent who understands the seller and buyer’s points of view. Wisdom goes a long way. Hiring a bulldog may feel good but you might get bit in the end. On the flip side hiring an “its casual” laid back realtor who does not understand your urgency may market you a day late on a continual basis.
· Submit a clean, complete readable contract.
· Include a preapproval letter.
· Include signed disclosures.
· Provide clear descriptions of your contingencies including related contracts.
· Increase the earnest money… by a significant amount.
· Be flexible in your closing expectations.
· Take a deep breath and reduce your stress and anxiety
1. Offer above list price
2. Your contract could include one or more of the following approaches:
· Offer cash for the home
· Without contingencies such as home sale, home close, closing cost credit.
· Include an escalation clause that surpasses all other offers.
· Not asking for a seller to provide a home warranty.
· Include a substantial earnest money amount.
· Waving the appraisal.
· Do not seek seller solutions to discovered home inspection issues.
· Forego the home inspection.
· Close when the seller wants to close.
Whatever strategy you choose keep your emotions under control (if you can) and your head on straight. Another house will come to the market soon. Luck, timing, and a good agent will bring you eventual success!