10 Tips to Make it More Likely Your Offer is Accepted.
1. Make sure that there are no blanks left unfilled in your
purchase agreement - Every issue in the purchase agreement should be addressed.
2. If you are getting a mortgage you need a pre-approval
letter from a bank or mortgage company that states what type of loan you are getting and
how much you will be financing. Some banks/asset companies will require that
you get a pre-approval letter from a certain lender. You do not have to use their
lender, but if they say they require a pre-approval letter from a particular
lender it is wise to get them what they want.
3 If the offer is cash you will need to provide proof of
funds from your bank.
4. Certified funds for earnest money is helpful. The higher the dollar amount the more serious you will look.
5. Timing is crucial. The sooner you submit the offer the
better, but check the listing or with the listing agent for any timing
limitations. If you are bidding on a property where you submit your offer on
line, watch your timelines and submit as soon as you can. Usually it's the
highest offer that gets the bid, but sometimes it's the 1st acceptable offer. The
sooner a buyer writes an offer the less likely they will be to get into
multiple offers.
6. Give the seller time to respond. Three - Five days is
preferable. They may respond sooner, but if they don't, and you do not give
them enough time, your offer will expire. Once it expires in the system you
have to start over and resubmit. They might accept another offer while your
offer is in the system as expired.
7. The property is being sold "as-is." Do not ask
for repairs or a repair allowance.
8. Keep in mind that anything you ask the seller to pay on
the buyer's behalf reduces the seller's net proceeds. You can ask for the
seller to pay for the buyer's closing cost when there is a mortgage involved,
but sellers rarely pay prepaid items, such as insurance, taxes and mortgage
escrow items.
9. Do not write any "weird stuff" into the offer.
You cannot move in before you close. You cannot do repairs before you close.
And the listing agent has no way to submit a two page (or even one page)
explanation of why you are offering what you are offering.
10. Finally, if you do find yourself in a multiple offer
situation and you are told to "make your best offer," then do just
that. The property is worth what it is worth to you. If you would have gone
$1000 higher, now is the time to do it. If you would have gone $10,000 higher,
now is the time to do it. In our market over 25% of the sales are foreclosures,
but less than 10% of the listings are foreclosures. There are a lot of multiple
offers. The best deals almost always go into a multiple situation. The sooner,
the higher and the more complete your offer is, the more likely you will win in
a multiple.
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This Blog by: Julie Martin, CRB, e-PRO, Broker/Realtor, Port
City Realty, Mobile, AL;
877-880-8110 toll free
251-665-4665 my cell
julie@portcityrealty.com
877-880-8110 toll free
251-665-4665 my cell
julie@portcityrealty.com
You can search for properties from a LIVE MLS here. This
search should have accurate information since it is fed directly from the
Mobile MLS.
Click here to search a LIVE MLS link from the Baldwin County
These links are also on my websites:
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