Extremely low inventory across the board means multiple offer situations. Real Estate specialist, Chip Wedgeworth, expounds on the strategies we use with our clients to make your offer stand out.
- Price
Price is the biggest factor when trying to make your offer stand out. However, if you are competitive with price AND incorporate the other 3 strategies below, you will be well on your way to a stand out offer.
2. Earnest Money
Focus on your earnest money deposit- the bigger deposit you have, the stronger you can make the offer. Make it a cash offer if you can (get rid of the financing contingency), and if you can’t and you’re financing the property, go ahead and get everything to the bank, get pre-approved in order to be in the best position possible.
3. Closing Date
Give flexible terms on the closing date- let the seller pick the closing date. In some situations we’re giving the seller the option to lease back the property or stay on the property for 5-6 days after closing to make it easier on them.
4. Inspection Contingency
If it’s a newer home, we’d recommend waving the inspection contingency. However we do recommend taking a look at your big ticket items such as the roof, HVAC, and mechanicals before putting in an offer. If you have to have an inspection, shorten the inspection contingency.