This market for buying a home is proving to be very challenging. Our team has had several scenarios on a new listing where there are 20-30 private showings in 2 days, 20 groups through the open house and easily 5-10 offers on the table. There can only be one accepted contract! So how, as a buyer, do you do everything you can to get your contract accepted?
First off, you need to make sure you are working with a Realtor® that is very experienced in the current market. Having a real estate agent who does not do much business won't have the current knowledge for guiding you on how to make your offer stand out or the negotiation skills to communicate getting it accepted. In the same scenarios mentioned above on a listing, do you know how many buyer's agents never call us, as the listing agents, before working up their clients offer? Most of them don't call and ask ANY questions. A GREAT buyer's agent should always call the listing agent and find out as much as they can before working up an offer for you! When our team works with a buyer, some of the questions we ask before working up a contract are:
What is the ideal closing date for the seller?
Is there personal property the seller doesn't want to move or take from the home (kitchen refrigerator, play set, deep freeze,...)?
How many offers does the seller already have?
Has the seller already negotiating with an offer yet?
What are the terms of those offers?
What will it take to get your clients offer accepted?
When will the seller be reviewing offers?
Will the seller be asking for best and final? Or will they just look at what they have an accept the best offer?
Will the seller be notifying everyone or anyone of the fact that they have offers in hand?
Did the listing agent write any of the offers?
You get the idea, the more information we have before writing the offer the better the chances of working up a contract that is appealing to the seller.
There are other things that a GREAT buyer's agent should be recommending or discussing with you that you can do with or to your offer. Things like writing the seller a genuine letter about who you are as the buyer and why you love their house. It is also possible to remove some contingencies that will ease a seller's mind with your contract too. These contingencies can vary from removing or modifying your inspection contingency, removing or shortening your loan commitment contingency, removing an appraisal rider if paying cash or putting down a large down payment.
As you can see there are so many things that a great buyer's agent can do to assist you with being a strong buyer and having a strong offer.
If you are just starting to look for homes or have not been getting your contracts accepted? Then reach out to chat with one of our experienced team members by giving us a call 314-605-6123. We would learn your needs, frustrations and go to work for you to get you a winning contract!