It’s spring in Arizona and with those beautiful 80 degree temperatures come the Spring Buyers.
More homes are likely to make their way onto the market and as a result, more home buyers are out searching for their next dream home. With the inventory still remaining low in Arizona, this is a great time for sellers, but it can be frustrating for buyers who constantly find themselves in a multiple offer situation or bidding war. How do you as the buyer ensure that your offer stands out from the rest?
Below are a few great tips written by Scott Bernard from Peachtree Corners Patch to ensure you get the home you have fallen in love with.
1. Make sure you offer is reasonable. If you know there are several offers on a home, you must be full price or close to it. Make sure you provide a pre-qualification letter with your offer.
2. Increase your earnest money. This is a great way to show your commitment. You will get your earnest money back if you terminate due to inspection or if you do not qualify for your loan and you have a financial contingency. If the purchase is completed your earnest money will be credit to you at closing.
3. Price is not always the number one reason the seller selects an offer. Keep the terms of your offer simple. When a seller is selecting an offer to accept or counter they want to know exactly what the buyer is asking them to do. They do not want to get bogged down with special stipulations and request for the seller to do things.
4. Contingencies scare sellers. If you can avoid a contingency in a multiple offer then leave it out of your offer. As an example, if you are a buyer that is buying with a contingency on your home closing and there are multiple offers then take the contingency out but leave the financial contingency in the contract.
5. A good agent will try to find out the sellers needs and motivation. Once you know why they are selling, and when they need to move, you can structure your offer to meet these needs. Make sure you give them the time they need on the closing date.
6. Foreclosures do not have sellers who are attached. Emotions do not normally play a role in their negotiations but sharing details about the buyer of the property can influence their thinking.
7. If the seller of the home you fall in love with is an individual or a couple write them a letter. Let them know you love the house and why. Tell what emotions you felt when you walked in and why it is perfect for you or your family. In some cases, sellers will pick a family that will love their home over a higher offer.