Here are seven key factors to consider when making an offer on a home.
How do you win in a multiple-offer situation as a buyer? There are seven main factors to consider:
1. The terms. It’s really important that your agent reaches out to the seller’s agent and discovers what’s important to them. Once you know the terms that the seller wants, you can put them in your offer.
2. Financing. Your agent should reach out to the seller’s agent to determine what type of offers the seller will look at. Are they only looking for cash buyers or conventional financing, or are they open to FHA and VA buyers?
3. Your lender. Is your lender local or national? It does play a factor, believe it or not. The big national banks are notorious for not closing on time, and a seller’s agent may pass up your offer because they don’t trust your lender.
It’s unusual for buyers to waive the inspection period entirely.
4. The appraisal. How quickly can it get done? In this market, most buyers are waiving their protection regarding appraisals. This means if the house does not appraise for the agreed-upon sales price, the buyers will still have to move forward. It’s important to address this in your offer.
5. The inspection period. In Texas, this is known as the option period. It’s not unusual for buyers to waive this protection completely. At a minimum, they’ll shorten the offer period. They’re typically making it about four days long. That sounds like a crazy time crunch, but we work very closely with our clients to ensure that it happens.
6. Writing an as-is contract. It really is important to talk with your agent about this option.
7. Post-occupancy. It’s great to know upfront whether the seller wants a lease-back agreement or not. Many sellers in this market are accustomed to and expecting it. The length of the lease-back is important to note in your offer.
If you have questions for us about multiple offers or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.