In this competitive market, what advice are REALTORS giving their clients when making an offer on a home?
Paula Davitt, REALTOR - "First, the offer should have as few contingencies as possible. The inspection period covers all due diligence. No need to advertise your concerns. Second, if you feel confident in your ability to obtain financing one way or another consider leaving out the mortgage contingency all together. Third, flexibility in closing date is always a big plus."
Brian Megliola, REALTOR - "It’s mostly all in the Preparation….Be prepared from the onset….
1. Have Pre-Approval Letters ready.
2. Be ready to see houses as soon as they are available for showings.
3. Make offers quick if it’s the right house.
Once you make an offer:
1. Put your best offer forward. Sellers are less likely to play the “meet In the middle” game today. Properties are selling at or near asking price.
2. In the offer be sure to stipulate that the property must appraise at the asking price.
3. When you make your best offer from the start, it shows you’re serious… PLUS… in a competitive market the last thing you want to do is lose the house over a few thousand dollars…. In the big picture, $5,000 is only around $30 a month in a mortgage… that’s the price of a steak at a restaurant, don’t lose the house of your dreams over $5,000.
Once offer is accepted.
Schedule inspections asap, if it turns out not to be the house for you, you want to be out of it asap in case the next opportunity comes."
Christine Aubrey, Broker/Owner/REALTOR - "Sometimes the price is not the only thing that is important to a Seller. Sometimes other terms such as closing date, are equally important. As a buyer’s agent I would find out what the time situation is for the seller, what is their ideal closing date, and I would advise my buyers to see if that is a term that they can meet, or be close to. I would encourage them to put as much down as they can to strengthen their offer, and I would advise them to make a strong case for offering price right out of the gate. They should have a cap in mind, that they are willing to “lose the house” for, and not feel bad if they have to walk away once they reach that cap. I do tell them, there will always be something else. I would also advise them that they will need to act fast, they need a good pre-approval letter that is up to date, and I would also ask them to submit a letter to me to send with their offer. Sometimes putting a “human” spin on them, letting the sellers know why they love their house so much can have a nice impact on a seller."
If you are looking to buy or sell a home, you'll want an experienced REALTOR on your side. Contact an agent at Coldwell Banker Upton-Massamont REALTORS, your Local, Community Real Estate company, at 413.461-3518. Coldwell Banker Upton-Massamont REALTORS is a locally and woman owned, affiliated office of Coldwell Banker. We have four offices in the Pioneer Valley; South Deerfield, Shelburne Falls, Amherst, and Northampton. Please visit www.coldwellbankerumr.com to connect with a local Coldwell Banker Real Estate Agent.