By Barbara Lehrer
Real Talk
Barbara Lehrer
If you are anxious to move and worried about competing in the process, then read this column.
We all know that the real estate market is hot, with not much to pick. Properties are going on deposit in a day. Buyers must hurry to view each new piece of property as it comes on the hot sheet. But aside from that, what gets you the deal in a multiple offer situation? Without giving away all my secrets, let me make a few suggestions.
It is imperative to have a really good preapproval letter ready. Read it well as soon as you get it. If you own a home but do not need to sell it to purchase another, make sure the prequalification letter says so.
Distance yourself from the other side: don’t be frustrated with the seller, because they will probably ask for the highest and best in a situation with many offers. Does the listing agent need to tell you that there are other offers? My opinion is that it is up to the seller to give permission about what to tell potential buyers. Agents and their clients discuss the pros and cons. For example, a buyer may decide to not make an offer if he thinks he is competing. It could be a mistake if he holds back. What if his would have been the best offer?
These scenarios are not new, but they are some of the little stress-causing issues that can interfere with a good experience.
If you love a house and think it is for you, don’t be shy. Do your best; perhaps write a personal note to present to the seller with your offer. Have your realtor do all the proper research on the property up front so you do not waste any time asking unnecessary questions. Septic systems, wells and property lines are pretty much defined at town hall, and if you have those answers then the sellers will feel confident that you are an educated buyer.
Most importantly, designate time to make a full presentation. Know ahead of time how much the fees will be to complete the transaction and be willing to take the day off from work to do the deed properly. If you wait until 7:30 p.m. to meet with your agent, it may be too late and everyone is forced to work overtime. Be willing to drop everything to buy the most expensive purchase and listen to all the details with a clear mind. As a listing agent I can usually tell if an offer was prepared well.
Don’t forget: this is only the beginning of the relationship between buyer, seller and their agents. Getting off to a good start makes all parties confident in the outcome. Go get that deal and enjoy.
If you need more information on these issues, email Barbara.Lehrer@cbmoves.com.