~ By Mike Galinac, Exact Match Properties ~
As I mentioned in a previous post, your real estate offer is not just about a price. Sure, price is the star of the show, but if the rest of your terms are leaving too many question marks in the minds of the sellers and their agent, your offer could get bumped by a much more complete, seller-friendly collection of clauses. If you have ever studied a well-constructed real estate purchase contract, you know that there are many items that need to be negotiated, several of which can be adjusted in one way, shape or form. Every one of those clauses in your purchase agreement will be put under a microscope by the sellers and their agent.
Tip #6 – Be sure that every variable item in your offer is attractive. Your offer is only as strong as it’s weakest component. For example, the amount of your earnest money deposit should be high enough to show that you’re serious. I would suggest no less than 3% of your offer amount. Another example would be your proposed closing date. The seller, in most cases, would like to close as soon as possible, so base your target closing date on the soonest that your lender can commit to, or if it’s a cash offer, no more than 2 weeks from offer acceptance. Your inspection period can also be a variable time frame. The shorter the total number of days requested for inspections/due diligence, the better. The seller and the seller’s agent know that the deal is not solid until all inspections have been completed and the buyer is satisfied. As a side note, I realize that many people have chosen to waive their rights to a home inspection, in order to make their offer stand out in this competitive market, but I would never recommend doing this, unless you are either going to tear the house down and rebuild, or completely renovate the existing home, top to bottom. Even then, you may still need a due diligence period to be sure you can actually do what you want to do. Please be sure to consult with your real estate agent and your attorney before waiving any of your rights as a purchaser.
It’s important to note that every situation is different, with different homes, different people, different priorities and different challenges. Therefore, it’s extremely important that your real estate agent is highly skilled and very experienced, to give you the best possible chance to succeed. My team and I, here at Exact Match Properties, are ready to assist you, should you need effective representation. Please don’t hesitate to contact us for a no-obligation consultation.
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