Preparing The Home Buying Offer In A Sellers Market

Dated: 09/08/2016

Views: 49

Time is of the essence. Multiple offers happen with more regularity in a sellers'

market than a buyer's market. That's because by its very nature a seller's market is

defined in part by low inventory and lots of home buyers. A beautiful home that is

priced well can attract more than one offer. Remember, you might not be the only buyer.

Price.    Do not offer less than list price. Realize you may may need to offer more than the amount the seller is asking.

Deposit.    A larger earnest money deposit might look very attractive to a seller. Ask your agent for advice on the deposit, then consider

doubling or tripling that amount. Your going to pay it anyway at the closing.

Don't request favors.     This is not the time to ask the seller to give you the refrigerator,washer and dryer, part with the fixtures or paint the front door.

Submit Preapproval and Proof of funds Documentation.     If yourpreapproval letter is from an out of state broker or lender, or more than 3 months old, get a local and updated preapproval letter. Match your preapproval letter to your sales price and date on the offer.


Blog author image

Greg Noyes

Greg Noyes is here to provide you with all the resources and information you need to buy or sell real estate. I work with buyers or sellers from Cape Cod Bay to Boston and all the towns in between. ....

Latest Blog Posts

Here is What's Happening Right Now in Greater Boston Real Estate

Here is What's Happening Right Now in Greater Boston Real Estate The Massachusetts Associaton of Realtors reported last week that the year over year pending sales and median home prices for the

Read More

5 Tips to Prepare Your Pets for Summer Visitors

If you have summer guests staying in your home, you want to make sure both your pets and your visitors are comfortable.Your caged pets, such as hamsters or lizards, shouldn’t be a problem for

Read More

What Your Homeowner's Insurance Likely Won't Cover

Whether your home floods, is robbed or experiences normal wear and tear, you expect your homeowner's insurance to help cover the costs of repair, but your insurance does have limitations

Read More

What Affects Your Home's Value Most?

Sellers are looking to get the maximum amount for their home, and some have an inflated idea of what to expect when finding the value of their home. Do home renovations truly give you a big return

Read More