Rent backs, appraisal contingencies or lack thereof, offering over list-price, and Buyer paid Seller closing costs are all open for discussion in this market. If you are not discussing whose paying for these items when you make an offer on a property you are possibly putting yourself at a disadvantage. We have customary ways of doing things but nowadays, that's all thrown out the window. I sometimes call it " paying the piper " or " chips all in " mentality. When you find the right house, lay it all out on the line. Offer a price so that you have no regrets later for not having offered $1,000 more. You need to know and feel like you did what you could.
Frustration can come when you don't learn these things early on. Regret and remorse starts to creep in. I try to explain this to people yet there are still some that stick to the last several sold properties to determine their estimated value. The problem with this is that the target you are aiming to hit is moving in the upward direction . My suggestion is to determine the top of value and then offer higher. If you lack cash, if your agent is inexperienced and doesn't have relationships with the other agents, or if your offer package is incomplete and presented poorly, the chances of your offer being selected is low.
Using an expert in the area pays off. Ask them what they would offer if they were wanting to buy the home. Consider the use of a nicely worded Buyer cover letter. Consider using a " smart offer". Don't know what that is? Call me. When the day finally comes when you are the lucky bidder, you will have a sense of elation and then a sense of " Did I pay too much? " In this market you will feel like you over-paid. I can guarantee that 6 months from now, in this rising market, you will look back and think ….wow…I got a deal.
Thinking of buying? Thinking of Selling? Call me. I'm happy to discuss the best plan of action based on your situation.
Natalie Swanson 925-580-9829
I help small businesses be more successful.