Wednesday, June 24, 2020 / by Vyral Marketing
How Can Buyers Compete in This Hot Market?
Buyers: Here’s how to gain an edge in our market.
Right now, we’re seeing a lot of bidding wars in our hot seller’s market, and I’ve personally seen multiple-offer scenarios with $10,000, $20,000, and even $50,000 above asking price. In many cases, buyers are waiving appraisals and inspections altogether—that’s how crazy it can be out there!
So, as a potential buyer, how can you compete? Thankfully, there are real solutions that don’t involve getting yourself into a financial situation you’re not comfortable with. Recently, we helped one buyer get an offer accepted for less than asking price and beat out 10 other buyers in a very competitive price range. They didn’t have to wave appraisals or inspections either! Here are just a few of the ways that can happen for you:
1. Make your offer stand out. Working with a buyer who’s already pre-approved is important to a lot of sellers; many buyers will be pre-qualified, but the more information you can supply a seller beyond that, the stronger your offer will be.
2. Set aside money for closing costs. In today’s market, it can be challenging to compete with someone who has closing costs squared away if you’re wanting the seller to contribute a few thousand dollars toward those costs. If you have family who can help you out if you don’t have those funds available, I encourage you to try to work something out—it's a huge leg up on other buyers.
3. Cash options. Even if you don’t have the funds for a cash offer, we do have some strategies you can take advantage of wherein we’ll provide cash offers on your behalf.
There are real solutions that don’t involve getting
yourself into a financial situation you’re not comfortable with.”