What a seller is looking for – other than money!
When in a seller’s market, like Calgary is experiencing right now, being prepared to offer full-price is probably the reality you are facing. Of course, money talks when preparing your offer to a seller but is one piece of the puzzle – there are actually other factors that you need to consider when we are crafting your purchase contract.
Things like conditions, closing date and personal letters to the seller can also sway a seller when weighing the value of your offer in a multiple offer situation. Let’s take a deep dive in to each of these factors to get in the mind of a seller considering your offer.
Fewer or no conditions. There are definitely risks in submitting an unconditional offer so I will always recommend having the conditions you need but I also must go over the risks/rewards of omitting certain conditions in your offer so you can make a completely informed decision.
Having your financing in place with a pre-approval can set you apart from other buyers. Including your pre-approval with your offer to the seller, when including a financing condition, will put the seller at ease that the condition is just a formality.
When it comes to the home inspection condition, it is important to note that the inspection can identify costly deficiencies in a property. The risk of not having a home inspection done is that the home could have issues which might result in unexpected costs. Keep this in mind when deciding whether or not to include a home inspection condition to sweeten your offer.
Have a flexible closing date. This one is fairly simple. If the property is vacant, be prepared to offer a quick closing. If the home is tenant-occupied, be ready for a 90-day closing to allow the seller to provide proper notice to vacate to the tenant. Being willing to move on the possession date to accommodate the seller can help your offer stand out.
Include a personal letter with your offer. Sellers usually have an emotional attachment to their home and appealing to those emotions can be a powerful tool. I’ve used this tactic many times and just recently I know it was the icing on the cake that got my buyer the house of their dreams. I sent a note from my buyer telling the seller about their family, why this was the house they wanted to raise their children in and included pictures of the adorable family. Knowing the home would be as loved as it had been by the seller for almost 40 years personalized the offer and emotionally attached them to my buyer’s family.
These are just some of the creative ways I position my buyers for success in hot markets have helped them beat out other buyers in many multiple offer situations. Want to put my 30+ years of success to work for you? Call me today to start your journey to your home sweet home. Visit me on Facebook and Google for more real estate tips and tools.