Make Offers More Acceptable Without Increasing Price
At times in attempting to purchase real estate you may find your self in a competitive situation-that is there may be other bidders. How do you make your offer more acceptable without increasing the price ? If possible, eliminate financing and make offer all cash. This eliminates the uncertainty of the buyer obtaining loan approval. Shorten the time for obtaining loan approval and/or passing the act of sale. Make your
deposit more substantial than usual. Both agents and sellers are impressed with large deposits and you give the impression that you are serious and business like. Typewritten offers or those produced on computers are far more legible than hand written ones and for that reason convey a better impression. Always strive to make the wording of an offer clear and unambiguous as again this reflects favorably on offers. Avoid allowing too much time for acceptance or rejection of the offer-ideally offers should be made binding for 24 hours or less (there are exceptions to this, obviously). Obtain a letter from your lender
indicating that you qualify for the financing and submit same with the offer. You may also consider submitting your deposit check along with the offer, again to show that you are serious. Redundancy, that is inserting the same terms as are already preprinted in the purchase agreement, for emphasis, is not necessarily advisable-use this tactic sparingly if at all. Always remember that purchasing real estate is a two way street and making terms and conditions appealing and acceptable to a seller increases the odds that your offer will be accepted instead of those bidding against you. It is unwise to infer or suggest contempt, anger or ridicule in a purchase agreement. Keep your personal feelings to yourself and remember that it is business! Try always to respect the seller’s feelings and eliminate emotion in your negotiations.
* The preceding article is subjective and represents the professional opinion of author / real estate broker, Larry Trunk.
