Mark's Market Update - How to Win a Buyer Contract, in a Sellers Market!!

Posted by Mark Gellman on Tuesday, July 28th, 2020 at 3:30pm.

 

Welcome to another edition of Mark’s Market Update. 

 

Welcome to another edition of Mark’s Market Update. 
The message is consistent: ‼️
• It is a sellers market 
• Interest rates are at historic lows
• Buyers are having trouble winning multiple offers and finding the right home 

I’m going to provide some strategies that buyers are doing in today's market to win a multiple offer and win the purchase of that home. *a couple things that we are going to talk about are not for everybody. Every buyer has to be prepared to learn the ramifications of doing these before writing them in the contract. 

• We are seeing many buyers buying the home as is. They have the right to do full inspections, but the seller has assurances knowing that no repairs will be asked for. The buyer can still terminate the contract, but the seller knows that no repairs will be asked for. We’re seeing that for both the general home sale inspection and for municipal inspections where in many cases the buyers are taking on the responsibility to get clear occupancy.

• We are seeing many buyers waiving financing. The financing contingency can be 30 day and there's a lot of opportunities whether it's an appraisal of others where the loan commitment may get declined and in some cases we are also seeing where appraisals are being waived. If the price of the home in multiple offers is far higher than the market, it may under appraise, but with a waived appraisal, the seller has no worries.

• We are also seeing cases where a letter has been written by the buyer, to the seller. On multiple offers, if all terms are equal, we’re seeing that the letter, which explains their passion for the house, how much they love it, where they are coming from, the details of who they are, and etc, really tugs at the heart strings of a seller and in many cases that's what puts their offer above others.

There are a lot of different strategies but these are some of the bigger ones we are seeing in today's market.‼️ If you have any questions about buying, selling, investing, the value of your home, don't hesitate to call, email, or text. Thank you so much and have a great day. 

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