REAL ESTATE NEWS (Los Angeles, CA) — Home buyers want to know how to get an offer accepted. Here are all of the steps, including some of the most advanced tactics and strategies for getting a home seller to accept a buyer’s offer for a home purchase.
Preparing the offer – Seller’s want to receive a clean offer, meaning the offer should have the standard, typical terms, conditions and contingencies, or less. Buyers get the best deal when they look at plenty of properties, and place lower offers on several of their favorites. Investors find that they get the best deals if they can pay all cash, and waive all of the contingencies so that the seller knows that the transaction will more likely be successful. Cash buyers can often close within 7 to 15 days, giving the seller more inducement to accept the cash buyer’s offer. If a home buyer absolutely loves a particular property, wants to move in yesterday, thus does not want to lose it to anther buyer, the safest strategy is to place the buyer’s highest and best offer as early as possible, preferably on or before the first day of the listing.
Pre-Approval Letter – Home buyers who are using a mortgage home loan will be more like to have their offer accepted if they provide a pre-approval letter from a lender. Some buyers provide a pre-qualification letter, which also may work, but a pre-approval letter is usually preferred because it means that the lender has taken the effort to verify the finances of the buyer, while the pre-qualification letter may be solely based on the buyer’s own provided financial figures.
Love letter – In a competitive environment, such as a seller’s market, the seller must sometimes choose from two or more very similar offers. The trick to stand out from the crowd is to write a “love letter” to the seller. This letter is designed to gain attention and favor of the seller by tugging at the heart strings, using a personal, emotionally compelling story about how the buyer and family members really love the home, detailing why the property will allow the family to live happily ever after. The story works even better if it mentions how the property will save the life or make the dreams come true of little toddler, sick Sally, who is disabled and will be able to overcome her ailments thanks to the design of the home.
Negotiating – Buyers are most likely to get the best deal and best terms on the most amazing home if their agent does some research, calling the seller’s agent to ask about what kind of offer that the seller needs. Sometimes this can reveal the lowest price that the seller might go, but more likely, the buyer can learn what terms would be attractive to the seller, such as a quick escrow — or sometimes a long escrow with a lease-back.
Inspection – A few sophisticated buyers, especially cash buyers, will waive the general inspection. Other buyers commonly ask for repairs of the most important items that show up as needing repairs based n the general home inspection.
Contingencies – Most home purchases come with three opportunities for the buyer to cancel the home purchase during escrow, and to receive a full refund of their earnest money deposit. These are the inspection, appraisal and loan contingencies. If the buyer is able to waive one or more of these contingencies, the seller will be more likely to accept the buyer’s offer.
Loans – A cash purchase is most desirable to sellers. Some sellers will even accept a slightly lower price from a cash buyer because a cash buyer is more likely to complete the transaction. The cash buyer does not need to rely on a lender or appraiser to approve of the transaction, and a cash buyer can close escrow faster. The majority of home buyers, however, rely on a mortgage lender. Those who put down a higher down payment may find that their offer is more attractive to the seller because a higher down payment signals potentially better financial position, and higher level of commitment from the buyer, thus more likely to successfully close escrow.
Keys – A transaction is generally not complete until the buyer receives the keys from the seller. Buyer’s agent should ask to get the keys as early as possible. Occasionally sellers lose keys. In this case, the buyer can simply get help from a locksmith after escrow closes and the title with the new owner is recorded by the county clerk.
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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, DRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.
