Sonia Rollins
EXIT Premier Real Estate | 781-454-6043 | sonia.rollins@yahoo.com


Posted by Sonia Rollins on 5/13/2018

In a competitive housing market--like the one we have today--sellers are fielding numerous offers, especially in desirable urban and suburban hubs.

If youíre hoping to buy your first or second home, it can be tough to make offer after offer with no success.

However, there are some things you can do to help ensure your time house hunting is well-spent and to increase your chances of getting your offer accepted.

In todayís post, Iím going to give you a few tips on how to win a bidding war on your dream home.

All-cash offer

The most effective way to ensure that your offer is accepted is to make it in all cash. Cash offers drastically simplify the real estate transaction process, making things easier on the seller.

Most buyers, especially first-time buyers, wonít be able to make an all-cash offer on a home. However, people who are downsizing after their children moved out or are buying a retirement home may find themselves in the ideal financial situation to be able to leverage a cash offer.

If that sounds like you, consider a cash offer as part of your bidding strategy.

Waive the financing contingency

If youíre new to real estate contracts, you might be wondering what a contingency is. Essentially, a contingency is an action that needs to be completed before the contract becomes valid and the sale becomes final.

There are a number of different contingencies that can be found in a real estate contract. However, the most popular are for inspections, appraisals, and financing.

If youíre planning on taking out a mortgage to purchase the home, a financing contingency protects you in case you arenít able to secure the mortgage in time. In other words, youíre not on the hook for a home you canít pay for.

In some special situations, buyers might decide to waive the financing contingency, signaling to the sellers that there wonít be any hang-ups or delays from the buyer regarding financing the home.

Waiving this contingency comes with risks (namely, being responsible for coming up with the money to pay for the home). However, there are ways to safely waive a contingency.

The most common approach is to get a fully pre-approved letter from a lender. The important distinction here is that your mortgage needs to be pre-approved and underwritten (not just pre-qualified), otherwise you again risk getting denied the mortgage in the last moments before buying your home.

Crafting a personal letter

Sometimes all it takes to win a bidding war is to be the sellerís favorite candidate. Take the time to write them a personalized letter. Explain what you love about their home and why itís perfect for your family.

Avoid talking about big changes youíll make. Remember that they probably put a lot of time and money into the home, making it exactly the way they want it, and wonít appreciate you making huge plans to undo their work as soon as theyíre out the door.


Using one, or a combination of, these three techniques, youíll be able to give yourself an edge over the competition and increase your chances of getting your offer accepted.





Posted by Sonia Rollins on 9/17/2017

Making an offer on a home youíd love to buy is arguably the most stressful part of the buying process. Youíll be worrying about making the right offer, whether youíve presented yourself in the best possible light, and just how much competition youíre up against.

Today weíre going to help you alleviate that anxiety by giving you the most common real estate offer mistakes to avoid, and show you how you can increase your chances of getting the perfect home for you.

1. Do your research on the house

You have a lot of research to do before making an offer on a home. Youíll want to know the price the home formerly sold for and improvements that have been made and that will need to be made if you move in.

It also helps to know the sellerís situation. Are they on a deadline and moving out-of-state? If so, they might be tempted to take one of the earlier offers they receive.

2. Know your own financial limits

Before you ever make an offer youíll need to know how much you can spend. This isnít just a matter of offering the maximum amount youíre preapproved for. Youíll have to factor in moving expenses, final payments on your last rent or mortgage, changes in utility costs, and more.

3. Donít offer your full preapproval amount

Sellers who know that youíve offered your maximum preapproval amount may be wary of selling since they know you lack room to negotiate your budget and therefore might have a higher chance of backing out of the offer. They might favor other buyers who have room to negotiate and account for unexpected changes in their budget or of rising interest rates.

4. Avoid aggressive negotiation

We know the stakes are high for everyone involved in making a real estate deal. However, sellers are more likely to accept the offer of someone they trust and like over someone who seems to be trying to gain leverage.

Always be cordial with your offers and support them with numbers--explain to the seller why you chose the number you did, so that they can understand your reasoning.

5. Donít attempt to gain leverage by waiving a home inspection

By law, you are allowed to have a home professionally inspected before purchase. Waiving this right is sometimes misconstrued as a way to tell a seller that you trust them and donít want to cause them any unnecessary headaches.

The reality of the matter is that if you truly do want to own their home, sellers understand that you want to know what youíre buying.

6. This isnít the only house you can be happy in

Hunting for a home is hard work. Once you find one that seems perfect for you or your family, it can seem like everything depends on your offer being accepted.

However, the fact is there are endless houses on the market, and next week a new one could be put up for sale that is even better than the home youíre hoping for now.

If your offer isnít accepted and you donít feel comfortable committing to a higher price, move on to the next house knowing that you made the best decision under the circumstances.




Categories: Uncategorized