Ready to learn how to win a bidding war in Long Beach 2021?
If you are trying to figure out how to get your offer accepted in a sellers market, watch this video and get my top five tips to help you come to the table strong EVEN in a sellers market!
1) Purchase price – If you’re really serious about how to get your offer accepted in Long Beach during a bidding war, you do not want to offer below the purchase price unless for some odd reason they’ve overpriced the property which most people are not doing these days because they realize that the feeding frenzy happens when they place it at market value or even slightly below market value. Sellers get a ton of activity which means if you want to have your offer taken seriously you have to offer at least the asking price. Beware if you offer over asking it may not appraise for that amount which means if you are getting a loan you may have to kick in the difference between what it appraises at and what you offered. If you have that cash on hand and you can do it and you really want the house it may be worth it but do not offer under asking if you’re really serious about getting your offer accepted.
2) Earnest money-Is an indicator for a seller of how serious you are and there are different rules of thumb. Three percent of the purchase price is generally a good amount of earnest money but believe me if you put down more earnest money than you stand a better chance to get your offer accepted (which, in a seller’s market there most likely will be a bidding war) If you’ve got a little more to throw out in earnest money, it’s all going to go towards the purchase in the end so if you’re really serious about the property, up that amount of earnest money and get the attention of that seller.
3) Closing costs- In a seller’s market it is best to ask for as little as possible meaning you may want to cover your own fees and let them cover theirs. If you’re really wanting to be aggressive and stand out, you may even offer to cover some of their closing costs as well which can be very attractive to a seller. Eventually the market will begin to turn around and it’ll get more balanced, and it may even become a buyer’s market again at some point in California.
4) The closing date- You are going to want your realtor to find out from the listing agent the closing timeline. There are some sellers who want to get out of there as quickly as possible because they are onto something else. Other times the seller may need a longer escrow, or they may even want to do a lease back if they have kids that are in school who need to finish out the school year. Finding out what is important to the seller and writing that into your offer could also make you stand out and be more attractive to that seller!
5) Contingencies – Let us say you have a house you need to sell before you can buy said house. This can be tricky due to the multiple offers. I do not advise writing a contingency into your office if you are wanting to stand out. Yes, I know there I go again with the “stand out” comment in today’s market. There are so many people trying to get the same house. The good news is that if your home is in a desirable area and especially if it is in California, chances are you are going to be selling your home very quickly. So, you need to weigh that but if possible don’t write a contingency into the offer.
If you want to know more about how to get your offer accepted, feel free to reach out!
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Meet The Author~
Email: Life@CoastalLivingByKelly.com with “Buyer’s Guide” in the subject and I’ll send you even more useful info! LET’S BE FRIENDS! https://www.facebook.com/CoastalLivin…
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