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So many buyers...so few homes! How to get your offer not only viewed but also accepted!

Tuesday, March 29, 2022   /   by Phil Karp

So many buyers...so few homes! How to get your offer not only viewed but also accepted!

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The real estate market of today is not the same.  I know...you hear that all the time but, its true.  In today's market, you need strategies and tools on your side that were just recently invented for making aggressive offers.  FINDING a home is tough.  Then battling with 10, 20, 50 offers is just painful.  The agents we see winning in this market for their clients are doing things a bit different today.  Let's take a look at some of those strategies...

  1. Be aggressive - You need to be first in.  Don't rely on your agent to give you a heads up when that dream property pops up.  Set yourself up with multiple searches from multiple sites.  When a property is listed in the local MLS, it is syndicated to thousands of sites.  Zillow, Redfin, Realtor.com, etc.  Even though your agent doesn't work out of one of those brokerages, don't be afraid to utilize that technology to get a leg up on other buyers.  Our agents use many sources to hunt for homes on and off market.  They even set up MLS searches for themselves with client criteria so THEY will be first to know when a home is listed.  One to two days after a home is active is often times too late.  Sites like Zillow and Redfin (or even Modern South Properties) have great apps that can easily and discreetly notify you when a property is active.  Text your agent immediately and get that showing set up.  Even if it is virtual!

  2. Go virtual - If you are looking at a property in your current market and can go at a moments notice, great!  Do it!  Get in there quick and dig around.  But most likely, you're like 95% of other buyers who have daily responsibilities that limit your time spent in other directions.  You have to choose an agent you can trust to get you in that property virtually.  Facetime, Google Duo, Zoom are all great (and easy) platforms that can be utilized to tour a property virtually.  Walk through them with your agent and ask questions.  Have them measure items for you.  Have them walk or drive the street and record it for you.  Using technology like this saves precious time.  Trust in things like Google Street View, published traffic patters or demographics to help you make the decision to offer on a property.  A great agent will tell you their honest feelings and help you make that decision to move forward or not.  They can also help identify problems that could be pitfalls for financing or appraisal.  We will address those below.

  3. Make the offer - If you like the home, someone else likes the home too!  After your in-person or virtual tour, after your agent's input, after you start to feel your stomach rumble with anxiety and fear (Lol), make the offer if the house is right!  Analysis paralysis is real.  We have clients that have looked at homes for years.  No problem...they have a home.  You may not and need to be competitive when searching for one.  I know...I know, "What if there is something wrong with the home?  What if it doesn't appraise?  What if the bank won't finance me?".  All great questions but also thoughts that will hinder you on your home buying quest.  There are many things inside that offer that protect you as the buyer.  Due diligence periods, financing and appraisal contingencies, the fact that you may not even get the offer accepted!  Trust in a professional agent to walk you down the path of comfort and success in the offer process.  They are there to protect you and see that you win.  Remember, they win when you win!

  4. Show strength in the offer - In today's market, cash is king!  Crazy but in our little Marietta, GA market we see more cash offers today than we see ones tied to a pre-approval letter from a lender.  Why?  Because that's what the seller wants to see.  How can all these people be spending $400k, $600k, $1 million in cash on a home?  Here's a secret...they're not!  They're utilizing different techniques that either allow them to show the ability to close with cash OR someone else's cash.  Making a cash offer isn't rocket science.  It is reducing one of the contingencies listed above to be more competitive for the seller.  If you have a good lender and you are comfortable with the ability to get your loan, remove that financing contingency and show a proof of funds.  It can be from retirement funds, investments, cash on hand, etc.  This makes your offer stronger and you can still close with a loan.  It's all the same to the seller.  There are even companies out there like RibbonHome.com or Accept.inc that allow use of their funds for cash offers.  Allowing you to be aggressive, purchase the home and refinance after closing.  These strategies have become extremely valuable over the past two years and have made home buying a reality for many families.  The stronger your offer, the better your opportunity is.  Reduced due diligence, finance and appraisal contingency timelines are the norms.  Couple those with a strong offer price and terms and you're likely to win!

  5. Don't be afraid - I tell our agents one thing...don't be a salesperson...be a Sherpa!  Get your client up that mountain AND back down to safety.  A great agent knows the path to win.  They know the potential pitfalls along that path too.  they should be telling you upfront what your individual experience MAY look like based on your particular situation.  A great agent will have your back at all times.  Protecting your earnest money, your position in the transaction with great contract advice, and your path to closing with professionalism and care along the way!

Best of luck on your home search!  Feel free to reach out if one of our real estate Sherpas can assist you in finding (and buying!) your next dream home!

Phil Karp | Associate Broker
Team Lead | Modern South Properties at Wynd Realty
phil@modernsouthproperties.com | Skype - philkarp1
 
Georgia RE License #316017
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Modern South Properties with Wynd Realty
Phil Karp
3343 Peachtree Road, Ste 145-637
Atlanta, GA 30326
404-491-1229

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