Even as the market "slows' in some areas - multiple offers are still common on many properties. While sellers are beginning to be quicker to accept, when multiple offers stand, it can be daunting for buyers. So, as their agent, how do you get your clients offers accepted?
The First Time
Ideally, you will get your clients offers accepted the first time. This can be rare however, and requires a lot of work in ways. Also, not all clients and sellers make this possible.
Some great ways to get offers accepted the first time are:
- An Escalation Clause
- Higher Down Payment
- Pay For What You Can (Closing costs, moving expenses)
- Be First
- Remove Some or All Contingencies
Be very clear though with your buyers - they should only do any of these things if they can and are absolutely willing. Don't encourage buyers to put more of a down payment down if they are already strapped for cash. The same goes for an escalation clause.
A rule of thumb when it comes to offering more is to ensure that buyers cannot live without the home. This way, it prevents buyers remorse.
Round Two
If your clients offer doesn't accepted the first time and instead you receive a counteroffer - there is a still a way to save the day.
Some of the points above, adding in waiving the inspection or cleaning up your offer will help deals close, and fast. More often than not, sellers want to close. If you're dealing with an emotionally attached seller with cold feet - there really isn't much you or your client can do.
If this is the case, be sure to talk to the listing agent about realistic expectations. This way, you can advise your clients most honestly.
Write A Clean, Simple, and Timely Offer
While some tips and tricks might save the day in specific situations - at the end of the day - it's best to write a clean, simple, and timely offer. Of course, this is what is required if your buyers are eager, and in a buyers market. However, if buyers have more wishes and more time on their hands, they might be okay with waiting it out.
You know your clients best! Do what you can with what you have to support them in the current market.
Have a comment, tip, or concern?
Thanks for reading Elite Informer! Here's more where that came from.