3 Tips To Get Your Offer Accepted In A Sellers Market in Phoenix

Stacie Muller, Phoenix, Arizona Realtor
Are you currently considering buying a home, but fear you can’t compete?  Have you tried to buy a home but got burned out because you kept getting your offers rejected?  What if there was a way you could increase your odds of getting your offer accepted when trying to buy a home? Join me as I discuss5 Tips to get your offer accepted in a sellers market and how offering the asking price may not be enough anymore.
So what can you do to compete in this competitive market we are currently in?  With more competition from multiple buyers on any given property, the seller has lots of options to choose from, and you will likely need to do more to get the house you want. I’m going to be completely straight with you, getting a house under contract is going to be challenging in this market, with bidding wars becoming the norm and not the exception, but it’s not impossible. Sellers are in the driver’s seat, and they know it. Let’s look at 5 tips to get your offer accepted in a sellers market.

Tip #1

Make Your First Offer A Strong One.  Gone are the days of low balling and trying to get the seller to negotiate to bring their price down.  When you have a lot of competition from buyers on the same house there is little to NO success with a lowball offer. In a seller’s market.  It is likely that In order to be the winning home bidder, you will need to bid above list price.

Tip #2

Remove the appraisal contingency. What does this mean? It means you are willing to pay what you offered for the home even if it does not appraise for that price. You will be responsible to pay the difference between the appraised value and the purchase price by increasing your down payment (cash out of pocket) by the difference. The other option that better protects the buyer is offering an appraisal gap. This means you will cover the difference between the appraised value and the purchase price up to a certain amount.

Tip #3

Remove the appraisal contingency. What does this mean? It means you are willing to pay what you offered for the home even if it does not appraise for that price. You will be responsible to pay the difference between the appraised value and the purchase price by increasing your down payment (cash out of pocket) by the difference. The other option that better protects the buyer is offering an appraisal gap. This means you will cover the difference between the appraised value and the purchase price up to a certain amount.above list price.

Tip #4

Use An Escalation Clause An escalation clause is a way for you to automatically increase your offer and outbid your competition up to a certain price point.  This tells the seller that you will go higher than you offered, but only to a certain price point.  This tactic is very successful in getting offers accepted.

Tip #5

Offering the Seller A Leaseback Option It could be very attractive to the seller to be able to remain in their home for a short period of time after closing. Offering this to the seller may be a way  your bid stands out over others..  Just know there are stipulations to the amount of time per financing guidelines that a buyer can allow a seller to stay in the property if they are financing it.

Now that I’ve shared my 6 tips to get your offer accepted in a challenging market, you may also be interested in learning how to get top dollar when selling your home..  In this coming video you will  be sharing tips to get your home showing ready to get top dollar.

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