In case you haven’t heard, we’re in a solid seller’s market.
Little inventory, even less ‘dream homes’. When a really great house hits the market (in several areas around KC), buyers start lining up to see the house. The house could be under contract within a few days, sometimes less than that. If you’re a buyer, and you find yourself in a winning bid position on that dream home, you need to know it’s possible to lose it…after you’re initial win. Let me explain with a few tips & things to consider:
1. You wanted this house, and others did, too. Each seller has the right to accept a backup contract on the property. Your contract is priority, but the backup contract can sit ‘in waiting’ until you close.
2. What did you ask the seller for in your offer? Lower price, closing costs, home warranty? The backup contract may actually be one that could net the seller more profit. (And you may not have any idea the seller even has one.)
3. Do your inspections and ask for the repairs that concern you the most. This is NOT the kind of market where you can nit-pick every item on the inspection. Know why? The inspection renegotiation opens the contract up. Which means, you could ask for a ton of items to be repaired, the seller could refuse, and you could easily lose the house. The seller may be less likely to bend over backwards for your requests these days; especially if they have another contract waiting in the wings.
4. Personalize your offer. This is popular with some and not with others. If you are buying a home from an actual seller (not a bank), then you have a chance to use this. Write a letter or record a video letting the seller know what you like about their home, why they should consider your offer over others, and, if applicable, why you’re offering a certain price. Some sellers really care about the people that will be living in their home. A little personalization can go a long way.
5. In every conversation, remind yourself why you decided on this particular property. If it’s important to you, keep in mind you could be dealing with a pissed off seller. It could even be a seller with an offer better than yours waiting for you to drop. Are those broken blinds really worth losing your dream home?