With inventory at an all-time low, Denver buyers are facing heavy competition. Here are some tips from an experienced realtor on how to make your offer stand out!
1) Be as flexible as you can on closing time frames for closing. Call the listing agent to see if there are particular circumstances for the Seller that you can address by being flexible. This can be especially appealing to sellers who need to sell their home before they buy a new one, and are concerned about where they are going to live while they house-hunt.
2) I have seen Buyers write personal letters that accompany their offer, which help sway a Seller towards that Buyer. If you can, do some research about the Seller and find out how to appeal to them. The owner is listed in the public records as homeowner. Then crosscheck them on FB or LinkedIn.
An interesting development nowadays is that large investor clients are buying up homes for cash. Some Sellers may want to sell to a family instead of an investor, so if all other things are equal a personal letter can sometimes help them choose you.
3) Contingent offers don’t make it in this highly charged market. Sellers will choose an offer that is not contingent on selling your home. Work out purchasing a home without needing a contingency.
4) Don’t expect sellers to help with closing costs. In the “good old days” that was a regular practice. Not in this market, though.
5) Many properties are receiving offers over the listed selling price. If you make an offer for more than list price, do your due diligence and make sure that other homes have sold at the price level you are proposing. Be prepared if you have to offer more than list price. If a home does not appraise for the offered price, either the Seller has to lower the price or the Buyer has to come up with more money.
6) Be prepared for disappointment, as many properties are experiencing multiple offers. Ask your realtor to take a proactive approach and contact the homeowners in the particular neighborhood that you wish to live and see if they can find a home BEFORE it is listed.