What is up with all this competition?!
We are in a very competitive market in which multiple offers are quite common. Â So, what will make your offer stand out?Â No, the answer isnâ€™t always just â€œthe higher priceâ€.Â Highest price may not always be the strongest offer. One way to stand out is to distinguish you from the other buyers.Â What makes you specialâ€¦or rather, the best offer they should consider? Aside from me verbally telling the listing agent, you should consider submitting a "Cover Letter" with the offer.Â Let me explain.
Now, I know how special you are, but to the other guy, you are a mere number and a name.Â Letâ€™s make your name come alive. Explaining your situation can give your offer an extra boost. Â For example, if you are buying from a longtime owner, pride of ownership may be very important to them. Tradition, longevity and knowing that a family is going to take over the lovely house they have called home for so many years may appeal to them. (I have had clients, including myself, win homes because of this very reason.) Â Or, if you own another property and are converting it to a rental, this may throw up a red flag when offers are reviewed.Â Why? Well, if a buyer is converting their current property to a rental but there is not 30% equity in the property, the buyer has to qualify for both mortgages according to current lending rules.Â Now, if you have done what you should and have gotten preapproved, this issue has been addressed and you can apparently afford both mortgages and you are good to go. (If you are a VA buyer and the military has requested you to transfer, you do not have to have equity. You are an exceptionâ€¦in more ways than one, I say. Thank you for your service!)
Without communication via myself to the listing agent verbally or written specifics that will separate you from the crowd, you may simply get lost in the pile.
Look, the cleanest, strongest offer wins.Â Whether that is due to the purchase price, the financing terms or just an extra tug at the sellerâ€™s heart, the prize is both parties involved wining in the end.
Now letâ€™s play!