Since you are a Realtor and your specific question is â€œWhat's the â€˜BESTâ€™ way to get an offer accepted,â€
The key word here is â€œBESTâ€ â€“ there are lots of good answers below, however, if you really want to land the property, the following is the â€œBESTâ€ way to do it:
1. Talk to the listing agent as soon as your buyer makes you aware they are interested in the property â€“ you want to make sure you know the offer deadline (if any) and exactly what the sellers are looking for.
2. Contact the listing agent again about 1 hour before the deadline. Ask if they are willing to discuss any of the terms of existing offers or current offered prices. In California, it is NOT illegal for the listing agent to discuss the prices and terms of existing offers â€“ in fact, this practice is clearly spelled out in the C.A.R. form DA (DISCLOSURE AND CONSENT FOR REPRESENTATION OF MORE THAN ONE BUYER OR SELLER), which states:
â€œNON CONFIDENTIALITY OF OFFERS: Buyer is advised that Seller or Listing Agent may disclose the existence, terms, or conditions of buyerâ€™s offer unless all parties have signed a written confidentiality agreement.* Whether any such information is actually disclosed depends on many factors, such as current market conditions, the prevailing practice in the real estate community, the Listing Agentâ€™s marketing strategy and the instructions of the seller.â€
Although real estate practice varies from listing agent to listing agent, it is usually in the sellerâ€™s best interest and incumbent in the listing agentâ€™s fiduciary responsibility to the seller to provide you with meaningful information.
3. Explain that you are writing an â€œAS-ISâ€ all cash offer with a 5-day Inspection Contingency time period (no other contingencies) and you want to make sure there is no need for a counter. If Inspection Reports and Disclosures have been provided up front, you can actually write with no contingencies.
4. After your discussion with the listing agent, write an offer as follows:
â€¢ All cash â€“ higher than other existing offers
â€¢ Close of escrow â€“ 10 days (unless property is occupied â€“ then go with listing agentâ€™s requested time period â€“ and provide free rent-back if required)
â€¢ 10% deposit â€“ non refundable
â€¢ No loan contingency
â€¢ No appraisal contingency
â€¢ No inspection contingency (if full disclosure/inspection docs were provided up front) OR if you did your own inspections prior to writing â€“ otherwise 5 days
â€¢ Property to be purchased â€œAS-ISâ€
â€¢ Standard cost assignments from page 2 of the contract in keeping with local customs
â€¢ No home warranty provided by seller
Include the following with your offer:
â€¢ Copy of the buyerâ€™s cashierâ€™s check for the deposit
â€¢ Verification of funds for the purchase price
â€¢ A signed receipt page for all disclosures/reports
â€¢ A rent-back agreement if the property is occupied and rent-back is required
There will probably be gnashing of teeth from many who read this AND Iâ€™m very well aware that this approach will not work for many buyers (for obvious reasons). However, Iâ€™m addressing the word â€œBESTâ€ only. Iâ€™m also very aware that practices such as this are artificially increasing market values and freezing out FHA and VA buyers (I know because I represent a lot of them). Iâ€™m also not assigning any â€œmoralâ€ value to this type of practice â€“ simply addressing the word â€œBESTâ€.
Since over 30% of purchases in the past few months have been with cash, this is not an unrealistic scenario â€“ similar practices have been used on some of my listings this past year with good results for the sellers.
* Typically the case with REOs.