Tips for Winning Offers For Your Buyers

As bidding wars spike, 20% of winning offers waive inspection contingency

Waiving the inspection and appraisal contingencies is a common strategy homebuyers use to make their offers more attractive to sellers, but the strategy has its risks.

1. Inspection contingencies often allows buyer to cancel contract or ask Seller's to make repairs

2. The Appraisal contingency allows buyers to cancel contract or renegotiate price with Seller

The above 2 steps can put Buyers at risk.  So why take the RISK?

• The answer seems to be because the market is hot.  Buyers are losing out on multiple homes they want.

• Another 20% of the Buyers are writing letters with their bid, appealing to the emotion of the Sellers.

• Equally important to writing a letter is to find out the motivation of the Seller

Are they staying in the area and building a home?

Suggestion...  build in a contingency clause offering for Sellers to rent back for a period of time to ease their concern of finding a place for them to rent in the interim.

• Years of cleanout of their home – build to the contract a helping hand or hire a company to help with this daunting task.

• Do your diligence (find the sweet spot of the Seller and capitalize on it).  Often times it is more than money—years of cleanout, time sensitivity, emotional? Whatever it is, ask the right questions of the Seller's agent and capitalize on it.

So why are buyers taking these measures:

Low mortgage rates, a severe inventory shortage and pandemic-related uncertainty are pushing buyers to take risks in a hot market!