Real estate in Metro Atlanta, as in other parts of the country, is roaring. It’s an unprecedented time in the industry, when demand has hugely outpaced inventory. That is driving up costs, causing shortages of raw materials for new homes, and leading to many multiple offer situations. As a buyer, what can you expect a seller to consider in those situations? How do you make your offer stand out from the rest?
Is there a home sale contingency?
If you, as the buyer, have a home to sell yourself, it may make other offers without that contingent sale more attractive to the seller. Avoiding a contingency is just one way to avoid potential complications, like financing falling through on the contingent sale. The good news is that this is a small consideration in the current market since homes across the area are selling – and closing – so quickly.
Comparison of first offer and final offer
A great real estate agent will help sort through the offers, often beginning with the first offer and comparing it to the last one received. She will create a spreadsheet to include all the offers, the changes in them, and the trajectory over time. Finally, the Realtor will call for best and final offers from all interested parties, and those who show a committed intent to purchase as well as increasing purchase price will certainly stand out from the others.
Amount of Deposit or Down Payment
The higher the deposit, which goes to the seller as a sign of your commitment to purchase, the more faith the seller will have in you as a buyer. A high deposit means the seller is taking on less risk. Down payments go to the lender, and a large down payment is seen the same way – a sign of commitment and assurance that the loan will be paid off successfully.
Accelerated Closing Date
Many home sellers are motivated by a quick closing date. If you can close quickly, it might just put your offer at the top of the pile in a multiple offer situation. Usually, the transaction process takes 30 to 60 days for resales, though new home sales today are often dependent on construction schedules, so be patient.
Accepting the Property “As Is”
If a buyer is willing to accept the property “As Is,” without inspections and the attendant repairs often called for, their offer may seem more attractive to the seller. Especially in today’s market, when sellers are getting offers far over asking price, an “As Is” offer can save the seller the hassle and cost of new carpet, fresh paint, a new roof, and other routine repairs.
It’s an exciting time to buy a home in Metro Atlanta, and the experienced Realtors at Peggy Slappey Properties are here to make sure your offer outshines all the others. Having experience on your side is more important than ever. Call us at 770-271-5555 to connect with a PSP Realtor in your area today.
Peggy Slappey Properties, Inc. is a Metro Atlanta real estate brokerage with 35 years of experience in real estate sales and marketing. From new home construction to resales, we can help you find the home of your dreams. To see our current listings, visit www.psponline.com and call us for expert advice at 770-271-5555. Keep up to date with the latest PSP events and offers by checking in on Facebook at https://www.facebook.com/peggyslappeyproperties and on Twitter at https://twitter.com/psponline.