This time of year, the snow starts to thaw and the real estate market in Alaska gets into high gear. Many times buyers find themselves competing with others who want to buy the same home. If this is your first time to be in a multiple offer situation, it can be a little unnerving. So let's take a little bit of creativity and see if we can make your offer more appealing.
These days, buyers are choosing their new homes from a much smaller inventory. And demand is strong. The net effect for homes that are in great condition and in desirable areas is that sellers will be often considering several offers at once. If you are a potential buyer trying to get your offer considered ahead of others, here are some tips:
• It is NOT ONLY about the price. This is often key to winning against other offers. Often times potential buyers will get into a "bidding war" on the property. Find holistic ways to make your offer more attractive and you may even be able to buy a home at a more reasonable price.
• Flexible inspections and shorter deadlines. Oftentimes you can get inspections done more timely than other buyers put into their offers. 30 days sounds a lot less serious than 14 days. This sends an important signal to sellers. It says "I am serious." "Let" Sometimes a larger deposit or earnest money is another way to communicate your seriousness to a seller. Both of these techniques are simple. They do not cost anything. And yet they help sellers evaluate your offer more clearly and in a better light.
There is NO substitute for Experience. It comes into play with this. We know the Alaska real estate market and what sellers are typically being offered and we can help position your offer in the best light possible. This means that we can get creative in an effort to make your offer stand out without having to resort to price.
• Get pre-approved. This is almost an absolute. It is almost like being a cash buyer and it separates you from other offers. It plays on the seller's desire to have a bird in the hand versus two birds in the bush. Without it, it is likely that you will pay more.
• Writing a "sweeter" offer. This is where our teams experience can help you. We have the experience in helping you write an offer that protects you adequately but does not add a bunch of unneeded language that lengthens the offer and may in some cases feel threatening to the seller. You can say things in a way that spells out the terms of the deal without undue complication and that allows the seller to sense your sincerity.
Want help with more ways to avoid to a bidding war? That is what we do. Let us represent you and help you get that perfect home at a price you can live with. Give us a call today. We provide this to Alaska home buyers each and every day.