7 Tips on How to Write a Winning Offer
I received an email from a couple who after repeatedly losing out on the purchase of fixer properties asked how they could write a winning offer. Being a buyer of any property in the Long Beach area is not easy. The lack of inventory makes competition fierce. Here are 7 tips for anyone looking to purchase investment property, or for that matter any property.
Tip 1: Be fully committed.
Tip 2: Be quick in previewing and writing an offer.
Tip 3: Work with an agent who is active in the area you hope to purchase.
Tip 4: Use a Lender recommend by your Realtor, or at least vetted by your agent.
Tip 5: Send statements of all your accounts, showing as many available funds as possible with the offer.
Tip 6: Don’t ask for much and give the seller what they want.
Tip 7: Trust your agent on what is the best offer to write.
Because home prices are rising there are many well-funded cash investors in the market looking for fixers. This creates a huge problem for someone, like our discouraged couple, who must obtain a loan, because a seller is more likely to accept a cash offer. Plus an investor is less likely to ask for concessions due to needed repairs. So how can our buyers hope to succeed?
They must connect with an active area agent and convince them of their desire to purchase investment property, no matter what the obstacles. If a Realtor knows he can bring a seller top-dollar and ensure a smooth transaction, they will jump through hoops to get their buyer’s offer accepted. The buyers also must be pro-active and by that I mean staying in touch with their agent. Remind your agent you are serious and will do what it takes to write a winning offer.
Keep in mind that the buyer that gets their offer accepted will overpay, because the seller is going to accept the highest offer, and therefore the buyer will pay more than anyone else. Remember, a cash offer is very attractive so you may have to offer a higher amount.
If you are in the market to purchase in the Long Beach area, please do not hesitate to pick up the phone and call me, Michele K, today at 562-243-2171. I have been writing winner offers for years!