How

does offer strength factor into a real estate transaction?

Buyers consider price, contingencies, timeline

By JOSEPH HUDSON

As we enter the spring market, it might be a good time to review what makes someone’s offer to buy another’s home competitive or not.

At various times in the housing market, we have seen where the need for a buyer to write a very competitive offer has been crucial to “win” the offer and to purchase the desired home. If a seller receives six offers for their home, they will usually pick one that makes it easier for themselves in the transaction. At other times, and in other scenarios, a buyer can ask for more agreeable terms from their perspective.

Usually there are about three categories that buyers and sellers focus on when they are crafting and reviewing an offer. These categories are PRICE, CONTINGENCIES, and TIMELINE. There are various ways to address each of these factors:

Price

• Above the asking price

• At the full asking price

• Below the asking price

Contingencies

• NO financing contingency vs. Conventional or FHA financing contingency

• NO inspection contingency vs. home inspection and seller credits or repairs

• NO appraisal contingency vs a home appraisal contingency

Timeline

• 2-3 week closing period

• 4 week or 30-day closing period

• 45-60-day closing period

There are ways to structure your offer where you may have a combination of the three factors above. I have written offers where the buyer waives the home inspection contingency, but keeps the financing contingency, and agrees to close in 21 days or 30 days. Some offers have been written with the most competitive of all three terms, and some offers for less competitive terms in all three categories.

How does one decide how to structure their offer? Well, that’s where the agents come into play, and find out from each other what the seller and buyer are both aiming to gain out of the situation. Does the seller want the full price, but doesn’t mind if the closing happens in 45-60 days? Does the seller want a quick close but doesn’t necessarily need the full asking price? Maybe the seller is under contract to buy another home and needs to access their equity in a few weeks. Maybe the buyer wants some repairs done but will just take a credit from the seller or a reduction in sales price.

It’s usually a good rule of thumb to work toward a “win-win” situation for the buyer and the seller, to keep things moving smoothly. Have more questions? Shoot me an email and let’s talk.

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