When the market started heating up, the smart buyer’s agent knew to get an offer in ASAP to try to beat other agents to the punch.
Then we all started doing something like saying “Reviewing offers on such and such date and time.” That was nice because you knew that you had time to show the house. If your client couldn’t break away to see it immediately, you could tell them you could do the next day.
Now it has evolved to the point where we are saying “Reviewing offers on such and such date but the seller reserves the right to accept any offer at any time.” So we are back to dropping everything and rushing out to see a new listing ASAP.
What is a poor buyer to do right now to get a house? Make such a strong offer that the seller will want to accept it immediately. Turn the tables and make the Seller chase you! That usually involves 4 big things: Price, inspection, closing date and possession date.
Obviously for price, that means a stupid high number. I can’t believe after spending so many years blogging about not overpaying in a Buyer’s Market, that I am now suggesting people do this. But in this market, it is the difference between getting a home and not getting a home. Instead of “Go big or go home”, it is “Go big to GET a home.”
Inspection…..waive it totally if you can let yourself do it. Having dealt with probably close to 1000 inspections over the past 16 years, I can tell you that I rarely see a house with a deal breaking problem. Most of the issues that would make you want to walk away from the house are typically visible if you look. If it has old HVAC units, well, you know you will have to eventually replace them. Roof have a shingle blown up or need some flashing around a chimney? That’s not worth losing a house over. Plus, most of the time all you can get a seller to do these days is spend $1000 or so on repairs. Most of the items found on a home inspection will probably also be found where you are living now: Some electrical oddities like reversed polarity or an ungrounded outlet in older homes. Various plumbing leaks. A roof, HVAC units or water heater somewhere between new and needing replaced. Most of what is found on a home inspection is deferred maintenance.
A lot of sellers have already bought another home and know when they will be closing on it. Ask their agent what the ideal closing date would be for the sellers. If you can make it work, you have just made your offer much more appealing to them.
Same with the possession date. It’s a pain in the rear to have to be out of your old place the same day you get in your new place. If the house was in reasonably clean shape when you saw it and you don’t think the sellers are terrible people, ask if they need a couple of days to stay in the house after the closing. Some breathing room is always nice. The worst I have seen when this happens is that you often get left some garbage or a dirty house. Most sellers are eager to get to their new place so you don’t really have to worry about them not moving out.
All of these things are a little risky to a buyer. I know. I get it. But the people that do these things are the ones who are going to be moving into that house you fell in love with and were outbid on.