What Makes a Winning Offer in 2021?
The strong seller's market means lots of buyer competition. Yet, homes are selling, and selling FAST!
What are buyers doing to "win" the home these days?
1) Offering more than the asking price. In Contra Costa County, this can mean anywhere from a few thousand dollars over, to $100,000 or $200,000 over the asking price. Each community differs.
2) Minimal contingencies. Many buyers are already pre approved with underwriting, and are waiving the loan contingency.
3) Some are waiving the appraisal contingency, and those who can’t are offering to “bridge” any gap between the appraised value and the contract value, up to a certain amount. I always ask for “proof of funds” to be sure the buyer can perform.
4) Many buyers are also waiving the inspection contingency, especially in cases where the seller has provided current inspection reports & a full disclosure package.
5) Seller “rent-back” – as part of the initial offer, buyers are agreeing up front to allow the seller extra time in the home after closing.
6) Quick close – less than 30 days, in many cases, 21 days
7) No contingency for the sale of the buyer’s current home. Many buyers are obtaining “bridge loans” (short term loans that allow them to buy before they sell).
8) All cash or "easy" loans - typically, "Conventional" financing, which has fewer conditions than FHA or VA financing.
Thinking of Selling? Call or text me 925-628-5194 for a FREE custom consultation of your home's value.
Thinking of Buying? Call or text me to discuss planning a winning strategy!
How can I HELP BUILD YOUR LEGACY?