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Ways
To Make Your Offer More Appealing
It's
no secret that in today's market, Buyers are looking
for a great buy. One of the ways a Buyer is able to
get a better than average buy is by making his/her offer
appealing in every way possible, leaving price the only
issue left to negotiate. Here are some thoughts to consider:
1. ESCROW PERIOD - Allow the length of the escrow to
be the Seller's choice; not less than 30 days, not longer
than 120 days. Request to be notified of the actual
date upon the acceptance of your offer. 2. ESCROW COMPANY
AND TITLE COMPANY - Allow the Seller to choose any reputable,
competitively priced Escrow and Title Company.
3. DEPOSIT AMOUNT - Give a large deposit. Consider a
deposit in excess of the standard 3% to put extra strength
behind your offer.
4. LOAN CONTINGENCY - If you have complete confidence
in your ability to absolutely obtain your needed loan,
eliminate the contingency entirely. For most people,
this may be somewhat bold. If this makes you uncomfortable,
promise a letter of prequalification within 5 business
days and full loan approval within 21 business days.
5. INTEREST RATE - If you have written a loan contingency,
allow some leeway in the rate limit. Proceed by getting
the best available rate, but build additional confidence
with the Seller that you are not planning to back out
on a technicality.
6. DOWN PAYMENT - If you are able, offer a sizable down
payment to show additional strength to your offer, but
leave yourself the option to adjust it after your loan
contingency has been met.
7. OTHER CONTINGENCIES - Keep contingencies to a minimum.
The most frequent contingencies to a standard agreement
are approval of the physical and sometimes geological
inspection, approval of the preliminary title report
and a standard loan contingency. Try to eliminate additional
contingencies.
8. INSPECTIONS - Consider having an inspection in advance
so that you can eliminate the contingency and purchase
the property "as-is", otherwise keep inspections to
a time of not more than seven business days.
9. BUYING IN "AS-IS" CONDITION - Agree to accept minor
and cosmetic issues in "as-is" condition and limit your
inspection concerns to major issues. Agree to be reasonable
and timely.
10. INCLUSIONS AND EXCLUSIONS - Don't ask for appliances
or personal property that are not included. Allow the
owner to keep any fixture that may have sentimental
value, provided it is replaced with one of similar value
or accept a cash allowance.
Try your very best to write a clean offer that gives
the Seller a great deal of confidence in your strength
as a Buyer. Provide comparable sales and have a knowledgeable
broker represent you.
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~~ This article was written by Ron Wynn - 8/2000 ~~
Copyright© Ron Wynn 2000
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