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I know the common ones are to have cash ready and offer your highest... But any other more creative tips? Can I have inspection done during an open house so when I make an offer, I don't even need another inspection?
I know the common ones are to have cash ready and offer your highest... But any other more creative tips? Can I have inspection done during an open house so when I make an offer, I don't even need another inspection?
Not in our area.
I don't know what inspections are like where you are, but in our area they take at least two hours.
And no seller or agent is going to let you interrupt an Open House with an inspection while other potential buyers are walking around the house/property.
To appeal to sellers:
No inspection. I don't recommend it, but what seller wouldn't like it?
No appraisal. Again, not recommended, but speaks to the seller that you are a buyer.
Ask for no personal property.
Close on Seller's schedule, whether fast or delayed.
Cash sale.
Large EMD.
To appeal to sellers:
No inspection. I don't recommend it, but what seller wouldn't like it?
No appraisal. Again, not recommended, but speaks to the seller that you are a buyer.
Ask for no personal property.
Close on Seller's schedule, whether fast or delayed.
Cash sale.
Large EMD.
To appeal to sellers:
No inspection. I don't recommend it, but what seller wouldn't like it? No appraisal. Again, not recommended, but speaks to the seller that you are a buyer.
Ask for no personal property.
Close on Seller's schedule, whether fast or delayed.
Cash sale.
Large EMD.
"No appraisal" only works if it's a cash deal. Haven't met a lender yet (at least in our area) that'll waive an appraisal.
I assumed Mike to mean that the buyer would waive the appraisal value (were it to come in below contract price) and pay the difference
No, I'm quite sure that he meant no appraisal, as he wrote. You'll note that he also suggested "cash sale". I have bought a multitude of properties without an appraisal. He's right--it helps.
"No appraisal" only works if it's a cash deal. Haven't met a lender yet (at least in our area) that'll waive an appraisal.
Of course.
No Appraisal and Cash are a package deal to impress sellers.
Quote:
Originally Posted by jackmichigan
No, I'm quite sure that he meant no appraisal, as he wrote. You'll note that he also suggested "cash sale". I have bought a multitude of properties without an appraisal. He's right--it helps.
The goal is to reassure the seller that you will actually close on the house and there won't be any surprises in the price, cost of repairs, or your ability to get a loan. And barring that, keep the time off the market as short as possible.
No or limited appraisal "contingency". You get an appraisal and pay the difference if it comes in low. Can be written something like "Buyer to pay up to $10,000 over appraised value but not to exceed contract price" to limit the extra cash outlay.
Shortened inspection contingency period or whatever it's called in your area. Our contract has a standard 17 days, make it 7.
A clause something like "Buyer to purchase house As Is, with inspection subject to items that make the home uninhabitable or major defects over $1000". This lets the seller know you won't try to nickel and dime them on minor repairs.
Get your lender to call the listing agent pronto to discuss what a strong borrower you are and that they are confident they can close the loan on time.
Before writing the offer, get your agent to call the listing agent and ask what terms are important to the seller. Do they want a quick close? Do they want a rent back (make it free and they will love you)? Are there any items they want to exclude? Then write those into the offer so the seller doesn't have to counter with their preferred terms. Time spent in counter offers is time another, better offer can come in and push you out.
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