If your offer isn’t getting accepted, it usually means your terms or price don’t match what the seller needs. To fix this, you must research the property, talk to the listing agent, and adjust your terms.
Research the Property First
You must look at the days on market to decide how aggressive your offer needs to be. So, we start by checking how competitive the home is. Is it a hot property? If so, we might have to go above the asking price. But maybe it has sat empty for a while. In that case, we might go in a little lower. Plus, we could even ask for some concessions. So, there are different ways we approach it based on the data.
Find Out What the Seller Actually Wants
Calling the listing agent tells us exactly what a perfect offer looks like for that specific seller. Right after checking the data, we pick up the phone. We ask the listing agent what the seller needs. Sometimes it is all about price, but not always. So, we make sure we know where we can give and take. This helps us find spots that might be more beneficial for you as a buyer.
Spokane Market Nuance: Strategies Beyond Price
When price isn’t enough, you can shorten your inspection contingency, offer a rent-back, or increase your earnest money. Price is usually the most important factor in a competitive market. But what else can we change to make your offer really strong? For example, you could shorten the inspection contingency. Also, sellers sometimes need to rent back the property for a couple of days. This makes their move and transition to their next property easy. On top of that, extra earnest money helps. Sometimes an earnest money release makes the seller feel much more confident in your offer.
Have more questions about writing a competitive offer? Visit spokanehomeguy.com or call 509-990-SOLD (7653) — we’re happy to walk you through it.
FAQ
A rent-back lets the seller stay in the home for a couple of days after closing. So, this makes their move and transition much easier. Plus, it can make your offer stand out if they need extra time.
Extra earnest money shows the seller you are serious about buying. On top of that, you can offer an earnest money release. This gives the seller even more confidence that your offer will close. Our guide to What is Earnest Money?
You don’t have to skip the inspection entirely to be competitive. Instead, you can just shorten the inspection contingency timeline. Our guide to Do I need an inspection? So, the seller gets peace of mind faster.