Insights from the Local Real Estate Experts in this Active Adult Community
In a strong seller’s market, it’s easy to get frustrated if you want to buy a Sun Lakes AZ home. You must compete with multiple offers.
However, as local residents and real estate experts in this active adult community, there are a few things you can do to help get your offer accepted by the seller.
Tips to Get your Sun Lakes AZ Home Offer Accepted
1. Work with a Certified Negotiation Expert.
Your Buyer’s Agent should be able to demonstrate to you whether the market is favored for buyer’s, sellers or balanced. And by working with experienced REALTORS™ who have spent the time to learn negotiation tactics and get certified in this area, you will have an advantage over the competition.
They can guide you through every step necessary of the offer process and provide specific tips and insights to make your offer stand out from others and get accepted.
2. Know that Cash is king.
Regardless of what the market is, cash is king in a real-estate transaction. Not everyone is prepared to pay cash. In a seller’s market, if the home has been on the market a very short time and you are not paying cash, you may want to strengthen the offer by going over asking price.
A home was recently listed and was shown several times on the first day. Two offers were presented. One was cash at full price and the other was financed and was $10K over asking price. After the seller reviewed both offers, they settled on the financed offer.
What stood out to make the seller’s accept the buyer’s financed offer over the cash offer?
Here are some tips to help you get your Sun Lakes AZ home offer accepted when in a seller’s market.
- Write a cover letter to the seller’s that will be presented with the offer.
Tell the seller’s what you love about their home and why you want it. Give a little information that will endear them to you. Compliment them on their home, décor, style, and more.
- Shorten the inspection period from 10 days to 5 to 7.
If anything is discovered during the inspection and it falls out, the seller will appreciate that it isn’t off the market long.|
- If you are paying cash, consider making your earnest money non-refundable after the inspection and repairs are agreed to in writing.
And, if paying cash, consider waiving the appraisal contingency.
- If you are financing, and the home has been on the market less than a week, consider making an offer over asking price.
- Do not use a “big bank” lender as sellers have often had poor experiences with certain banks and sometimes refuse an offer just based on lender choice.
Ensure your agent partners with great lenders that know the Arizona market and can help pre-qualify you over the phone in a short time.
- In addition to the lender pre-qualification, ask the lender to write a letter on your behalf stating the strength of your loan qualification.
At a minimum, ask your lender to call the seller’s agent to affirm your position and the strength of the loan.
In a buyer’s market, the seller loses some leverage and is more open to negotiate.
A Certified Negotiation Expert will check comparable properties and provide you with a detailed report on where the home should be priced. They know the average days on market and list-price to sale-price ratio.
This will help them guide you in how to make a reasonable offer that will not be considered low-ball or offensive to the seller.
In a buyer’s market, your agent can typically write in additional items that are favorable to you as a buyer, such as some of the furnishings or a golf cart. Also, they may be able to ask for a few more days to do inspections, especially if you live out of town.
Get a Certified Negotiation Expert for your Sun Lakes AZ home sale for the best results!
These are just a few tips so check out our additional buyer resources on this website.
And if you are considering an offer on a home in Sun Lakes, AZ, or have made an offer and had it rejected, let us help you write an offer that will get accepted.
Contact us at 480-809-5759 or click here, and we will help you as soon as possible!