With housing inventory at an all-time low and demand still remaining very strong, we are starting to see multiple offers on well-priced homes, especially in the new sweet spot range of $400-500K. So how do we make our offer more attractive than the others? Let’s look at some strategies and tactics to make your offer stand out.
Cash Is Still King
If you can pay cash for the house, you still hold the upper hand in most competitive situations. Even if you would prefer not to use all your cash to buy a house, consider buying the house first, then go get a mortgage.
- Small mortgages can be a competitive offer as well because they usually do not require an appraisal.
- You can waive the appraisal contingency on a financed offer, which means if the house does not appraise for the purchase price, you are prepared to bring extra cash to closing. You can also waive the appraisal contingency with a limit to the amount of money you are willing to bring to closing.
We have had some success in situations where we know there are going to be multiple offers by writing escalation clauses into the purchase contract. Something like: “Buyers agree to raise the purchase price $3,000 above the highest documented offer up to a maximum purchase price of $XXX,XXX. Copy of the highest offer to be provided upon contract acceptance.” In this strategy, yes, you are setting your highest limit and best offer, but you are protected if the other offers all come in at or slightly above asking.
- Shorten the inspection period. The standard inspection period is 10 days, so if you are shortening the period to, for example, 5 days, the sellers know that if you decide to back out during the due diligence period, they can put the house back on the market or move on to a back-up offer sooner.
- Buyers to ask for no repairs. We DO NOT advise you to waive the inspection. They are important because you need to know what you are getting into, even if you do not plan to ask for repairs. Saying you will not ask for repairs does not prevent you from backing out during the inspection period, should something major arise while doing your due diligence. Also, if something major does come up, sellers are often willing to work with you to correct it because the issue will have to be disclosed to future buyers.
- Do not ask the sellers to buy you a home warranty.
- Do not request the sellers to pay any HOA transfer fees or HOA capital improvement fees.
- Your Kolb Team agent should be calling the seller’s agent to find out the seller’s situation. How many offers do they have or know are coming (competitive landscape)? What is their plan for responding to offers? Do they need a quick close or a longer close? Are they hoping to sell any furniture or maybe the golf cart? Anything to make the selling process easier and less stressful for the seller could set your offer apart from the others.
If the sellers are entertaining them, consider submitting a back-up offer, which is negotiated and signed by both parties just like a normal offer. It then sits in the background, and if the accepted offer falls out of contract for any reason, the house does not go back on the market. Instead, your back-up offer is now under contract, earnest money is deposited at escrow, and your due diligence period begins. Back-up offers can be withdrawn at any time as long as it is still in that background / back-up position.
Celebrate love and friendship with our recent blog post The History Of Valentine’s Day… And Some Bonus Trivia. Some pretty interesting facts to check out!
Closing is the final step of the homebuying transaction. All outstanding fees listed in the closing disclosure are paid, the escrow funds are cleared to be delivered to the seller, and the buyer and seller sign documents to transfer ownership of the property. The buyer signs the mortgage loan, and the title company registers the title deed to the property in the buyer's name.
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Recipe of the Month
Cheezy Potatoes – A family favorite
- 1-2 lb. package of frozen hash browns
- 1 can cream of potato soup
- 1 can cream of celery souper
- 1 8 oz carton of sour cream
- ¾ cup cheese, chopped (use your favorite)
- 1 onion, chopped
- Salt and pepper to taste
- ¼ cup butter, melted
- Put all ingredients except butter in 9x13 inch pan and mix well.
- Pour melted butter evenly over the top.
- Bake at 325 degrees for 1 ½ - 2 hours, stirring every 15 minutes.
23715 Angora Dr – This single-level Marbella on the golf course is a gorgeous FULL remodel with top of the line EVERYTHING! 2 BR, 2 BA plus private den/office, extended patio with pavers, priced at $869,000.
9214 Rocky Brook – This Barcelona with a Casita has a resort backyard, newer custom pool and hot tub, extended patio with pergola, beautiful backyard lighting, a great side yard, and mature fruit trees. Inside, all cabinetry is painted white with hardware, there’s neutral color flooring, stone counters, an island in the kitchen, an extended laundry room, and the interior has all been repainted. 2.5-car garage, priced at $699k.
Vendor of the Month: Diamondback Lock & Key
A top-rated locksmith company located in Chandler, AZ, Diamondback Lock and Key is licensed, bonded, and insured. They serve commercial, automotive, and residential customers. If you’re locked out of your home or car, or want more secure locks installed, their professional and courteous technicians can help you. Diamondback Lock and Key offers a wide range of services, and you can visit their website or call them to learn more at 602-388-1201.
- Cash buyers looking for a 2 bedroom plus a den with a view.
- Buyers looking for a single-story home with a full 3-car garage.
- Buyer looking for a single-story home with a pool, 2,300 square feet or larger.
- Buyer looking for a 2 bedroom plus a den/office space with a fireplace.
Recent Real Estate Sales in Sun Lakes
Wondering about your Neighbor’s Home Sales Price? Find out here to see what sold last month. The report is broken down by HOA, address, and floor plan (if the agent listed the model in MLS).
Spring Cleaning with Just 5 Products!
Officially, Spring hasn’t quite sprung yet. It’ll be here soon though, and with it, the usually dreaded ritual of spring cleaning. This year, why not try a different approach? Instead of hauling many different kinds of cleaners from room to room around your home, these 5 can do the work of many more… and 4 of the 5 are natural!
Dawn Dishwashing Soap
This is the one product in our list where the exact brand is important, and although highly recommended and regarded in the cleaning world, is not 100% natural. It does contain some synthetic ingredients. You could certainly try replacing the Dawn with a plant-based dish soap, as their grease-destroying ability has improved quite a bit in the last few years.
Known for its uncanny ability to cut through grease, Dawn is a great ingredient in DIY cleaners.
Heavy-duty Kitchen / Extra-Traffic Floor Cleaner
- 1 cup white vinegar
- 1 Tbsp Dawn
- 1 cup baking soda
- 2 gallons hot tap water
Combine everything into a bucket and stir well. Mop any greasy or “busy” floors in your home.
- ¼ cup white vinegar
- 2½ cups water
- ½ tsp Dawn
Combine the ingredients in a spray bottle, and use on windows, surfaces, spills on floors, shower walls, and more. Follow up with a wet rag or microfiber cloth to remove any residue and polish.
Sodium borate has been used since the late 1800s, and is commonly found in the laundry section of stores, under the name “20 Mule Team Borax” for the way it was initially brought out of the deserts of the American southwest.
Borax also has the ability to melt away grease. Have some food storage containers that housed a greasy delicacy? Are the grease traps in your stove hood venting system needing some attention? Just fill your kitchen sink with the hottest water from your tap, sprinkle in some borax, add some Dawn for good measure, and soak. In less than an hour, you’ll see the grease has migrated to the water, and after rinsing, you’ll be left grease-free.
This product, also called bicarbonate of soda / sodium bicarbonate, is good for much more than just leavening (making baked goods rise and be fluffy, light, and lovely).
- Sprinkle some baking soda into your stainless steel sink, then lightly scrub, and you’ll see the original shine come back.
- Add baking soda to your dishwasher and run the cycle with no dishes – it will clean the inside of the machine and remove residue that soap or rinse aids have left behind.
- After decluttering your fridge and freezer, add a small open box or bowl of baking soda to keep that clean and fresh smell.
- Did you deep clean your cold food storage and find something particularly odoriferous to throw out? Sprinkle some baking soda in your garbage and the smell will dissipate.
- Baking soda and water mixed to form a paste makes a great stovetop and oven scrub. Get rid of burned on food fast with this combo!
If you’re a big fan of making homemade marinades and dressings, there’s a good chance you have at least a few kinds of vinegars in your pantry – perhaps balsamic, apple cider, rice wine, and red wine – but white vinegar has its place in not only coleslaw and BBQ sauce, but cleaning your home as well.
Did you know that fabric softener can build up on your towels over time, making them less absorbent? Every month or two, and especially during the spring cleaning surge, if you add ½-1 cup of vinegar to your usual towel washing cycle, you can remove this residue and not only make your towels absorb better, but also remove any musty odors.
If you combine baking soda with white vinegar, you will have an alkaline-meets-acid powerhouse that can clear drains, and clean and disinfect your toilet, garbage disposal, and sinks.
Your kettle, iron, and coffee maker could use a descaling. Just add vinegar at a 2-to-1 ratio with water, let the machine do its usual job, then run through a plain water cycle.
When we were kids, our knee scrapes and minor cuts were often cleaned with hydrogen peroxide, and while it burned and bubbled, we certainly weren’t thinking of the many uses H2O2 has throughout the house.
Hydrogen peroxide, at the commonly found strength of 3%, can help whiten your white laundry loads, remove plant- and protein-based stains, and treat mildew. If sprayed full-strength on grout, cutting boards, garbage / recycling cans, toilets, sinks, or faucets, and left to sit for up to 30 minutes, it can disinfect those surfaces. A mix of 1 part hydrogen peroxide to 1 part water can even clean any glass within your home.
Dog / Cat Accident Formula
- 8 oz hydrogen peroxide
- ½ tsp Dawn
- ½ Tbsp baking soda
Mix ingredients together and soak the stain. Leave until completely dry. If a white residue remains, it can be vacuumed up or brushed away.
You know your home and the surfaces within better than anyone, so use your best judgment if you want to implement these more natural spring cleaning options.
See What Our Clients Are Saying!
“We would recommend The Kolb Team to anyone who values a no-nonsense, trustworthy and client focused resource.”
Michelle & Justin
- Phoenix, AZ