Are you getting feedback / suggestions from your realtor about what it will take to be competitive on each house? A good realtor will have a conversation with the selling agent to understand motivation, where the other offers are, etc…
If you aren’t getting good feedback and are just trying to figure it out on your own, you should find a new realtor.
Ask your lender to push your through underwriting so you can close within 12 business days of contract acceptance. If you can afford it, 2-3% Earnest money, option fee(inspection time) to be less than 5 days and a decent dollar amount. Also offer a leaseback if needed for the sellers or whatever else is most important to them. I'm seeing appraisals come in at list price, if not above. So don't worry to much about going over asking price. Get with your agent and go from there. I got my most recent home using FHA. It was in coming soon status and I threw an offer before I even saw it. I was extremely aggressive because I knew the market and really wanted it. They accepted before it even hit the market and any showings happened. Hopefully this gives you a bit of help.
After reviewing Florida real estate practices, it seems as though it is. Get with your agent. If you don't have one or aren't confident in yours, ask them to get their broker involved or find another one. Preferably broker involvement to help them become a better agent. If you go the other route, leverage zillow agents with 30+ reviews, or Ideal Agent. Ideal agent only allows agents who have closed 30+ transactions in the past 2 years and have a volume of over 10m+ on annual sales. Check ideal agent out first before resorting to zillow or anywhere else.
Manager - think anyone that’s paying that much over asking at this point has no idea about what’s happening in our economy, doesn’t read the news (or anything) and generally lives under a rock.
I waived inspection and appraisal and put down a very high, two part earnest payment. One triggered when we went under contract and the second 15 days later (after I was able to perform an inspection). Legally, I would be required to pay the second part of the earnest payment regardless, but I assumed if the inspection went too poorly I could get out without paying it. This obviously is a pretty risky strategy, and I’ve had to invest a lot in repairs. I priced my budget planning to do major renovations, though, so it’s been okay.
Look at recent sales on realtor or Zillow and look at the list price and sales price. Will give you an idea of the market. I bought in Colorado last year. Made 3 offers all a bit more than $100k over asking. Got #3. $10k over asking doesn’t sound close to what it will take in most markets right now.
Honestly, make it personal. Write a nice note, and try to have your realtor build a connection with the listing agent so they can let you know what you need to do to win
Subject Expert
Are you getting feedback / suggestions from your realtor about what it will take to be competitive on each house? A good realtor will have a conversation with the selling agent to understand motivation, where the other offers are, etc…
If you aren’t getting good feedback and are just trying to figure it out on your own, you should find a new realtor.
Ask your lender to push your through underwriting so you can close within 12 business days of contract acceptance. If you can afford it, 2-3% Earnest money, option fee(inspection time) to be less than 5 days and a decent dollar amount. Also offer a leaseback if needed for the sellers or whatever else is most important to them. I'm seeing appraisals come in at list price, if not above. So don't worry to much about going over asking price. Get with your agent and go from there. I got my most recent home using FHA. It was in coming soon status and I threw an offer before I even saw it. I was extremely aggressive because I knew the market and really wanted it. They accepted before it even hit the market and any showings happened. Hopefully this gives you a bit of help.
After reviewing Florida real estate practices, it seems as though it is. Get with your agent. If you don't have one or aren't confident in yours, ask them to get their broker involved or find another one. Preferably broker involvement to help them become a better agent. If you go the other route, leverage zillow agents with 30+ reviews, or Ideal Agent. Ideal agent only allows agents who have closed 30+ transactions in the past 2 years and have a volume of over 10m+ on annual sales. Check ideal agent out first before resorting to zillow or anywhere else.
LOL I’ve put multiple offers $200K over on a four bed, 3.5 bath, and got rejected. Wait for the recession.
Manager - think anyone that’s paying that much over asking at this point has no idea about what’s happening in our economy, doesn’t read the news (or anything) and generally lives under a rock.
I waived inspection and appraisal and put down a very high, two part earnest payment. One triggered when we went under contract and the second 15 days later (after I was able to perform an inspection). Legally, I would be required to pay the second part of the earnest payment regardless, but I assumed if the inspection went too poorly I could get out without paying it. This obviously is a pretty risky strategy, and I’ve had to invest a lot in repairs. I priced my budget planning to do major renovations, though, so it’s been okay.
Too risky for a primary residence for me
Good point @product manager.
This is where I relied on my realtor to get me through. They should be telling you what you will need to do to get deals done.
Mentor
Look at recent sales on realtor or Zillow and look at the list price and sales price. Will give you an idea of the market. I bought in Colorado last year. Made 3 offers all a bit more than $100k over asking. Got #3. $10k over asking doesn’t sound close to what it will take in most markets right now.
Honestly, make it personal. Write a nice note, and try to have your realtor build a connection with the listing agent so they can let you know what you need to do to win
Subject Expert
This can be seen as discriminatory. A lot of realtors are advising against this…