I see articles on real estate all the time. How to do this, how to do that….kind of interesting. I think it’s beneficial to go over articles and see how my thinking compares.
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Thoughts:
1. Use an experienced Realtor…I think this is true at all times. How do you define an experienced Realtor? Someone in the real estate business for more than 5 years? 10 years? I dunno…time flies
2. Get pre-approved and provide proof with your offer I agree with this. In fact, I see no reason why you would even try to do something different.
3. Offer more Earnest Money I think this is true as well. If there are two identical offers, one has more earnest money, the one with the most earnest money will usually win. It is a gauge of how serious the buyer may be in purchasing the home.
4. Write a heartfelt letter Careful! Not in Oregon apparently. We’ve talked about this…I think it’s silly but I don’t run the world.
5. Offer an escalation clause…be careful with this one. Analyze what is really going on with the house. Where are you starting with your negotiation? If you are the only person making an offer, it doesn’t make any sense to put in an escalation clause. Also, make sure you have the funds to close if there is a bad appraisal.
6. Be Flexible…I agree with this. Flexible is good. I always ask when someone wants to close. We’ll talk about it a little more in depth.
7. Accept a reverse contingency….I disagree. I would not want to put my buyers in a situation where they are waiting for you to sell their house. Ever.
8. Have your lender pre-underwrite your loan…Ok The idea here is you could remove the finance contingency from your offer. I get that. Seems a little too risky for my taste.
9. Offer a leaseback…I disagree. When you are looking at houses…let’s say there are three houses and 1 of them for sale is looking for a leaseback. Better concentrate your efforts on the other two. Cleaner..and much less stress.
10. Use a local mortgage lender…Always….I am amazed people go with online lenders instead of local mortgage lenders. Even if a cheaper interest rate is offered, there could be differences in fees and other flexibility at the local level not offered at the national level.
11. Offer the most money. This is my addition. It tends to work.
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