What does the seller look for when comparing offers? Other than price, what can I do to make my offer stand out? findwell agent Michael Schafer discusses these topics in the latest segment of Ask an Agent.
Q: What does the seller look for when comparing offers?
A: In terms of what a potential seller might be looking for in an offer, that can vary greatly depending on their own individual situation. Some sellers are just looking for the highest-priced offer with the best chance of closing. Other sellers may be looking for a particular type of buyer who is going to take care of the house like they did during the time they lived there. Other sellers might be looking for a really quick closing date, so a cash offer would be more appealing. A lot of it just depends on what the seller is looking for, and it is up to your buyer’s agent to determine what would best suit their situation.
Q: Other than price, what can I do to make my offer stand out?
A: There are a lot of factors that you can change to make your offer more compelling to a seller. Again, this goes back to having some idea of what the seller is looking for. You obviously want the price to be as competitive as possible. The closing date should be about 30 days or less, depending on what the seller is looking for. Earnest money deposit should be strong, particularly if you are trying to be really competitive. Then there are other contingencies that you can try to remove which will make your offer more competitive and less risky for the seller. The more contingencies you can sort through up front before you submit the offer, the stronger your offer will be.