In a competitive housing market, making the winning offer has become increasingly difficult. You may have been caller #9 and won the weekend passes once upon a time, but leaving housing deals to luck is a losing strategy and we don’t ever want to see you crying beer tears. Avoiding these mistakes will help keep your offer away from the bottom of the pile.
Time kills deals. Dragging your feet means you could wind up paying more in a bidding war situation or missing out on the property altogether. As a buyer, you need to be ready with paperwork (read: bank statements, prequal letter, documents supporting proof of funds) from the day you enter into house-hunting mode so you can pounce quickly with an offer when you find a home you like. Intent without proof is about as useful as a white crayon.
Submitting a lowball offer
Lowballing often backfires, particularly in a seller’s market. A lowball offer that isn’t backed up with logic or comparable sales data is disrespectful and could turn off the seller and possibly mean you will miss out on the property completely. Don’t nobody pay attention to fuzzy math y’all! If another buyer submits an offer in the same time frame, your offer is sayonara and you probably won’t get a second chance to bid so plan wisely!
Submitting an offer with a home sale contingency
Need we explain? Ain’t nobody got time fo dat.
Waiving inspection contingencies
Have you been smoking in the car with the windows rolled up? We don’t care whether it’s new construction or even your mom’s house you’re buying from her – get it inspected. We recently had a buyer under contract with brand new construction. Her lender said ‘don’t bother with an inspection’ but we insisted and what did it show? Huge holes in the roof! If you waive the inspection contingency in your offer, you may lose the earnest money if you later back out of the deal.
Not presenting yourself well enough
And I’m not talking about wearing your best Sunday school shoes. In this market, buyers need to take steps to make sure they look good in the eyes of the seller because the listing agent is trying to determine which buyer will be the easiest to deal with. Buyers may want to avoid pointing out every defect, making nitpicky queries, or questioning the seller’s tastes. Buyers who act like a pain in the a$$ will see themselves at a competitive disadvantage when sellers are comparing multiple offers – we often tell our sellers: all money ain’t good money!