If you need assistance, please call 914-290-5258

Tricks of the Trade: How to compete for a Hudson Valley home in a multiple-offer situation.

Friday, May 18, 2018   /   by Vanessa Saunders

Tricks of the Trade: How to compete for a Hudson Valley home in a multiple-offer situation.

02.23.2018SellersMarketBlogPic.jpg

Because the inventory of homes for sale in the Hudson Valley home market is still at low levels, competition for any properties on the market is strong. A house can list and be sold in just days. So it’s likely that some buyers will find themselves vying against others in a multiple-offer situation. Should that happen to you, here are some tricks of the trade that can make your offer stronger, or at least stand out from the crowd.


Can you say "Cash?"

If you’re able to make an all-cash offer, we strongly suggest you do it. That's because a cash offer gives you a competitive edge over other buyers. Sellers love cash because it means there are fewer details that can kill a deal before closing. Also, the closing process for a cash deal is much faster than those involving a lender, so anxious sellers can move sooner. If you can't afford to make your offer in cash, try to get a fully underwritten pre-approval letter. Our preferred lenders have the ability to give you a fully underwritten pre-approval letter if you submit qualifying documents and start the loan process prior to finding a house. This basically puts you in almost the same position as a cash buyer, increasing your competitive postition.


Personalize Your Offer

It sounds cheesy but it often works. Humanize the process, become someone the sellers can know, like and relate to. Perhaps you write a letter explaining your family details. A handwritten note that tells the sellers all you love about the home and your personal plans for the property can move the transaction from a battle between strangers to a mutual understanding between friends. Many sellers want to know who they’re selling their home to. A heartfelt note with your highest and best offer may tip the scales toward you in a close deal.


Tighten up contingencies in the contract

When you make your initial offer, let the sellers see you are serious by shortening your due diligence timeframe to as brief as you can make it. The same with any financing or appraisal contingencies. Frankly, the fewer contingencies the better. 


Come in a little high.

If it is truly the home you've dreamed of, don't be afraid to come in a little over asking price. You plan to live in this home for many years, so paying a little more upfront will only mean a few extra bucks per month over the course of a long-term mortgage. Or, offer a higher amount of earnest money to show the seller you're really serious. As part of the offer, it really doesn't cost you extra in the long run, but can show the seller you mean business.


Avoid asking for lots of little repairs or seller concessions.

Skip cosmetic repairs and leave your “to-fix” list to cover only significant problems. Most homeowners know how to take care of minor repairs and cosmetic fixes. So skip demanding the spare bedroom be repainted or a cracked basement window be replaced. Accepting these little details can convince the seller your bid is "Stronger."

  hudson valley real estate, hudson valley property, hudson valley home, hudson valley home owners, hudson valley home sellers

Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258


NY.png


NY.png

The data relating to real estate for sale or lease on this web site comes in part from MHMLS. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the MHMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. The information appearing herein has not been verified by the Mid-Hudson Multiple Listing Service, Inc. or by any individual(s) who may be affiliated with said entity, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose. ©2023 Mid-Hudson Multiple Listing Service, Inc. All rights reserved.
The data relating to real estate for sale or lease on this web site comes in part from One Key, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the One Key, Inc logo or an abbreviated logo and detailed information about them includes the name of the listing broker.

The information appearing herein has not been verified by One Key, Inc or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose.

©2023 One Key, Inc. All rights reserved.

The data relating to real estate on this website comes, in part, through the IDX of the Multiple Listing Service of Ulster County, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the IDX logo and detailed information about them includes the name of the listing broker.
This site powered by CINC: www.cincpro.com