Every offer is made with unique strategy.
You've probably heard about some or all of the following terms surrounding getting an offer accepted. It's pretty rare that all would apply, but here are some basic definitions that we might take into consideration to make your offer competitive and stand out from the crowd!
• Rent-Back Agreements: If the seller needs time to close on their next home, sometimes buyers let them rent their own home back for a few weeks after closing, at low cost or even for free.
• Inspection Waivers: I’d only suggest this if you’re extra confident, extra rich, or extra stupid. Instead, you could inspect for informational purposes only. If something major comes up in the inspection, you still have the right exit the contract, but you're stating up front that won’t ask for petty repairs or compensation to make them.
• Appraisal Waivers: This is only allowed if you’re paying cash, or have a huge down payment. It must be approved by your lender and isn't usually something we can propose or initiate.
• Home Sale Contingencies: If you need to sell your home before you can buy this next one, you’ll need to include this contingency in there, that says "We can only buy your home, after our last home sells."
• Seller Concessions & Rate Buy-Downs: Sometimes, sellers offer to pay some of your closing costs or offer a cash concession to entice buyers with the prospect of a lower interest rate. This can come into play during your initial offer, or during a later phase of negotiation like during your Inspection Period.
• Flexible Timelines/Quick Close: In vacant homes, a quick close is often desirable. On the other hand, sellers might need time to pack up and move. Being flexible on your timeline can help make an offer desirable.
• Rent-Back Agreements: If the seller needs time to close on their next home, sometimes buyers let them rent their own home back for a few weeks after closing, at low cost or even for free.
• Inspection Waivers: I’d only suggest this if you’re extra confident, extra rich, or extra stupid. Instead, you could inspect for informational purposes only. If something major comes up in the inspection, you still have the right exit the contract, but you're stating up front that won’t ask for petty repairs or compensation to make them.
• Appraisal Waivers: This is only allowed if you’re paying cash, or have a huge down payment. It must be approved by your lender and isn't usually something we can propose or initiate.
• Home Sale Contingencies: If you need to sell your home before you can buy this next one, you’ll need to include this contingency in there, that says "We can only buy your home, after our last home sells."
• Seller Concessions & Rate Buy-Downs: Sometimes, sellers offer to pay some of your closing costs or offer a cash concession to entice buyers with the prospect of a lower interest rate. This can come into play during your initial offer, or during a later phase of negotiation like during your Inspection Period.
• Flexible Timelines/Quick Close: In vacant homes, a quick close is often desirable. On the other hand, sellers might need time to pack up and move. Being flexible on your timeline can help make an offer desirable.