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How do you win a bidding war in the competitive Hoboken real estate market? There are four incredibly important variables in this process: price, down payment, contingencies and timing.
As a buyer, it's important to look at an offer through the eyes of the seller. How do we differentiate your offer from the rest? Ultimately, a good buyer's agent will extract information from the listing agent to find what the seller wants.
Let’s review different offers and determine which one the the seller prefers. For instance, you priced at $500,000, plan to move in 60 to 90 days, and hired Mortgage Masters as your lender. You're then worried about appraisals.
Offer #1: $510,000, putting down 20%, using Wells Fargo as their lender, and looking to close in 45 days.
Offer #2: $510,000, also putting down 20%, using Mortgage Masters as their lender, looking to waive their appraisal within 3% of the asking price, and reducing their inspection contingencies to waive any repairs costing less than $500.
Which would you choose? If you chose the second, congratulations! That's the offer the seller would choose oftentimes. It had everything they were looking for.
I hope you found the exercise helpful. If you have any other questions, please feel free to call or email me.
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