Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Help needed..Advice on writing an offer
We are writing an offer tonight for a house in a very desirable area. It went on the market yesterday at 3 pm and as of this am at 9:00 it already had two offers. We are going to put in at asking price, 20 percent down, have pre approval letter, but how else can we make ourselves look better? A lot of the houses in this area are going above asking and we really cant do that. I also heard writing a letter could help too. Other advice?? Thanks so much!
Re: Help needed..Advice on writing an offer
It really depends on your area on whether a letter is worth it. Some it is normal and in others it would be weird to get a letter.
A quicker closing could help (e.g., 30-45 days vs 60+). I'm guessing you're going conventional loan vs. FHA, correct? That will help as well as FHA has stricter requirements on the house's condition.
Whatever you do, don't offer to forgo an inspection or anything. Some have come on here to ask whether they should in hopes of seeming like a better offer and that is just a bad idea all around.
ETA- some others might be to make sure you don't ask for seller's assistance (your post wasn't clear whether you would ask) and don't have crazy requests for things to stay.
It's a dog's life!
20% down is great and like PP said, don't ask for seller assist if you don't need it. Other ideas:
Give "sellers choice" on closing date and inclusions and exclusions
You can write a letter, but don't make it a sob story one. Talk about how much you love the house and that you will not nitpick the inspection.
Add a clause that you will accept the house "as is" if necessary repairs are estimated below a certain amount (we did $2,500, just so they knew we wouldn't nitpick)
If you *can* go a bit over asking, add an escalation clause that says you will pay $500 over the highest competing over up to a max purchase price of $X.
Great ideas..thank you!!
I went through a similar situation on Sunday (Bellevue, wa). Here are a few tips I used to get the deal when I was up against 8 other offers.
1. Do a pre-inspection if possible. My house was listed on Friday and all offers were being held until Monday evening. I saw the house on Sunday and this holding period allowed me to do a pre-inspection on Sunday night and waive the inspection contingency (very attractive to sellers). The $400 inspection was worth having a strong shot at the house to me.
2. 1 day neighborhood review. If they are viewing offers as they come in then maybe consider a 1-day neighborhood review. I used this to do a sewer inspection which couldn't be done with the other one. Some buyers will also use this 1 day to do a traditional exception. If you do so, you can waive the inspection contingency as well. You just have to understand that you won't be able to negotiate anything that comes up in the inspection with the seller. You can however completely walk away within this 1-day period if you find something you don't like (and take your earnest money with you).
3. 3% earnest money. Selling agent requested it for strongest consideration, along with other items.
4. Personal letter. I knew the house was being sold by the original owners who bought it 30 years ago and raised their family there, and it turns out my boyfriend was in boyscouts with their sons. I wrote a letter about how excited I was to buy my first house, and to start our lives and raise a family there. This went over very well when my realtor presented it.
5. Realtor present in person. Shows you are serious and gives the sellers/agent a chance to get to know you through realtor.
6. Short financing contingency. I knew that I could lock my financing within 15 days and this was attractive. Talk with your lendor before you put a time limit on this for sure.
7. 30 day close. Time is money.
Hope some of these little things can help you seal the deal too. Best of luck!!
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