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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.
“You need a buyer’s agent who can extract information from the seller’s side.”
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.
