1) Purchase price – You do not want to be offering below the purchase price unless for some odd reason they’ve overpriced the property which most people are not doing these days because they realize that the feeding frenzy happens when they place it at market value or even slightly below market value. They get a ton of activity which means if you want to have your offer taken seriously you have to offer at least the asking price. Beware if you offer over asking it may not appraise for that amount which means if you are getting a loan you may have to kick in the difference between what it appraises at and what you offered. If you have got that cash on hand and you can do it and you really want the house it may be worth it but do not offer under asking if you’re really serious about getting the house.
2) Earnest money- It is an indicator for a seller of how serious you are and there’s different rules of thumb. Three percent is kind of a general idea of a good amount of earnest money but believe me if you put down more earnest money than that you will get noticed when there are multiple offers and let us just say you’re definitely going to be up against multiple offers. If you’ve got a little more to throw out in earnest money, it’s all going to go towards the purchase in the end so if you’re really serious about the property up that amount of earnest money and get the attention of that seller.
3) Closing costs- In a seller’s market it is best to ask for a little as possible meaning you may want to cover your own fees and let them cover theirs. If you’re really wanting to be aggressive and stand out, you may even offer to cover some of their closing costs as well which can be very attractive to a seller. Eventually the market will begin to turn around and it’ll get more balanced, and it may even become a buyer’s market again at some point in California.
4) The closing date- You are going to want your realtor to find out from the listing agent the closing timeline. There are some sellers who want to get out of there as quickly as possible because they are on to something else. Other times the seller may need a longer escrow, or they may even want to do a lease back if they have kids that are in school who need to finish out the school year. Finding out what is important to the seller and writing that into your offer could also make you stand out and be more attractive to that seller!
5) Contingencies – Let us say you have a house you need to sell before you can buy said house. This can be tricky due to the multiple offers. I do not advice writing a contingency into your office if you are wanting to stand out. Yes, I know there I go ago again with the “stand out” comment in today’s market it is what it is so many people trying to get the same house. The good news is that if your home is in a desirable area and especially if it is in California, chances are you are going to be selling your home very quickly. So, you need to weight that but if possible don’t write a contingency into the offer.
If you want to know more about how to get your offer accepted, feel free to reach out!
Since 2004, I have been a Realtor® in Southern California.
Thank you for watching and sharing my videos and blogs! I love to help educate people.
I am blessed to live just 2 miles from the shore here in Long Beach. Favorite thing? Anything involving the arts; music, visual, filmmaking, you name it! If you want to talk to me about SoCal real estate feel free to email, text or call me. I hope we get to meet one day soon 🥰
Kelly Corsino REALTOR ® DRE# 01704102
Keller Williams Coastal Properties
6621 E. Pacific Coast Hwy 150 Long Beach CA 90803