Buyer's Tool Box
Jason Pacheco • May 9, 2023
TOOL BOX
Enter the tool box, and grab what tools work for you and apply it to your next offer!
- Get your pre approval letter updated, and dated, and addressed to the property you’re placing an offer on. The reason being is, the seller wants to see the day they are reviewing offers that your file has recently been looked at, and that you’re pre approved to purchase their home specifically. Also, your pre approval letter will hold more weight if there's a local bank/lender on the letter.
- Make sure your deposit is at least 1.5% of the offer amount. The closer you can go toward 3%, the better… Keep in mind this amount will go toward the amount due at closing anyway.
- Type of financing carries weight too. The more % you are putting down as a downpayment, the stronger the offer looks to a seller. What this means is, the more money you have to borrow from the bank, the less your offer will compare when comparing your offer to multiple others. So, try and put a good chunk of money down if you can.. 5%+ *TIP, try and have the word “Conventional Loan” on your pre approval letter. IF YOU CAN, this is more preferred from the sellers point of view.
- Inspections Inspections Inspections… This one is tough. The way the traditional purchase and sales agreement in Rhode Island is written. If there is something as tiny as 1 light bulb found in the inspection report that is not working, then the buyer will be able to back out, or ask for price reductions, repairs, or credits. Now, put yourself in the seller's shoes. Again, it’s a sellers market. They have multiple offers to pick from. If the sellers receive an offer where the buyers choose to completely waive their rights to inspect entirely, this offer compared to someone having a traditional home inspection (at times) adds about 20K+ more value to the offer. That being said, sellers are going to accept an offer that is $20,000 less than yours, if the buyer is waiving their inspections. The reason is, they don't have to worry about the deal falling apart after they accept and take it off the market, or the buyers asking for big price reductions due to findings on the report. The 10 day home inspection period is the MAIN reason a house will go back on the market. If you were a seller, wouldn't you take a less offer and just be done with it and be over the hurdle? That ALL being said; truthfully, the home inspection period is way too easy for a buyer to be able to back out, or renegotiate. ALSO - its a sellers market! Sellers are getting multiple offers, we have to be DIFFERENT and stand out. Here is how….Agree to waive your rights to terminate the agreement, and the rights to your deposit back due to the inspection; UNLESS, there is 1/single item needing repairs that are greater than $____________. **This is NOT add up 5 items on the report to = the number in the ________ spot. Make sense? I mean you like the house and want to purchase the house, so why would you want to back out if there is a fix needed that would cost you $500.00 when you move in? You’re not purchasing a new construction home, every home needs some sort of work, that is part of homeownership.
FYI inspection reports on average are like 6-12 pages long worth of suggested repairs, no home in perfect! So, let's get creative in this competitive market and stand out! - Appraisals! This is a tricky one, the easiest way to explain this is with an example...
Example: List price: 200,000 /// Your offer gets accepted at 275,000!
The bank will hire an appraiser to go to the property to make sure the home is worth 275,000 before they lend you a mortgage to purchase. Lets say the appraiser goes to property and says the home is only worth 220,000.
In this case, you will only get a mortgage based on 220,000; BUT, we are telling the seller we will pay 275,000. How are you going to come up with an additional 55,000?!
You told the sellers you would? Didnt you?
Well - what happens here is the buyers will typically ask for a price reduction to the appraised value because they cannot afford to purchase the home any longer. The sellers DO NOT have to say yes, and they can put their house back on the market.
THAT BEING SAID, when you are offering way over list price on these homes trying to be competitive, sellers see right through these offers. They know at some point the house won't appraise and they won't get the full amount you first told them.
***HERE is how we can get creative to get our offer accepted…
If you said, “Buyers agree to cover the first $10,000 a potential appraisal gap that may come up, and the sellers will price reduce the rest in the event the property does not appraise”.
This way you’re standing out! The way the math typically works here basing it off our example above: 5% down on appraised value (220K) = 11,000 down + 10,000 gap = 21,000 to the table and seller price reduces the rest.. Make sense? - Do you need to sell anything to purchase? Do you need the funds from the home you’re living in to purchase the next home? Do you HAVE to put “subject to the buyers selling their home on 123, Main St?
*Try and see if you can borrow $$ from someone and pay them back after you sell your home… Can you add a Co-signer?
Can you place an offer on the house you want to purchase, and push the closing date out 60+ days to give yourself enough time to sell your current home without the other party finding out?
This market is bananas, I sympathize with all my buyer clients during these crazy times. Continue to stay patient, and persistent! Keep in mind, The more offers you make, the more of a chance that one of the homes you placed an offer on, the deal falls apart and you get the chance to get 2nd dibs on the house before it goes BACK on market.. Make sense?
Happy Hunting :) !
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