Welcome to the MikeHermes.com Blog

2016-07-28 13:51:30
5 Ways for Buyers to Win in a 'Seller's Market'

'Multiple offer situation. All highest & best offers must be submitted by X time and date.' ... a phrase that buyers and their Realtors® are seeing more and more on listings in MLS. While it may seem like increasing your sales price is the only way to negotiate in a 'sellers market,' there are many other ways to make your offer stand out...

 

Know your wants & needs. Knowing what you want and need in a home allows you to jump quickly if you like what you see. In addition to putting you at the front of the pack, what you are willing and not willing to to fix come time of submitting an offer or reading the inspection report. 

 

Know you limits. 'The person who knows when they will walk away is the person with the negotiating power.' In other words, know what you feel comfortable paying, and be willing to negotiate. 

 

Shorter Option and Larger Earnest Money. A shorter option period and a larger sum of earnest money achieve the same thing... they show the seller that you are a confident buyer and are not likely to back out.

 

Early Close. Think of this like buying milk from a gas station... you are paying a premium for convenience. Just make sure to get those inspections done, and don't be afraid to have your Realtor® extend the option period if necessary.

 

'Home Love Letter.' Never underestimate the power of an 'emotional amendment'... AKA a home love letter. Unlike other financial investments and transactions that rely on logic- real estate tugs at our emotions by encompassing our hopes, dreams, and aspirations. When was the last time that you heard someone say 'I fell in love with that 401k the moment that I saw it!' A home love letter lets the seller know who you and your family are and why you can't imagine living in any other home. Although the sales price holds most of the weight, know that the home they (the sellers) are leaving will continue to be loved as much as when they lived there makes a bigger difference than most buyers realize. 

 
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2016-07-28 13:51:30
5 Ways for Buyers to Win in a 'Seller's Market'


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