Heading into a bidding war? ...Write a love letter to the seller.

I just crossed over the date line from my 10'th into my 11'th year of selling real estate in Pagosa Springs. The market now is about as firm and fast moving as it has been in about as many years.

More specifically, homes under $400,000, that are in good condition and accurately priced, are getting a whole lot of activity.  Primarily because of a low supply, and just enough buying activity to keep a little heat on the market.

 

IF YOUR COMPETING WITH OTHER BUYERS -YOU NEED TO BE READY

 

1. Get a pre- Qualification letter from your local lender

Getting a pre-qual merely confirms that in the big picture, you are qualified for the purchase. It takes into account your credit score, your employment history and your debt load, among a few other things. These are very quick and easy to get, and many times can be given after a short phone call. Don't come into an offer position without one.

2. Limit the contingencies - Price is not everything

Sellers have the upper hand in a multiple-bid situation, and they want offers that are clean and concise. If you know other bids are coming in and you really want the home, avoid putting in too many contingencies or making too many demands.  Contingencies are there to protect your interest, you will want to find the balance between covering yourself well, but not muddling the situation for a seller. This is the reason you will really want to seek the advice of a Buyer's Agent.

3 Write a "Love Letter" to the seller

Buying or selling a home is so much more than just business. It's personal. Seller's who know their home is going to someone who will appreciate it, care for it, are passionate about owning it , will look at an offer with much more optimism in their eyes than of those who do not display these desires.

The more sappy the better, dote over their decorations, drool over their yard. You will be surprised at the power this little move may have.

I put an offer in for a young couple this morning who may beat the competing offer on the table because they conveyed their dream to have such a great yard for their dog...ask me next week if it worked.

 

If you would like any more pointers on buying in this market, like Escalation Clauses, creative closing date options, or pre- inspection thoughts, give me a call.