How to Determine the Best Offer to the Seller Part (2)Posted by at December 22, 2011 in Home inspections
Let me add a note of caution on the MLS’s days-on-market statistic. A home that’s been on the market for two or three months doesn’t mean that it’s been sitting there with no action. Failed sales owing to a buyer’s not qualifying, a questionable inspection result, poor appraisal, and so on can add to the days-on-market odometer.
Your agent may want to casually ask the seller or his agent if there have been any offers that failed and, if so, probe for the reasons why. Other useful information you can pick up by talking to the seller or his agent may include:
Why is the person selling? You probably don’t want to put the seller on the defensive by asking directly, but with discretion you can solicit the reasons.
Does the seller have any looming deadline from a job transfer, another home closing, or other pressure-creating situation? How soon does the seller want to close? Since you’re preapproved for a loan, you can close quickly if this would enhance your offer.
Would a week or two rent-back help out the seller? If the seller is in a pinch and needs the money from the closing to move or his new home’s completion is behind schedule, you can offer to close and rent the house to the individual.
This daily rent payment would equal what your mortgage payment would cost you. The more you know about the seller’s problems, the more you can structure your offer to solve them and increase your chances of getting your offer accepted, especially if it’s low.