This will most likely be my last weekend off. The selling season in SoIL is just about to leap into hyper drive and I'm chillaxing before the big push.
Almost like having shore leave before the tactical offensive...Semper Fi.
Anywaaaaaaaay. Here we go with the real estate stuff:
The Mother Ship has tipped me with some great advice to clients to pass along. This time the topic is bidding wars. Yes, kids, the bidding war are back and back in a big way. The days of low balling an offer are done.
Last year I was bested in bidding wars so this year I upped my game. Yeah, fool me once shame on you, fool me twice shame on me.
I have clients right now who are the winners of the first bidding war of my selling season. I trusted my instinct and set them up with the right tools so if it happened, we'd be ready.
Mother Ship has offered six ways to make sure you win your wars:
1. Make sure your lender and your broker (hopefully me) have a touchy-feely relationship. If you are my client, I want your lender's cellphone number. Period. End of sentence. If we can't get that then I'd strongly suggest you consider one of the half dozen lenders I have in my cell, who will take my call until way into the evening, on holidays and weekends. I want a lender for you who isn't getting paid but getting commissions on what he/she brings to the closing table.
2. If you are a cash buyer: prove it. Make sure your finance guy, lawyer, trust manager writes a letter stating your liquid assets. It is a proof of funds letter and your financial guy knows exactly what to write. Have it emailed to me so I can access it PDQ and put it in the hands of the seller's agent. This can make the difference in a bidding war. Even if your are mortgaging BUT you putting in a substantial down payment, one of these letters is priceless.
3. Be quick, be creative, be helpful. Be compassionate and kind. Sellers need to sell quickly but have nowhere to go? Offer a short term lease-back to sellers. Say you have cash; we can close in 10 days: those sellers might appreciate 30 days to move (rent free is a plus!). I've done this before in a non-bidding war situation and it works well. Or maybe the sellers have pets they need to place -- offer to help. Offer to allow the sellers to store stuff in what will now be your garage for a put-in-place and agreeable time.
4. If you really want the house have it inspected before you have a contract in place. Then your contract is not contingent on inspections. In fact, do away with any and all contingencies to be more attractive to the seller. The object here is to win the house.
5. Trust me. Give me a game plan and, if necessary, put in place an escalation clause. This is an addendum that allows me to bid for you. Mother Ship explains: "An escalation clause is an addendum to a purchase offer that authorizes your agent to offer a specified amount above the best offer the seller receives." These are powerful when I deal with short sale properties listed at below appraisal or below the market comparable or 'comp'. What's a comp to 7 acres and stick-built house from the 1970's in a rural school district? Zillow and Trulia won't tell you. I can and will explain how it should be searched.
None of this is secret stuff. It is all out there in cyberspace and, yes, you can do with all without an agent. But why would you want to do that? Sellers pay commissions. Frankly it would be stupid not to choose someone to guide you along.
And it is your choice. Whether you are buying or selling: you choose your agent. I've gone into this before but I'll say it again. You get to hire your own broker whether you are selling or buying. If you want a bargain basement agent to sell your property, please go with the cheapest one. If you want someone you can trust, someone who has your back, someone who is just as interested in getting the right price for your property as you are: choose me.
If you are buying -- I'd say the same goes. I want to get you the house you want. Even if I have to go knock on a door to see if the owners are ready to sell.
It is all about finding the right property. The right deal for the client. Soon I will be showing off a super-new marketing tool I've been working on. Hopefully unveiling it this week.
Watch this space.
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