Winning the Deal

Winning the deal is on the front of everyone's minds these days.  Given the low inventory levels in most markets deals are more competitive than ever.  And yes you will often hear advice about offering more money or waiving your rights (contingencies) away.  Yes those tools can be useful, BUT here is a list of other options that can be effective as well........and you don't have to simply throw money at the problem!  

1. SHOW ME THE MONEY!  Pre-Approval: Though not entirely creative, getting pre-approved for a loan shows sellers that you're a serious, capable buyer. If you're comfortable doing so, you might also consider showing proof of your pre-approval amount to the sellers.  Honestly this goes a long way in convincing sellers the deal will not fall apart later...that's important. 
2. Be Cool! - Flexibility: If possible, be flexible on the closing date and other items that might be important to sellers. This can make your offer more appealing, especially if the seller needs to close by a certain date, is low on cash for repairs, or needs stay in the home a bit longer. Examples Include:

   1. Closing Date and Attorney:  If you are not committed to a closing date and/or closing attorney's office, and as long as you are made reasonably confident in the seller's suggestion for attorney, let them pick.  It shows that you are "easy to do business with" and that is valuable.

   2. Rent-Back Agreement: If the sellers need more time to move out after closing, offer a rent-back agreement. This means you'd buy the home, then rent it back to the sellers for a short period.

   3. DIY - Home Maintenance and Repairs: Offer to take on certain home maintenance tasks or minor repairs that might be a burden to the seller. This is especially helpful if the seller is older or has expressed concerns about getting the property ready to hand over.

3. Tug on Heart Strings - Write Personalized Letter: Write a personal letter to the sellers. Let them know why you love their home and how you envision your life there. Emotional connections can be a powerful factor in the decision-making process.
4. Waiving Contingencies: While risky, waiving certain contingencies can make your offer more attractive. However, it's crucial to understand the risks involved, as you could end up having to buy the property even if it has serious issues or if your financing falls through. Always consult with a real estate professional or attorney before taking this step.
5. Escalation Clause: Consider adding an escalation clause to your offer. This means you agree to increase your offer if the seller receives another offer that's higher than yours, up to a maximum amount.
6. Offer Above Asking Price: In a highly competitive market, offering above the asking price can make your offer stand out. However, keep in mind that the home still has to appraise for at least the sale price for your financing to come through (unless you're paying in cash or have a substantial down payment).
7. Non-Refundable Deposit: Show you're serious by making a portion of your earnest money deposit non-refundable. This makes your offer more attractive because it reduces the risk to the sellers if the deal falls through.

Keep in mind not every deal can be won.  Sometimes there is information you will not or can not have access to that will hinder your chance at winning, but using some or all of these tools will maximize your chances.  Again, financial concessions, like in options 5-7 are useful but not necessarily my first thought.  Explore every avenue available to help win that deal!

Remember, every real estate market is unique, and these strategies may not be effective in all situations or regions.