It may come as a surprise to hear that when it comes to buying real estate, money sometimes isn’t the bottom line. While price is obviously of crucial importance for sellers, sometimes it’s another term of your offer that can make your bid the winning one.
After price, the closing date tends to be the most frequently negotiated term of an offer. Perhaps the seller requires a quick close due to a job transfer or a scheduled closing date on another home. Maybe the seller is looking for a long closing, allowing them time to find their next property. Whatever the circumstances, your ability to accomodate the seller’s closing date may be just what tips the scales in your favour.
A buyer will often make their offer conditional upon their ability to obtain a specific amount and type of financing, or upon selling their current home by a certain date. If the buyer can’t arrange that financing or sell their home by the specified date, their offer becomes null and void. Such offers are risky for sellers. If you can make an offer free of such conditions, thus eliminating the risk for the seller, it may win you the home —even if your price is lower that that of a competing offer.
For some sellers, it may be your willingness to waive another common offer contingency —the home inspection— that clinches the deal. Foregoing an inspection and agreeing to buy the property “for better of for worse” is risky, but if you’re willing to assume that risk, it might be just what seals the deal.
Not sure how to approach the market? Your real estate representative is your best source for guidance, especially when it comes to local buying and selling trends.