Ninja Negotiating Strategies
for Buyers in a Low-Inventory Market
We have super-low inventory in the Dallas area market, and that means homebuyers have a lot of competition. Multiple offers, over asking price sales, and homes going under contract in a matter of hours are just a few things buyers have to deal with today.
So how do buyers position themselves to get their offers accepted? Believe it or not, it's not always about price.
1. No Financing Contingency
If a buyer is FULLY APPROVED for their home loan, then a seller is much more likely to choose the offer than someone who is bidding a higher price but still needs to apply for financing. This means that the buyer has already turned in tax returns, bank statements, verified funds and employment, and received underwriting approval. This is the next best thing to a cash offer in the seller's eyes.
2. Shorter Option Period
In Texas, our contracts do not include an "inspection period". Instead, we have what is called an option period. This is negotiated between the buyer and seller and allows for the buyer to terminate the contract within a certain period of time. Offering a higher option price and shorter days can show good faith for a seller and can push an offer over the edge versus others.
3. Free Leaseback to the Seller
On occupied homes, the sellers may need some time to move. Especially since they might have to compete in the same type of market for their next home. Giving the seller some extra time after closing at no cost can be a great way to have the seller choose an offer over another.
These are just a few tricks that we advise our clients to use to help them win, but it is the buyer's decision. Knowing the market is half the battle!
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