What home buyers need to know about home sellers
In one sense, home buyers and home sellers both have the same goal: a real estate transaction. But, they each have their own set of needs and strategies to get there. As a buyer, you’ll want to get the inside scoop on what sellers are looking for in order to gain an advantage in the process.
To shine some light on what home buyers should know about home sellers, we enlisted real estate expert Bill Gassett. Bill is a thirty-three year veteran of the real estate industry and is well known in real estate social media circles due to his writing at Maximum Real Estate Exposure. Bill also has been mentioned or a featured author for many publications including the NY Times, CNBC, The National Association of Realtors, Credit Sesame, RIS Media and Inman News, among others. Currently, Bill works for RE/MAX Executive Realty in Hopkinton, Massachusetts.
Here, he gives us the inside scoop on what home buyers need to know about home sellers.
1. What should home buyers know about home sellers?
When buying a home for the first time in a hot real estate market that favors sellers you really need to be on your game as a buyer. These days, homes are selling quickly. Many homes on the market are having bidding wars that end up selling significantly over asking price. Sellers are in the driver’s seat and they know it.
In order to win the game, you are going to have to play along and give the seller what they want to land your dream home. Make sure your buyer’s agent speaks to the seller’s agent and finds out what their hot buttons are. Is there more than meets the eye? Is the selling price the most important factor or are their other things the owner would like to see? Maybe they have a specific closing date that is ideal?
Finding out what information you can will put you in far better position.
2. What are some things that savvy buyers do that home sellers like?
Of course, part of winning the game of real estate is knowing how to put yourself in the pole position, so to speak. There are a few things that sellers love to see when they are getting an offer.
For one, cash is king! If you can remove the mortgage contingency in the offer, your offer will probably go to the top of the pile. Does the house look to be in excellent shape? If so, you might want to consider waiving the home inspection. These perks can really make you look like a fantastic buyer to the seller.
3. If a seller gets a bunch of similar offers, what’s the best way to make yours the winner?
Do whatever you can to satisfy the seller if you really want to land the house. Give them the terms that they seek. To increase the chances that your bid will be the winner, include an escalation clause that says you will pay X dollars higher than the top bidder. Doing this shows a seller that you really want their home.