So this girl right here went to see a condo this week.
This girl right here, my daughter Joanna. Joanna’s not sure if she wants to buy a condo, but she’s started to think about it. She feels certain she’d like to have a place of her own one day. Maybe that day is now.
The condo she saw? She liked it. She really liked it. It’s still on her mind days after seeing it.
This girl, my daughter is now also my client.
If she wants to buy this condo she’s going to have to make an offer. And if she’s going to make an offer she’ll want to make a strong one, one that will be accepted.
Ducks have to be in a row.
She has some work to do, and so do I.
Strong offers require the collaboration and diligence of both agent and buyer. Both buyer and agent have some things to do.
Buyer’s to do list:
Have a current pre-approval letter
Getting pre-approved for a mortgage is really the first step in the home buying process. If your purchase is going to require a mortgage it will need to be approved by a lender.
Consider and decide if this is “the one”
Does this property fit your needs and goals? Have you seen enough properties to know that this is the one? Is it doable?
Agent’s to do list:
Run the comps
Running the comps helps make an offer that makes sense.
Request condo docs and Homeowners Association Rules and Regulations
Is the association financially sound? Who pays for the windows when they need to be replaced? Is there a special assessment on the horizon?
Are the rules, rules the buyer can live with.
Conversation with the listing agent
A call to the listing agent gives the selling side a heads up on interest in the property. It also allows the opportunity to find out what kind of closing date a seller is looking for, and what terms are most important to them.
If there’s a desire to proceed once the to do’s have been done, it’s time for an offer.
A Strong offer.
What is a strong offer?
A strong offer is desirable.
A strong offer gives consideration to what the seller is looking for. A closing date that works well for the seller, a quick close or one that’s flexible. An offer to purchase includes several “terms” price, closing date, financing, closing cost requests, home sale or closing contingencies, etc. A strong offer is one in which one or more of the terms are desirable to the seller.
A strong offer is complete.
A strong offer is delivered as a package, a complete package. A strong offer includes a contract neatly and completely filled out. It includes the pre-approval letter and a copy of the earnest money check. It can also include a note of explanation for the offer with supporting comparables. A strong offer isn’t a verbal offer, it’s not a “we will get you a pre-approval letter tomorrow”…a strong offer is complete.
A strong offer makes sense.
A property is worth what a buyer is willing to pay. A buyer will determine what a property is worth to them, perhaps the price is much lower than the seller is asking, or maybe near or at or over the listing price. A strong offer is one that reflects the buyer wants the property and is willing to pay a fair price as indicated by the closed comparables and current active listings. A strong offer is not pulling a price out of the air, a strong offer makes sense.
The condo this girl, my daughter, my client saw?
The day she spoke to a lender, the day I had gathered the comparable sales and condominium documents and rules and regulations…was the day the condo went under contract.
Someone else had made an offer, a strong offer.
This girl, my daughter, my client…she’s prepared now. She has a pre-approval letter, she knows what’s doable now…knows what she ’s approved for, knows the payment she’d be most comfortable with. She’ll be ready when the next like it alot condo comes along…ready to make her strong offer.
As the spring market gets underway it’s important to have your ducks in a row. Properties on the market one day may be gone the next…the reason? The sellers have received a strong offer.
Be ready to make yours!
The Amy Curtis Group is skilled in crafting strong offers, when you see a move on your horizon, give us a holler, we’re here to help!