Improving Your Odds of Getting Your Offer Accepted

I am going to let you in on a couple things that I do to improve my odds at getting my buyer’s offer accepted.  I was about to write “tricks to getting it accepted”, but these are completely legit ways to do your research and put your best offer forward.  You can do this also or you should find an agent that understands these techniques.

• Never use round numbers when making offers.  Have you ever watched the Price is Right on TV (I may be dating myself).  Have seen how some of the contestants bid $1 over the next highest price?  While I don’t do it with $1, I will add $250-750 to an offer to make sure I could be over the  next guy.  I also do not offer a round number like $2500 or $5000 over or under list.  I do $1750 or $6000.  Something that is outside of the norm.
• Take a look at the details about the property on the MN MLS prior to making the offer.  How long has it been on the market?  Has the price dropped already?  If so, how long since the last price drop.  When are you and your competition submitting offers relative to price drops or when it came on the market.  My offer price will be very different if the MLS says it has been on the market for 3 weeks and no one has made an offer than if it was on the market that same 3 weeks, it dropped in price yesterday, and now we have 4 offers on it.
• Call the listing agent to see if they can give you any suggestions about any hot buttons the sellers want to see.  Some sellers really want full price, but are willing to chip in more seller paid closing costs or leave the hot tub.  I had a investment property seller recently that would only take the offer if we assured him and wrote into our offer that the existing tenant could stay in the property.  You may be surprised to learn that items that you are not interested in, are a hot button for the seller.
• Keep your offer as clean as possible with little or no contingencies or special requests.  While you should always do an inspection, try to not ask for lots of little items to be fixed.
• Use the NorthstarMLS history to find out if the property had previously been listed for sale.  If the home has been for sale in the last 6 months, the sellers may be more desperate or motivated to sell this time.  Make an aggressive offer.
• Don’t skimp on the earnest money.  Offering $500 on a $400k property is an insult.  If you are serious, put up at least $1000 and if you really want this home, put up $5000.

Not every MN home for sale is the same and so not every offer should be the same.  Craft your offer to improve your odds of getting it accepted.

Tagged: Minnesota MLS, mn mls, NorthstarMLS