Tips for multiple offers on Minneapolis Lofts
Minneapolis Lofts for Sale are gaining steam in the market.
Let’s be honest–Minneapolis Lofts in 2013 are selling at fast paced speeds and often the listings that are priced to sell and move in ready are the first to go. More often than not it is these properties which are garnering multiple offer situations, whether it’s the time of year, a very desirable home or an appealing listing price.
We are seeing an interesting phenomena begin to emerge in the market: the highest purchase price doesn’t necessarily translate into an accepted offer–Sellers of Minneapolis Lofts are looking for short closing timelines, non-contingent offers, zero financing contingencies and short inspection timelines. We have assembled a handful of helpful tips to make your next offer float to the top of the Sellers list!
The winning buyer in a Minneapolis Lofts multiple offer situation is often the one who makes the highest offer, pure and simple. Learn as much as possible about local market values. Look at comparable properties. Ask your REALTOR® to prepare a comparative market analysis (CMA) of the property that will tell you recent selling prices of comparable properties. When market values are rising, there may be a bit of guesswork involved in pricing. You may need to pay more than yesterday’s comparable sales in order to be the successful bidder.
CONSIDER A PRE-INSPECTION
Home buyers who know they have competition will often have properties inspected BEFORE an offer on a Minneapolis Lofts is made. Ask your REALTOR® to find out if other buyers are having condo inspections done. If so, you may want to ask the sellers for permission to complete a home inspection, and any other inspections you believe necessary. This will enable you to make an offer that doesn’t include an inspection contingency.
EARNEST MONEY DEPOSIT
Putting as much of your down payment into your earnest money deposit makes a very strong impression when you write the offer. The “earnest money” is part of your down payment which you simply put down a month earlier. This lets the seller know of your intentions because if the seller accepts your offer and you break the contract, you would lose your earnest money deposit.
A clean offer means that it has few contingencies, which means certain conditions that must be satisfied in order for the sale to go through. Typical home purchase contract contingencies include financing, inspections and the sale of another home. Put yourself ahead of the crowd by limiting as many conditions as possible before presenting your offer, however, do not forego important – and expensive – things that need to be fixed, e.g. a cracked foundation or leaking roof.
If you can put 10 to 20 percent down, the sellers will be more impressed with that amount than a five percent down payment. You may be able to change your financing terms later but what matters is the money is at the table at closing.
TRUST AN EXPERIENCED REALTORS RECOMMENDATION
If you are working with a good Minneapolis Realtor who knows the loft and condo market take note. Your real estate agent has the ability and knowledge to influence and impact your decisions throughout the offer process and presenting the offer itself. Trust your Realtor’s advice and guidance. We do this for a living and are working for your benefit.
LITTLE KNOWN SECRET: PERSONAL APPEAL
Find out as much as you can about the Minneapolis condo and loft sellers and their situation. Writing a letter about why you would love to live in the property can go a long, Long, LONG way! Some sellers are influenced by emotional appeal, particularly if they’re looking at multiple, similar offers. Find out when the seller wants to close, and offer post-occupancy agreements in case the sellers need to stay while they find a new place to live. These steps will help you stand out from the rest.
These are a few ways to try to win a multiple bidding situation on a Minneapolis Lofts. If you are in need of a seasoned Realtor to guide you buying or selling reach out to Ben Ganje at Lakes Sothebys International Realty at 612.460.5638 or firstname.lastname@example.org.