Last week, we discussed the current sellers’ market and how it is difficult to get offers accepted when facing multiple offer situations.
The article last week detailed using appraisal waivers, but additional tactics that can help buyers get their offers selected and subsequently accepted by sellers include waiving inspections, using local lenders/title companies, and offering settlement dates that work best for the seller.
Waiving inspections may be too intimidating for some first-time homebuyers, but there are options that might be more agreeable then waiving inspections completely, such as using an As-Is Inspection addendum.
In Maryland, the As-Is addendum allows the buyer to choose between “no inspections” or “with the right to inspect”.
If the right to inspect is chosen, buyers can strengthen their offer by shortening the amount of time for these inspections to take place, usually between 7 to 10 days is seen as a reasonable request of time to complete inspections.
The As-Is inspection also comes with an unconditional right to terminate the contract during your inspection timeframe.
Using local lenders and title companies is a more subtle “leg-up”, but one that can definitely come into play if two offers are very similar otherwise. The reason this is important is that local lenders are very familiar with area condo and hoa associations and know how to process loans through special in-house condo departments. In addition, local real estate agents have a familiarity and trust with local lenders. The familiarity/trust factor comes into play when a buyer is using a local settlement company as well, and the local companies are also more familiar with our municipalities and the Worcester county practices.
Offering a settlement date that works best for the seller usually means a shorter settlement timeframe, such as 30-35 days, but in some cases, a longer timeframe might be desired due to a seller needing to find a suitable replacement property, so asking ahead of time is always a good idea.