How to Dress Your Offer for Success
In our competitive sellers market, with multiple offers common, you need every advantage possible to improve your chances of being the successful offer.
Of course there can only be 1 buyer who will come out on top, and there are many factors that can impact who this is…on the buyer side, of course, but it might also depend on what the seller’s hot buttons are.
WHY DRESS AN OFFER FOR SUCCESS?
Dressing your offer for success is essential, to compete effectively.
Some offers we see these days are in pretty rough shape and you don’t want to be one of those!
Offers that are sloppy, incomplete, or have mistakes will convey a bad impression to the listing agent and seller – not a situation you want to be in as a buyer competing for a house you really want!
Appearances CAN make a big difference, and you want your offer to look its best, rather than have the other agent and/or seller have concerns about working with you based on a bad first impression.
WHO DRESSES THE OFFER?
Part of that responsibility is the buyer’s, with certain decisions that must be made in consultation with the buyer agent, about price, closing date, terms and conditions, appliances, and time frames for inspections.
And part of the responsibility is the agent who puts together the offer and communication to the listing agent. It definitely has to be a team effort.
It goes without saying that if the details of your offer are not competitive there is nothing that’s going to make your offer more appealing to the seller no matter how complete or well-presented the offer may be.
At the same time putting a great offer forward, with favorable price, terms and conditions, in a sloppy manner won’t make a good impression either. And that could lead to concerns by the listing agent and seller there could be trouble ahead with carelessness or other issues.
HOW TO DRESS YOUR OFFER FOR SUCCESS
We know first impressions make a difference, and it’s probably no less true when writing an offer! The basics of getting your offer dressed well are pretty simple - the paperwork must be complete, with all the necessary information filled in, no mistakes, and appropriate dates, signatures, and initials.
Making the best possible offer based on list price is essential (but of course buyer and agent should discuss the strategy based on financial, market conditions and other considerations), as there may not be a second chance when there are multiple offers. And any terms and conditions should be as clean and clearly laid out as possible. Asking for too much may not be competitive. Sorta like adding the wrong accessories to your outfit!
Another important step, and a professional courtesy, is to let the listing agent know, via text, email or call, when the offer has been sent. Many seem to not do this…why IS that? Sometimes technology fails and you could be wrong if you only assume the offer was received and don’t verify!! Or the agent may be tied up in appointments and not be checking email.
OTHER THINGS TO HELP DRESS YOUR OFFER!
You should ask for confirmation of receipt in your communication, but I always follow-up in short order with a call, email and/or text to confirm receipt if I don’t hear anything back!! Some are just not good at confirming (I bet you have heard THIS before – “oh, sorry, yes I got it”), even when asked, sometimes more than once.
As part of dressing the offer properly I like to send a detailed email as an introduction to the agent, and summarize what is included in the attached paperwork (price, important terms and conditions, pre-approval, POF, all offer paperwork and agency documents, and anything that might be requested by the listing agent, such as a signed addendum to the offer). I might spell out the closing time frame and elaborate there is flexibility, if that’s a key selling point and my buyer client wants to emphasize this in the offer.
I also clarify other issues that were discussed with the listing agent prior to offer submission (a good thing to do) if needed, or remind them of matters that were reviewed.
Lastly, you probably would not go out the door partially dressed, right? So you certainly don’t want to submit an offer without a current and complete pre-approval letter.
And including Proof of Funds (POF) is a good idea, and essential in the case of a cash offer.
Is your next offer going to be well dressed?
Or a slob?
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If I can provide more information about homes for sale in Carlsbad and in surrounding areas, our local housing market conditions, or assist you, friends or family in a purchase or sale, please contact my mobile office or text me at (760) 840-1360, or email me at JeffDowlerSolutions@gmail.com
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