You have heard the news the inventory in Seattle is at an all time low. As a result of the reduced housing inventory, homes in key neighborhoods, are selling like hotcakes. This is great for sellers but can be very stressful for buyers. The Divas lost our first multiple offer spring of last year and it was a shocker. Overnight the market had changed. But we vowed that our Diva Dwellers would always be in the winning seat and so far so good!
Diva Strategy for Winning in a Multiple Offer Situation
- Find Out the Priorities of the Sellers:Â Most of the time it is just about the money. But sometimes it is also about convenience or there is an emotional factor that we can help to figure out. This last summer we were not the highest offer in an estate sale. The way we won the offer is that our Diva Dweller buyers agreed to help the family clean out the home. It saved the family a huge amount of time and endeared them to our buyers. Win win!
- Offer Structure – Present the Buyers in the Best Way: Write a very clean and simple offer. The Divas have been on the other side of a multiple offer with sellers. Nothing irritates the listing agent or the sellers than an offer that is sloppy and obviously whipped up last minute. A winning offer is clean, in order, with the pre-approval letter in hand at the time it was submitted. Talk to your Divas about what good offer looks likeÂ»
- Do Your Due Diligence Before Submitting an Offer – Inspections: The only way you are going to win an offer is by doing your inspection before submitting an offer. Essentially waiving your right to the inspection. Included in that due diligence is having the sewer scoped and reviewing the Form 17 – Seller Disclosure form in detail. Basically you are going through the same process as you would if you had submitted an offer the traditional way. But instead of doing your inspection right after you have reached mutual acceptance you are going through the process prior to submitting the offer. Plan on spending around $500 for the inspection and another $250 for the sewer scoping. Know about what an inspection is before you goÂ»
- Write a Letter About Yourself, Your Family and Why You Love the House: Last year we sold one of our Diva Dwellings in the Central District in a multiple offer. Two of the five offers submitted letters about themselves and why they felt they should be chosen as the winning offer. We started calling the loosing offers and out of the blue the buyer’s agent told us that her people could come up higher. But the impression her buyers left with our sellers is that they did not want the home as much as the two that wrote the letters. In the end the person who did win the house is downright perfect for the home.
- Pre-Approved With a Legit Lender: You have to be pre-approved with a lender before you can even submit an offer. Sellers and their representatives want assurances that your lender can close the deal in 30 days or less and that there will be no surprises. The Divas work closely with top lenders in Seattle. They know our expectations and deliver! Here is the list of our Diva Approved lendersÂ»
- Work with a Reputable Agent Who Can Close the Deal: We have been in situations, on the selling side, where we knew the buyers wanted the house but their agent wrote an offer that was so sloppy that it put our sellers at risk. Work with someone who is well educated about the process, knows the area, and really knows how to be your advocate!
The bottom line is that the Seattle market is going through a comeback cycle and it is going to be tough for awhile. Prices are still lower than they were at the height of the market. The best way to look at the market is that you are still getting a deal than those who are buying in six or twelve months. You are buying a home with ridiculously low rates. But more importantly you are becoming a Diva Dweller and that is just magical!