Submitting a competitive offer in a HOT market

[Carly Snapp]

Ok, so we have not had much luck submitting offers on houses listed on the MLS. I’m having a hard time adjusting to this competitive market we are in and would like some insight as to how to structure our offers to get accepted. I used to be an agent years ago, so I know some of the techniques, but it sounds like the game has changed. All cash? Pre-inspections? Let me know some strategies to get these offers accepted! Thanks!

[Ian Love]

In the Seattle market and surrounding areas you have to be extremely quick to take action and learn the market so well that you can spot a good deal as soon as it comes on. My Client was able to close on a home 2 blocks from Green Lake last weekend by doing just that. The home went on the MLS on a Thursday at 7pm and we went and looked at it at 9pm. I called the listing agent to let him know we were pre-approved and ready to close quickly that night and set up an inspection for the following morning. At 7am I drafted the offer and had it signed before the 10am inspection so that we were ready to get it delivered as soon as the inspection was done in case it came back clean. Offer was submitted by 4pm and although there were 4 other pre-inspections set for the following Saturday along with two open houses set for the weekend we were able to get the property under contract that night. Our original offer was at list price and the seller originally wanted to wait to see what other offers came in on Saturday and the other inspections.

We knew it would easily get bid up if it went through to the weekend so this was our one chance to get a favorable deal done for my Client so I asked them to counter at a price that they would be happy with so that we could get it done Friday night. The seller countered at $779K which was just $20K over asking and we signed and were under contract by 11pm on Friday! The next morning the seller received 4 offers in excess of $820K and we ended up having the lowest offer. Long story short, you have to take quick action and be ready to move as soon as you see something you like. Let other people who don't know the market as well and who are spending time analyzing miss out on the deal while you are taking action and getting the house you want! The more research you do, the better prepared and more confident you will be.