By: Jessica Rosato Luxury Broker Associate Nestler Poletto Sotheby’s International Realty Special to the Boca and Delray newspapers
Standing out is important in real estate. Buyers want their offers to stand out and sellers want their homes to stand out against the competition. So, how do you effectively do that in today’s marketplace? There are, of course, tried and true and obvious ways that most of us are privy to, such as using professional photography and video, having solid internet presence, offering cash versus financing, and so forth, but if you look a little bit deeper, you’ll see some of the most important factors are found in the subtle details. Today, we’ll focus on buyers. Stay tuned for sellers next.
If you’re a buyer looking to purchase a home at any price point, you want your offer to be accepted so that you can close on the home of your dreams. Putting yourself in the seller’s position and drafting your contract accordingly with your agent is a good tactic.
If I’m a seller, I’m focusing on main key points, such as purchase price, earnest money deposits, closing date, inspection period, cash or mortgage and any other contingencies that might prohibit a fast close. Purchase price is an important factor, and the closer you are to what sellers are hoping for, the better.
When it comes to money down, I’d like to see 10 percent between the two deposits (the initial deposit due at signing or within three days and the second deposit that usually comes with the conclusion of inspection period.) First deposit can be anywhere from $1,000-$5,000 (as you don’t want too much held in escrow if something out of your hands were to go awry,) but definitely bump up the second deposit to make as close to 10 percent as you can as this shows the seller that you are serious and are not walking away at the drop of a hat.
Make your inspection period 10 days max, but try for seven. Oftentimes buyers want 15 days (which is what the contract defaults to,)but that usually never flies. The same goes for a loan approval date if you are getting a mortgage, which should never be longer than 30 days. If you can get an even faster loan approval/commitment, sellers will certainly take note! No seller wants to take their home off the market for any period of time to find it’s a no-go and certainly not more than 30 days!
Closing date is also a factor, and if you’re flexible, be sure to let the listing agent know that. If a seller needs extra time and you have it, that simple piece can be invaluable and tip the odds in your favor.Communication between realtors is key, and keeping that line open and affable can make a huge difference.
When making an offer, be sure your offer is complete. It sounds so simple, but it rarely happens that way. If you’re paying cash, be sure to submit proof of funds either via a bank statement (with account number blacked out of course) or a letter from your financial institution attesting that you have adequate funds to purchase the home.
If you are financing, be sure you have a pre-approval that lets a seller know that you have done more than just talked to a lender. Be sure to include all of the necessary addenda so that all can be signed at once without too much going back and forth which can result in loss of interest. Time is of the essence and you don’t want to give too much time for minds to be changed. There is so much technology out there today that works in your favor to expedite matters so take advantage of electronic procedures that can put you in front of others who are not.
Sellers want to feel secure about the future and confident that the contract will move to close. The more you and your agent can provide to assure that, the better received your offer will be. Be mindful, be prompt, be thorough, be accurate and be sure to put yourself in the other parties’ shoes.
About Jessica Rosato
Jessica Rosato is a Luxury Broker Associate for Nestler Poletto Sotheby’s International Realty of Delray Beach. As a concierge realtor, she utilizes her superb customer service skills, attention to detail, honesty, stellar work ethic, negotiating skills and keen understanding of the luxury real estate market in Palm Beach County to create experiences of a lifetime. Jessica is a Dartmouth graduate and holds a Masters of Fine Arts from Pratt Institute. She is a member of the Delray Beach Chamber of Commerce, the Women’s Council of Realtors and the Institute for Luxury Home Marketing. She is also involved in local charities, specifically those that benefit the Achievement Centers for Children and Families in Delray Beach and the American Cancer Society. Visit her website at www.bocadelrayluxury.com.