How Can I Make My Offer More Competitive - Shorten Contract Timelines

How can I Make My Offer More Competitive? By shortening the contingency time periods, it mitigates some of the risk of the sellers. This thereby make your offer more attractive. In an offer there are a couple areas where a buyer can shorten their timeline. The inspection and mortgage contingencies are the two biggest areas that a buyer can adjust. Other parts of the contract that can be shortened is the Purchase & Sale Agreement timeframe as well as closing.

For the home inspection contingency, a buyer is generally given about a week to perform. The faster this is done, the more attractive it is to a seller as they will have a definitive answer quicker on whether the transaction is going to move forward. If you reduce this timeline, a great idea is to actually schedule the inspection before your offer has even been accepted and let the seller know about the inspection date! Worst case scenario if they choose another offer is that you cancel the inspection.

The Mortgage Contingency is THE most important contingency in the contract. This is the one that protects the buyer’s deposit and the one that generally extends the longest throughout the transaction. Talk with your mortgage banker to see if this is a timeline that you can shorten. A great way to do this is getting a pre-commitment vs. a pre-approval.

While shortening the closing date can be attractive to some sellers, it won’t be to others. The best thing to do here is ask what is the sellers preferred closing date. Then, whatever the seller says… Make it happen!

The Buyer Power Checklist breaks down an offer buying power into three different categories. A buyer's offer will either be in the 'Low', 'Average' or 'High' Buying Power category.

https://www.boston2.com/blog/how-can-i-make-my-offer-more-competitive-the-buying-power-checklist/

Jeffrey Chubb | Chubb Homes Team | 617-480-2600 | Jeff@Boston2.com | www.Boston2.com | Brokered by eXp Realty