Here are our epic strategies for getting an accepted offer in a this crazy competitive market in Greater Nashville. ✨
Getting our buyer’s offers accepted is our superpower! We have tried and true strategies we implement when a competitive offer scenario arises that will help their offer be the one the sellers pick!
Be prepared to compete with other offers. Be prepared to offer more than the list price and bring strong financial terms. The question we always recommend buyers ask themselves is “If I lost out on this house because my offer was $X amount too low, how would I feel?” You need to determine X and then figure out what number you feel is too high as well. That will help you make smart decisions vs emotional ones and prevent any buyer’s remorse down the road!
To compete, many people will offer appraisal gap coverage which is when you agree to cover any shortage between the offer price and the appraised value. It’s written into your offer and often includes a specific number of how high you will go. The purpose is to show the seller you are serious about the home and are willing to pay more and guarantee their proceeds.
Be prepared to be flexible. You need to be open to flexible terms such as closing date and even allowing a post occupancy leaseback for the seller. If the seller wants the washer or dryer, let them have it. Your agent will find out what is important to the seller and then you can craft your offer accordingly.
Pass/fail inspections. Traditionally after a buyer has had their inspections, they are allowed to request and negotiate repairs from the sellers. However, in this market, we are seeing buyer’s waive that right to request repairs and go into it saying inspections will be on a pass/fail basis aka they will accept the property as-is or terminate the agreement.
Relationships matter. The best thing you can do going into this market is to hire an experienced and local buyer agent (or duo) so that you are educated and READY. Their relationship with the listing agent and ability to communicate can make or break a deal. Who you work with matters. This also goes for the lender, usually a local lender will be looked at more favorably in the seller and their agent’s eyes than a big box mortgage company.
We are here for you when you need us! And don’t forget to follow along for our behind the scenes on our instagram @nashvilleonthemarket. – Lisa and Sammi-
