What does a winning offer look like?
Updated: Jul 12, 2022
What a spring market! Inventory is incredibly low, demand is extraordinarily high.
What's a buyer to do?
I cannot make any recommendations, but I can tell you what some buyers have been willing to do to get the house they want:
They waive the appraisal. That means that, although they are getting a mortgage, if the appraiser finds the sale price to be higher than what can be reconciled with the market, the buyer will bring the difference to the closing.
They waive inspection. Sellers no longer agree to an inspection "for informational purposes only." Often a buyer is allowed to spend 15 minutes in a house before they put in an offer.
They agree to a shorter closing date. I hope they've talked with their mortgage broker.
Buyers bring cash. Cash is always king.
I know of properties that receive 30-40 offers, all over asking.
It's a wild market out there, not for the faint of heart.