By Melissa Dorman, August 5, 2021
Just Listed! aaand…it’s already pending??
If it seems like great homes are sold as soon they hit the market, you’re right. But here are three tips to getting your offer accepted:
1) Increase the offer price and consider a higher down payment
Higher down payments and cash buyers have an edge in seller’s markets because the sellers appreciate the increased likelihood that the buyers can finance the deal. A higher down payment could tip the scales in your favor. If you can’t increase the cash available to put down, you may need to increase the offer price.
2) Waive Contingencies:
To make your offer more attractive, take out as many sticking points as you’re comfortable with. This means removing contingencies for a clean offer.
Common contingencies include:
- A home sale contingency: This makes the deal contingent on the sale of the buyer’s current home. In a hot seller’s market, there’s no need to include this contingency because the buyer’s current home will likely sell quickly anyway.
- An appraisal contingency: This contingency requires the property to appraise for an amount equal or greater to the offer. To waive this contingency, the buyer needs to be willing to pay the difference between the appraisal amount and the offer price out-of-pocket if the appraisal comes in low.
- A financing contingency: If you have the funds to make an all-cash offer, you can waive this contingency.
- An inspection contingency: It’s risky to waive the inspection contingency, but some buyers are getting around this by having an inspector attend home showings to complete a quick on-site inspection so the buyers can waive the formal inspection contingency.
3) Get creative with the offer terms:
If offering a higher price and waiving contingencies isn’t enough, you might be able to get your offer accepted with creative terms.
Consider what the sellers might want. Price is not the only factor sellers consider – being flexible with closing and possession dates might be more valuable to some sellers than an inflated price. Speak with your agent to see if you can uncover the seller’s motivations, then write your offer accordingly.
Melissa Dorman
Broker | OR & WA
She/Her
Ten years ago, Melissa was living in a slum in Kolkata, India, helping over 200 women escape sex trafficking by providing alternative work at a social business.
It was there she discovered her passion for financial education as a means of empowering people to move out of poverty. After graduating from UCLA with a Masters, Melissa spent 5 years working as a Social Worker; assisting clients facing homelessness, in jail, or at a psychiatric facility.
As much as she loved the work, imagining saving for retirement on the meager salary of a social worker was becoming grim. That's when Melissa discovered "passive income." In no time, she fell in LOVE with real estate as a vehicle for wealth. Soon after, Melissa began locating off-market multi-family properties to purchase through creative financing strategies and win-win opportunities. Two years into investing, Melissa quit her day job as a Social Worker to become a full-time broker and investor. Initially, she was drawn to people in difficult circumstances, so she developed extensive experience assisting families facing foreclosure, short sales, and probate. Melissa is well versed in helping her clients overcome complex real estate challenges.
Currently, Melissa is teamed up with Super Broker, Yascha Noonberg at Living Room Realty. Together they assist clients to achieve their real estate dreams, including how to strategically buy and sell a personal residence to maximize profits. Far from the slums of Kolkata, her greatest passion now is empowering other working professionals to develop passive forms of income through buying multi-family properties in Portland.
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- T: 503-567-4697
- melissa@livingroomre.com
