Blog

Real Estate Buyers Guide, Be a Competitive Buyer

By Kuppan Gayathri

You found the house you want, but so do other buyers

This is a real estate buyers guide to being a competitive buyer. Sometimes there are more buyers than homes available or there is a particular home that lots of buyers want. With rising interest rates and a strong housing market in Northern Virginia, people are ready to buy, but finding the right home can be tricky. Therefore, when you find the RIGHT home, it is important to have a real estate buyers guide that will help position you to be a competitive buyer. This doesn’t mean waive home inspection contingencies or appraisal contingencies, it means deliver a strong offer to the seller.

Real Estate Buyers Guide-Be A Competitive Buyer

  • Contingencies should be short and reasonable. I don’t advocate waiving contingencies such as the home inspection or the appraisal, but I do encourage sending a strong message to the seller that you are a fair and reasonable person.

  • EMD Earnest Money Deposit. It is the money that you offer when writing a contract that basically says, “I’m serious about purchasing this house”. The more EMD you are willing to put down, the more you will position yourself as a competitive buyer. When putting down an EMD, the generally rule of thumb is 2-3% of the purchase price of them home. However, if you decide that you have found your dream home and there are other buyers interested, a larger EMD speaks volumes. More questions about EMD? This topic warrants a in-depth discussion, call me and we can chat.

  • What does the Seller Need Another very important aspect of the real estate buyers guide that frequently gets over looked is, WHAT DO THE SELLERS NEED? I had listed a property that was highly desirable and it received multiple offers. One of the offers was ALL CASH but yet the buyer was not chosen by the seller. Why? The buyer’s agent did not do his homework, he never reached out to me as the listing agent and asked me what was more important to the sellers in this sale.

Common considerations that are needed by a seller are rent backs, a quick close so they can get off to where ever they are going or sometimes it’s as simple as allowing them time to find their next home.

These are just a few items for a good real estate buyers guide.

Call me if you have questions about purchasing a home or if you are ready to start the home buying process.

Contact

6820 Elm Street, McLean, VA 22101
PH. (703) 636-7300