Right now banks are taking 10 offers for each home that is on the market. They can pick and choose the buyer. If you are buyer working with me, you don't need to sell me on what a great person you are, or why the house is only worth what you are offering for it. I know you are a great person, because you are shopping for a home with me.
The house is worth as much as someone is willing to pay for it. Those nice bankers decide who gets it. They don't care how nice you are. They don't care about it being close to the school you want your kids to go to, or that it is close to the bus stop, or that you think it is over priced. Love them or hate them Bankers are not social workers. They only care about the bottom line. The way to melt there cold hard hearts is cash, and lots of it!
I have had banks accept two offers from clients of mine in the past week. Other than the obvious that we bid the most there were two different strategies we used.
- One property was nice and had the things my client wanted. Four bedrooms and lots of concrete to park his many vehicles. It might have been a turn off to some buyers, the concrete, the wood paneling, the Formica, but not my guy. We also noted they said they were not taking FHA and VA loans, taking a lot of buyers out of the mix. My guy had VA or FHA to use. We waited, it went off the market then back on. Then we hit them with our VA offer. They took it. We did pay asking price, but not more.
The basic strategy was looking for a home that for some reason or another had no appeal to other buyers, but was fine with my client. The styling and the apparent financing limitations discouraged many most buyers. Note we got it with financing they said the would not accept. Oh, it did pass the inspection for our financing. - My other buyers noted they were getting shut out when shopping for starter homes in their budget. I got them to shop for homes $20,000.00 under their budget. They had to compromise a couple things they wanted, but found a great home $20,000.00 under their budget and bought it for $5,000.00 under thier budget. They also came in with a huge down payment, conventional financing, and paid their own closing cost. All things that appealed to the seller. They had other offers in the same range, but took ours. We had inspections set up before they had escrow opened and will close on time.
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