Experience Matters When Negotiating Multiple Offers on a Home
Mary is a friend of mine who I just sold a home to. After working at Erlanger Hospital for 20 years, she told me that she "wanted something to show for all of her work." Mary wanted to buy a home, but she was a first time home buyer who was having a hard time getting to an accepted offer during multiple offer situations. She called me after she had worked with an agent for several months who was not meeting with her fast enough to make offers on homes and who did not know how to make the contract as "skinny" on the extra costs to the seller as possible in order to get an accepted offer. She was frustrated and had been home shopping for homes since early Spring (it's now September).
Mary had some of the odds stacked against her. The type of loan she was using sometimes requires repairs to be made, which sellers do not want to do if they do not have to. She also was not a cash buyer who could waive the appraisal. She was not in a place to waive the inspection, like some buyers have been doing lately.
At times when I was representing home sellers in other sales, I saw contracts that escalated the sales price by $2,000 over of the best offer, but then asked the seller to pay for $2,000 worth of title policies for the buyer. That buyer's agent complained to me that he was not able to get any of his buyer's offers accepted all Spring. I suggested that he change that practice of asking the seller to pay for the buyer's title policies. If your agent does not know how to draw up a net proceeds of the sale sheet for you, that agent will not be able to lead you to an offer that will be accepted by a seller. Chattanooga's real estate market is competitive with really low inventory, and you have to make your offer ask for the least amount of concessions as possible in order to buy a home in a multiple offer situation.
Mary closed on her home this week. A few hours after the closing, she called me. I though, "Ut oh, what's going on?" I stepped away from what I was doing and answered her call. She then told me how clean the house was. She also told me that the buyer left the refrigerator, that the buyer said she was going to take with her. It ended up that Mary went to her new home, and she started crying tears of joy. Then Mary thanked me for helping her get her new home. Her gratitude made this one of my favorite sales of 2021.
The moral of the story is that you need an experienced Chattanooga Realtor to help you buy a home right now, not the brand new buyer's agent who called you after you gave Zillow your information. Call the Chattanooga Realtor who can lead you to a successful home purchase. Call Nathan Walldorf at 423-544-7700.