APR in the News Buyer / Seller Information

What do you do when your clients are outbid?

July 28, 2014
Agents Sound Off
 

James Sherman
Burlingame
650.931.2045
jsherman@apr.com

Question: What do you do when your clients are outbid?
Answer: This is a common situation in the red-hot Bay Area real estate market.
The first question I would recommend any potential buyer to consider would be, “Is this really my highest number, or is this the top number within my comfort zone?”
With today’s low interest rates and tax advantages of buying a home, a higher mortgage may be much more affordable than it first appears. Speaking in detail to a tax accountant, as well as your loan agent, will help to give you the full financial picture. If the number truly is your best offer, the tried-and-true personal letter to the sellers, submitted with your offer, can make the difference, especially if other offers are relatively close.
Sharing how much you love the home and what the current owners have done to the property (and that you are not a developer or flipper firing up the bulldozer) can help put a personal touch on you and your offer.
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1 Comment

  • Reply
    Steve Heller
    July 29, 2014 at 2:29 pm

    Here’s something that I believe was a deciding factor in a recent offer I wrote in which we prevailed over 7 other offers. We found out that the seller needed a rent back and we decided to include a 30 day FREE one for the seller, plus an additional month , if needed, at my clients’ PITI. It cost my clients about $6k, but as the selling price was far north of a million, that cost was not significant in the grand scheme, and the seller was very impressed.

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