Making a Competitive Offer on a New Home in North Carolina When You Need to Sell Your Current Property
Are you a homeowner in North Carolina looking to buy a new home but worried about making a contingent offer and actually getting your offer accepted? In this video, Bill Stevenson of Spotlight Realty explores the secret to making competitive offers in a market where traditional contingent offers are no longer in play. While the process may seem confusing, we'll provide clarity on how to increase your chances of getting your offer accepted when you need to sell your old home to finance the new one.
Here are 3 things can do to make your offer more attractive as a buyer:
Disclose Your Need to Sell: First and foremost, when you need to sell your current house to afford a new one, you should be transparent with the seller. Honesty goes a long way in building trust and making your offer more appealing.
Offer Competitive Terms Beyond Price: If you find yourself competing with buyers who don't need to sell their current homes, you must make your offer stand out. While the price is important, offering additional attractive terms can make the difference. Consider these strategies:
a. Quick Closing Period: Offering a swift closing period can be enticing to sellers, especially if they're in a hurry to move.
b. Shortened or Waived Inspection: Some sellers may accept an offer with a shorter inspection period or even no inspection at all if the offer is strong in other aspects.
c. High Due Diligence Fee: In North Carolina, the due diligence fee is a nonrefundable deposit that demonstrates your commitment to the purchase. Offering a substantial due diligence fee can reassure the seller that you are serious and not overly concerned about selling your current home.
Working with a Professional: When selling your current home in such a scenario, it's crucial to collaborate with a real estate professional who understands the local market. If you already have an offer in hand for your current property, it significantly strengthens your position as a buyer. However, trying to sell your home on your own may not be the best approach, as it can be risky for a seller to accept such an offer.
While the concept of contingent offers has evolved in North Carolina, you can still make a competitive offer when you need to sell your current property to finance a new one. Honesty, competitive terms beyond price, and a high due diligence fee are key factors to consider. Furthermore, working with a knowledgeable real estate professional can greatly enhance your chances of successfully navigating this unique real estate landscape. By following these strategies, you can increase the likelihood of getting your offer accepted and moving into your dream home.