Although SecondCup syndicates to Facebook and Twitter, its only true purpose in life is casual, under-the-surface communication with our real estate clients. This post is to pass along a very well-kept real estate secret.
Last week, I represented a buyer-client in the purchase of a home with only 2 days-on-market (DOM). Fantastically located, and very nicely improved with features not present in other homes in its price range, I knew it would fly off the shelf, as all worthy properties are doing today.
How to be a successful buyer in a seller’s market? Here’s the first part of the secret. Even in a market favoring sellers, a very high quality buyer is a commodity in demand. Fallout… that is, inspections made unnecessarily difficult or buyers who show up as weak financing candidates… don’t have to be part and parcel of a transaction and are not part of the mindset of a high-quality buyer. A smart buyer knows how to present his or her financial ability and knows how to conceptualize a home’s condition by focusing only on materially-defective and not maintenance-type items.
Here’s the second part of the secret in the deal I put together last week. Not only did the seller want to work with my client, the listing agent and seller wanted to work with me, which is to my client’s advantage. When another agent accepts my word attesting to my client’s quality as a buyer, I’ve successfully fulfilled my fiduciary responsibility and have moved my client’s interests ahead. This is particularly valuable when multiple offers are flying and sellers are evaluating the overall quality of each buyer’s offer.
Back to last week’s deal. Even as we were targeting a $20,000 discount off list price so the client buys correctly, and I’m told mid-afternoon that two other offers are expected by the end of the day, I’m also told we want to work with you.
How to buy? Be a great buyer, and have a great agent.
How to sell? Market a home that sparkles… and have a great agent.