My partner and I are currently selling our condo in Florida, and we’re under contract with closing set for the end of January. The buyers have agreed to lease back to us for about 1.5 months, which is great. We are looking at houses in New England and found a new listing that went active on 12/31. It seems perfect for us. Our realtor did a video walkthrough with us, and I’ll be flying up tomorrow to attend the open house on Saturday. We are pretty much ready to make an offer as long as everything goes well on Saturday. We are pre-approved and had already started the mortgage process for a house we walked away from last month due to some inspection issues. Our realtor mentioned there were 10 showings today but so far no offers. She said it’s unlikely that a contingent offer will be accepted since the house is new on the market and has a lot of interest, but she’ll write up an offer. We understand she’s just doing her job by being realistic. We are planning to offer over asking, but what are some other tips to make our contingent offer more appealing to the seller? We know sellers tend to shy away from contingent offers, but we don’t feel comfortable making a non-contingent offer since we haven’t closed on the condo yet. Any advice would be super helpful, thank you in advance.
Consider adding non-refundable earnest money to your offer. Also, offering a price significantly over asking could help. You might want to see if the seller is open to an extended closing date as well.
You should also think about not requesting repairs for anything under $5k. That might make your offer more attractive.
You’ve already got some solid suggestions, but I’ll add that sometimes a personal appeal can really make a difference. Writing a letter explaining why you love their house and how it’s the perfect fit could resonate with them.
Make sure to include details that show your current sale seems solid. Let them know what phase you’re at in selling your condo, any inspections or contingencies you’ve waived, and what your anticipated close date is. Just be truthful about everything to avoid any misunderstandings.
A large amount of non-refundable earnest money could really sway a seller in your favor. Just putting that out there.
If your buyer has a loan commitment already, include that info with your AS-IS, over asking price offer. It sounds like you’re almost fully underwritten on your loan too, so let the seller know. If you can, offering to pay part or all of your agent’s compensation could also increase your offer’s attractiveness. It raises the seller’s net sale price significantly. Just keep in mind if there are cash offers, they might still prioritize those, but it’s worth a shot.
I’ve heard some bad stories about people renting their homes after selling. Make sure to read all the contracts carefully before signing anything. You might want a lawyer to look over the contract beforehand. Don’t just trust the realtor.