Many desirable properties in Greater Cleveland are receiving multiple offers.
That’s already not the news on Greater Cleveland Real Estate market that 2009 has already become a year of multiple offers. Which means: That’s a great news guys! We really have a good buyers’ activity. Houses sell, we, the Realtors®, are busy. Are we all excited about this? Yes and No.
First of all, Greater Cleveland Real Estate market is not hot everywhere and for everyone. You can still see a lot of properties sitting on the market with no offers and even no showings. Unfrotunately, in many cases even the price is not an issue.
Price itself does not sell the houses and condos on today’s Real Estate market in Cleveland. Your Real Estate agent should go extra miles and provide exceptional marketing in order to attract the right buyers.
However many buyers are still under a wrong impression that it’s a buyer’s market and the sellers shouls accept any offer, even it’s an absolutely shameless one.
If you are looking for a well kept, nicely upgraded home in Solon or house in Mayfield Heights built after 2000, please get perpared to act fast and pretty aggressively in order to win a bidding war. The good news for the buyers is that the prices are still very reasonable, interest rates are still low, and home buyers who did not own the primary residence during last three years, are still have a chance to get $8,000 First Time Home Buyers Tax Credit.
Although it’s true that in many cases the best and the most attractive deals are bank owned homes, privately owned homes may be very good and priced competitevely. Dear Buyers! Please do not assume that only foreclosures offer the best opportunities for savvy home buyer on today’s market. Look at all opportunities. Hire the experienced, result-oriented local Real estate professional, get yourself and your finances prepared and buy this dream home for you and your family!
What is the best way to make sure my offer is accepted?
- Get prepared! You should be financially strong in order to buy the house you like. Fact is that in many cases cash buyers win even if their bid is not the highest one. If you pay cash for your new home, please be prepared to show the proof of funds sufficient to make a purchase and pay closing costs.
Not enough cash? Get pre-approved by respectable lender. Pre-approval means that loan officer runs three credit reports. You should base your income information on last 2 years tax returns and W-2s; last 2 paystubs. Source of down payment and asset information should be proved by two months bank statements, 401K (stocks, bonds, etc.) statements. Your bankers will advice you on what copies of what exact documents they want to see in order to approve your application. Make sure to clarify your citizenship, or visa and residency status and show your driver’s license at application.
- Offer with house sale contingency in most cases will not win. Sell your current home first or buy the new one ONLY if you do not depend financially on the sale of your current residence.
- Do your home work and know your limits. You should know your market very well in order to offer the right price.
- In most cases in multiple offer situation seller will ask all the bidders for the best and highest offer. However, not all the sellers do this. Some of them will not give this chance to everyone and just start working with the buyer who made the best offer at the beginning. If you are aware of the multiple offer situation, please make your strongest offer and you get a higher chance to win.
- Be reasonable! Do your due diligence. Do not assume that you win if you waive your right to inspect the property. Even when you purchase a REO (bank owned) home, you are eligible for all necessary inspections. Do not forget to ask the seller to complete the Point of Sale inspection if this is the case in the city where you buy a new home. If the Violation report is not available at the moment when you make an offer, please do not forget to include the POS contingency in your offer. However do not overload your offer with unnecessary contingencies.
- Ask your Real estate professional to accompany your offer with a written presentation of your strength, ability and desire to buy this property. I am sure you work with the right, trusted Real estate agent who knows how to negotiate on your behalf in the multiple offer situation.
And finally - always stay cool, reasonable and alert. If it’s a great home for a great price, act fast. There are few other ready, willing and able buyers on the market who may like the same house as you like. So, if you know that the asking price is good and you are ready to pay the full price, just offer it immediately and you can win only by acting fast.
Good luck!
If you need more detailed advice, please do not hesitate to contact me at 24/7 Real estate Hotline 877-770-5551 or call me directly at 216-548-4663 during the business hours.
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