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2015-2016 Green Lake Real Estate update: Multiple Offers is the story in real estate. This has been the case with Green Lake for well over a decade, anyway, but now it is even more important to know the tips and tricks when buying or selling a home in Green Lake.
Green Lake Sellers: Does your Green Lake Realtor know how to use a spreadsheet? They will need it. The intricacies of multiple competing offers need to be put down on paper in an easy to understand and present format so that you may TRULY pick the best offer. It isn’t just about price either. Price is the strongest consideration when choosing who will be the winning bid to purchase your Green Lake home, but other terms and factors should weigh heavily into your choice.
Here is a partial list from a seller’s point of view of what an ideal Seattle real estate purchase and sale agreement offer should look like:
- Loan vs. Cash: In the end it’s all cash to you, but…. cash has it’s benefits as long as you get proof of unencumbered funds. No appraisal and no underwriting.
- Contingencies – As many as possible should be waived. Preinspections are ideal. Disclosure statements should be waived, lead based paint, title, financing, etc. The least contractual outs for the buyer, the better for you.
- Appraisal waived – the market is hot, but just in case it is nice to not have this contingency hanging out there.
- Large earnest money deposit to show their strength and commitment, as well as their ability to obtain liquid funds. *Be wary of promissory notes without sufficient explanation.
- Extras in either direction – do they want a new fridge or for you to pay for a credit? Or are they offering you a free rent back of your home. The extras can really make the difference.
- Escalation Clause Increment – This should be significantly higher than the next. If you like one buyer over another, but the one you like least escalates over the liked one by a small amount, then you aren’t going to really choose them over $1000, are you? But, if their escalator escalates $10,000 over the next highest, though, well then, that would be a good reason to take pause and choose them anyway.
- Love Letter To The Seller – Selling themselves to you may go a long way if the competition is close.
- Closing Date – to be the most optimal for your situation
- Their Broker – If their Broker has a bad reputation then they may have earned it by playing games….Ask your broker what they think of them and google them…
We have another 25 tricks and tips for you whether you are buying or selling a home in Seattle in a competitive market. Please let us know how we can help!
-Courtney & Molly
Courtney Cooper 206.850-8841 / Molly Cartwright 206-841-6800
©Cooper Jacobs Real Estate, 3645C Wallingford Ave N, Seattle, WA 98103