In a market where MULTIPLE offers are being placed on the same property, it’s more important than ever that a buyer has expert assistance and is equipped with superior knowledge to ensure they win the deal on the home they want! Here are 8 imperative ‘Must’s’ to give you an unfair advantage over the rest of Oxford’s buyers.
1. Know what you want before it comes
Not knowing what you want can cause you to miss out on something that may disappoint you later. This may be simple enough, but for so many people, it takes them losing out on a couple of ideal properties to realize if they had even loosely defined what they wanted and DID NOT want (maybe even more important), they would have had the confidence to make a strong offer knowing that the opportunity in front of them checked off many of their boxes. This also allows you to keep your head about you when the stakes get high and intense!
2. Be willing to sacrifice some contingencies (See #3 as well)
In order to ensure you have the highest probability of moving into your next ideal home, you may have to be willing to accept losing some “peace of mind” contingencies. I won’t go into too much detail here as we reserve our knowledge and experience for our coveted clients. Ask your CCM agent today as to what this looks like as a strategy so that you can give these points careful thought and consideration so that when it is time to act, you’re more prepared than your buyer competition.
3. Know your risks
When removing contingencies, there will always be risks associated with doing so. It’s important to talk to your Cannon Cleary McGraw agent before you make an offer so that you understand the risk vs rewards of concocting your perfect offer. We use strategic methods when making offers but we always want to ensure you know the “if this, then that” scenarios that could play out.
4. Act Quickly
This may come as an obvious tip but how you define “quickly” and how the market defines the same word could be two totally different definitions. Today, the Oxford market defines “Quickly” as within hours. The only way to stay on top of this while still leading your busy life is to have one of our highly skilled Cannon Cleary McGraw agents assist. We know when properties come on the market and some we know about right before they hit the market.
5. Be Strategic
Usually there are certain times when it’s best to present your offer. There are questions that need to be asked and observations that need to be made to know when to make this happen. Terms of the offer need to be strategically made to accommodate the seller as much as possible while still ensuring you win also. CCM Agents are trained in strategies that will help you obtain a high probability of success to seal the deal on the property you want while understanding the scenarios that could play out.
6. Tell no one
It’s easy to get excited about the property that you want and are making an offer on but don’t tell a soul until the offer is accepted (or better yet, closed)! We live in a small town, and like any small town, lots of people know the same people. Cannon Cleary Mcgraw agents, take the fiduciary duty of confidentiality very seriously.
Scenario: You tell your friend, Sue, that you made an offer on Bob’s property. Sue is SUPER excited for you because it’s such a great place. Sue has lunch with Sarah and tells her about you making an offer on Bob’s property. Sarah, who also has a friend making an offer on the same property, runs and tells her friend because Sarah wants her friend to get it. You can see how we now made Sarah’s friend a bit more excited/motivated and so they raise their offer price knowing that they have some strong competition now. The unfortunate thing is, you still have no idea Sarah’s friend made an offer, possibly putting you at a disadvantage. Mums the word!
7. Expect a larger down payment (Not what you think)
This isn’t a fun one to read, but when a hot prospective property comes on the market, you have to be willing to strike and strike AGGRESSIVELY.
For easy math: If you want a $300,000 home and your lender states you only need to put 5% down or $15,000, what if you have to offer over list price? Let’s say $305,000 to get the deal? What if it only appraises for $300,000? The lending institution is only going to loan you money based on the appraised value. Therefore someone will have to come up with the $5,000 extra as a down payment. In a market this hot, it will more than likely be you. Be prepared and budget for this so it doesn’t catch you off-guard. Homes not appraising has not become a regular issue but you never know if or when it will happen. Therefore always be prepared.
8. Choose the Right Agent
You may think that all agents are created equally. Some work harder than others. Some love what they do more than others. Some love taking care of their clients and sharing in the joy when they find the right place. Some constantly study the market and techniques to give their clients an advantage. And even fewer, love and do all of these things. We call those few, Cannon Cleary McGraw agents. In this market you need an expert, and our motto, “When you need an expert”, was not created on a whim. Let us know how we can help. We’re already doing it! We’ve BEEN ready and we look forward to making you a happy or repeat client.
Call a Cannon Cleary McGraw agent today to get started! 662-371-1000
*If you are currently working with a realtor, this is not meant as a solicitation.