For years, we have watched from our Northwest perch as the real estate markets south of us have gone through the roof. Is it happening here now in Portland. Our Portland? It is not unsual to see properties on the market for one, two or three days selling of for considerably over the asking price.
How much is it going to take to get an offer accepted when you are competing? Is it all about price? NO! Two offers of equal offer price probably have different terms and most likely a different net to the seller (the amount of money the seller actually pockets at closing).
The seller is going to look at the following:
1) The net amount they are going to take to the bank (probably laughing all the way)
2)Whether or not the deal is financed. Cash doesn’t require an appraisal, financing does
3)Does the seller like the buyer. The best way is for the buyer’s agent to present the offer in person. When that is not possible, a letter from the buyer and an upsell from the agent can make the difference.
4) How the closing date lines up with their goals. If they need the cash from the closing to make another purchase, the buyer’s offer needs to make that work
I know the offer we got accepted last night put less overall money in the seller’s pocket than the competing offer (I don’t know how much) but we did everything else we could to work to the seller’s needs.