Despite the pandemic, the Twin Cities has been a seller’s market for much of the past year. Sellers are receiving several offers, often within hours of listing and for thousands of dollars over asking. As a result, inventory of homes for sale is tight, and prospective homebuyers are having a difficult time even finding homes to make offers on, let alone having those offers accepted.
So how can prospective buyers succeed in a seller’s market? By making their offers as attractive as possible.
How to Make a Stronger Offer and Succeed in a Seller’s Market
With offers being made and accepted in a matter of hours, prospective homebuyers must be ready to make an offer as soon as a home comes on the market. Make sure all supplemental financial paperwork is complete and ready to go.
Don’t Get Bogged Down by a Contingency
In a multiple offer situation, price isn’t the only thing that factors into a seller’s decision. They’re also likely to favor offers that carry a lower risk of snags or complications. If your offer has a contingency, such as requiring the sale of your own home, it could make your offer less attractive.
Carrying a contingency? Slow Flip can help! By buying a home with our contract for deed, we help you make a non-contingent offer, increasing the chances that your offer will succeed.
Make the Strongest Offer Possible
When homes are being sold for thousands over asking, it can be difficult to make an offer that is strong enough, especially if your budget is tight. This is another situation in which the Slow Flip program can help. We can make a stronger offer, get you in the home, and then allow you more time to make payments and gather the funds necessary to secure a mortgage.
Write an Offer Letter
Never disregard the power of a personal connection. Write a short letter to the seller, with an overview of your family and your interest in the home. In a sea of similar offers, it could be the detail that makes yours stand out the most.
The Slow Flip contract for deed program helps families in the Twin Cities metro area of Minneapolis, St. Paul and surrounding suburbs purchase a home using a contract for deed, or CD, when a mortgage is not possible. The Slow Flip contract for deed can be an ideal tool to purchase a home when buyers need time to adjust their income, credit, debts or other financial components so they can eventually qualify for a mortgage.
Are you or your clients interested in learning more about the Slow Flip contract for deed? Contact us at 952-417-0000 today.