Right now is a crazy time for West Knoxville Home Buyers. People are looking to buy a new home with interest rates at all-time lows. The problem right now is the lack of homes on the market and how quickly they are selling. It becomes very frustrating trying to buy a home in West Knoxville with multiple offers at one time. All you have to do as a buyer is lose a few homes you are trying to buy and you want to give up. I have developed some great strategies for helping my buyers become homeowners.
1.Be Flexible have your Realtor find out the seller’s motivation and what is important to them. Do they want a quick closing? Do they need extra time to get out after closing? Whatever it is structure offer around those items. The highest price isn’t always going to be the winning offer on a home. If the seller has certain issues that are important to them and you are flexible with them. You could very much be in the driver’s seat.
2. Purchase contracts have a contingency in them. A contract can be subject to financing, inspections, and appraisal. Take the inspection clause in the contract. If you can get it done in 5 days instead of 10 days that would be important to a seller. They don’t want their house off the market for a long time. So the quicker you can an inspection is done the better. There are inspectors in West Knoxville who can get it done quickly. Some buyers in this market are waiving the appraisal contingency in the contract. But be aware if you do that and the house doesn’t appraise for the price you agreed to pay you will need the extra cash to make up the difference.
Using an escalation with my West Knoxville Home Buyers has been very successful. Here is how it works
“Buyer offers to pay $XXXX for the home, but if the seller receives a bona fide offer that is higher, the buyer will increase the price $1000 above that offer. With a maximum purchase price of $XXXX”
You agree to pay XX for the house and if another offer comes in you agree to pay $1000 more with a cap up to a certain price. Then I have the other agent provide me with a copy of the other offer to verify it. Works very well in our current market. I have had many of my buyers become successful homeowners using this clause.
I’m using these strategies and others to help my buyers become successful homeowners in West Knoxville. If you would like to chat about the market or need help buying a home contact me. [email protected] or give me a call or text at 865-696-9002. Check out our West Knoxville Neighborhood page.