Low Housing Inventory Not Stopping Low Down Offers

04/06/2017
 
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Even though this is a tough environment with inventory being so low, low down payment offers are still being accepted over offers with more money down.

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  • It’s also important in the seller’s market with low inventory, that a buyer’s agent and the buyers realize that you can’t go in with a low offer, requesting the seller to pay most of the closing costs and then start asking for a home warranty, termite bond, all the lawn equipment.
    I just had two offers on a property this weekend. One buyer asked for the trampoline, the lawn equipment, house be professionally cleaned along with carpets, etc, etc and 10% below list price with a very nice cover letter. Second offer was list price, minimal seller paid closing costs, only asked for a termite letter. Guess which one was accepted.

    The days of beating a seller to death with stipulations are over until we get more inventory.

    Brenda Knight April 6, 2017 6:55 am Reply
  • This is definitely happening in the DFW market….bidding wars all over the place but the credibility and reputation of the lender/LO makes a huge difference in offers being accepted.

    Al April 6, 2017 10:23 am Reply
  • As a seller, as long as the loan is funded, then down payment is unimportant. As a buyer, I have always avoided bidding wars by paying all or a portion of the seller’s closing costs. Nothing says, “I’m serious,” more than that.

    ROBERT LAMONT BOWERS April 7, 2017 6:34 am Reply

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