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PP Guide No. 8: How to get the Best Price?

The way to get the best price with an amazing offer is by making an offer that considers a number of factors. They are....

DOM (Days on Market)

How long the subject property has been on the market for sale, how many offers has it had, when was the last offer, have the ever accepted an offer and how come that didn’t go through.

Seller Motivation

Ask your agent to find out how motivated are their clients are, this is information that is often shared between colleagues.

Comparable Properties

Inquire with your agent about comparable properties and what they are listed for, this helps you to determine where the property you want is among its counterparts.

Seller Introduction

If possible, try to meet the owner, but be sure not to go into to any detail about your buying motivation or anything that could jeopardise your position but you want to achieve a connection before making an offer. Now most times this won’t work but it just might since most owners might be there during the showing. Just nicely ask if it's okay to meet the owner. Or if they are they sitting in a room and trying to be invisible, say "hi", and bend a conversation.

Personal Note

A personal letter from you to the owner sharing personal detail about you and what you love about their home can go a long way. It causes the seller to put a personality to the offer they just received. It allows the room for empathy and relatability.

Deposit Confirmation

If you have decided on your attorney and to make a deposit for 10% of your qualification amount at the time you are getting your ducks aligned or even before you make the offer its offers you a great advantage in the negotiation stage. Presenting your offer with a letter from your legal representative confirming a ten percent deposit has already been lodged gives the impression from the seller side that you are serious and ready to go.

Pre-qualification Letter

Getting prequalified mentioned in the article “Find the Perfect Property” talked about determining from your bank the amount you are qualified for. The bank upon request would prepare a letter that’s non-binding that notes how much your are qualified for. Presenting your offer with this letter can also considerably increase your chances of getting a better price.

When you do these things it positions you to make a great competitive offer based on fact and stats and not statistics. It shows the buyer how serious you are as they often times deal with jokers. It allows you to connect with the seller on a personal level and get the best price ever. When you do these things mentioned in the first segment of this Perfect Property Buyers Guide you will no doubt have success in your search for your perfect property. ​If you’ve made it far you are well on the way but the journey is far from over, we still have a number of hurdles to overcome, let move into stage two the legal side where you’ll have to choose an attorney who’ll serve you best.

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