Getting your offer accepted

With limited inventory and plenty of competition for those available listings many buyers are finding themselves disappointed. Offers that just a short while ago would have been welcomed are now dismissed as unworthy. Buyers who ask for closing cost assistance run the risk of competing with offers that ask for nothing except a fair price for the house they intend to inhabit.

Be careful when constructing your offer to make it as attractive as possible to the seller while protecting yourself. Your agent knows what is acceptable for earnest money for example. If you are able, you may want to include earnest money that is well beyond what is considered normal. Then, if there are multiple offers, you are more likely to get the sellers' attention because the earnest money demonstrates your level of commitment to the property.

Keep your time frames short. You should already be pre-approved for a loan before you begin seeking a home. This will save time when you do identify the property you want to buy. There is a checkbox on the standard Purchase and Sale Agreement that indicates whether or not a buyer has applied, or will apply for a loan. Why not go ahead and complete the application? You may be the only offer the seller sees that has that box checked. Others are likely to have checked the box that indicates they will apply within five days.

Have a serious conversation with your lender about the time frames they will need within which to get the loan processed. They will know the average time it takes them to get a qualified appraisal and how long after the appraisal is completed it will take for underwriting to approve your loan. This will allow you to put a realistic closing date on your offer. After all, the seller has been waiting for a buyer, how much longer will they have to wait? By having

see COOPER, 2

COOPER

from 1

a realistic date from your lender your agent does not have to buffer the time frame, erring on the side of caution, by extending the closing date.

Your are always well advised to have a home inspection. Most homes have some defects. Whether serious or not, you will want to know of those defects before paying for an appraisal. Check around with home inspectors to see how long it will take them to book a home inspection. If all other qualifications and pricing are similar, pick the one that can get it done fastest and get their report to you in the shortest amount of time. The default time frame for inspections is five days. Many agents will extend that to the old time frame of 10 days remembering when it was difficult to find a qualified inspector. By interviewing inspectors ahead of time you may be able to shorten the inspection period to just a couple of days. This demonstrates to the seller that you are not going to delay the process.

It has oft been said that time is money. Showing a seller that you feel a sense of urgency by narrowing your time frames in all aspects of the process will likely give you a leg up on the competition provided the money you are offering is also realistic.

Trust an expert...call a Realtor. Call your Realtor or visit www.cdarealtors.com to search properties on the Multiple Listing Service or to find a Realtor member who will represent your best interests.

Kim Cooper is a real estate broker and the spokesman for the Coeur d'Alene Association of Realtors. Kim and the association invite your feedback and input for this column. You may contact them by writing to the Coeur d'Alene Association of Realtors, 409 W. Neider, Coeur d'Alene, ID 83815 or by calling (208) 667-0664.