Dear David,
A week ago, we made an offer on a house. It was conditional on us being able to sell our existing home. Unfortunately, it didn’t even get a response from the seller. I’m disappointed in the result and prepared to walk away from this property. At the same time, my husband really likes the house and the neighbourhood. Where do we go from here? – STRIKING OUT
DEAR STRIKING: While I understand your disappointment at not receiving a response from the sellers, the current situation is an opportunity for your Realtor to shine. At this point, your agent can reach out to the seller’s agent to ask if the condition of the sale of your home was a stumbling block, and if the sellers might be open to receiving an adjusted offer. Having your agent ask these questions will provide insight into the seller’s position.
If the condition of the sale of your home was indeed an issue for the sellers, you may want to consider how you could remove this condition in order to strengthen your offer. Now is a good time to speak with your mortgage advisor about your options. You may want to contemplate selling your current home before you buy, if that is financially feasible. Alternatively, bridge financing or a home equity line of credit (HELOC) may allow you to buy your next home without waiting for your current house to sell.
If you are willing to give the sellers a revised offer, you may be able to improve it in a few different ways. Offering the sellers more money is an obvious choice, if that aligns with your budget and comfort level. You could also offer a larger deposit, which would show that you are financially stable and serious about buying the house. A firm offer is typically the most attractive, but if you need to include conditions, try making them as few and as short as possible. Aim to provide a closing date that aligns with the seller’s timeline, as some sellers are looking for a quick close while others need more time.
If the seller’s lack of response to your initial offer is a deal breaker for you, it may be time to move on and find another property. If that is the case, keep an eye out for similar listings in the neighbourhood as there may be other options that suit your family well.
PRO TIP: An experienced agent with strong relationships and good negotiating skills will always keep the lines of communication open, even when buyers and sellers aren’t seeing eye to eye. Staying in touch with the seller’s agent and considering all the options will give you the best chance of crafting an attractive and competitive offer. #Advice #AskDavid #TheNegotiator
David is a top-selling Broker in Kitchener-Waterloo Region. He works personally with you when selling or buying your home. Moving? Get it right. Ask David today! Call or text 519-577-1212.
