The greater Palm Springs area has been in a seller’s market in most price ranges for some time now, and it’s created frustration among buyers. The good news is, there are just three rules you need to follow as a buyer to get the best deal possible on the home you want.
First, be prepared. If you plan on using financing to purchase your home, speak to a lender early and have your pre-approval in-hand and ready to submit along with your offer. You should also have your proof of funds ready to submit with your offer. This is basically evidence that you have the ability to pay your down payment, and it can be in the form of a bank statement, a retirement account, or a letter from your financial institution.
Next, hire an agent who’s willing to communicate with the listing agent. This can mean they’re willing to give them a call prior to you making an offer in order to find out what’s important to the seller besides price that you can accommodate.
For example, they might find out that the seller has a specific time frame in mind in which they want to close, and if you can be flexible toward that time frame, that’s all the better. They could also ask if any offers from other buyers have been rejected so you can get a better idea of what to offer in terms of price. In any case, communication between the two agents will only help you make a stronger offer.
Finally, make the strongest offer possible. Make sure your agent runs the comps for the surrounding neighborhood so you know what homes are selling for in comparison to the seller’s asking price.
Now is not the time to lowball anyone, so you need to offer both a strong price and favorable terms. Consider abbreviating a contingency period—whatever you can do to shorten the timeline will show the seller that you’re serious about buying and your offer is sound.
As always, if you have any questions about this or any other real estate topic, don’t hesitate to reach out to me. I’d be happy to help you.