How to recapture your leverage in a seller’s market
On Friday, we talked about how important positioning is to the home seller. And, I say it is just as important for the buyer.
Especially, in a market where sellers have most of the leverage.
Not long ago, a client of mine was making an offer on a home in East Nashville. If you don’t know about East Nashville, it is one of the most popular places to live in Nashville due to its proximity to downtown, its classic neighborhood vibe and a strong network of local businesses that support the community.
Needless to say, there was strong competition and more than one offer on the home.
After we won the offer, the agent said that part of the reason the seller choose our offer was due her past experience working with me.
Most buyers never consider this, but your positioning starts the moment you hire an agent.
If that agent has a great reputation in the Realtor community, that could be a leg up on the competition.
Otherwise, it might not help you win any offers. At worst, it might cost you a deal.
In addition to hiring the right agent, you need to structure your offer so it meets your needs and those of the seller as well.
If this is not done carefully, you will quickly find your offer at the top of the “No” pile and it will be back to searching for another home.
The third area where positioning is important is with you.
It helps to get a pre-approval letter that shows you are rock solid in the eyes of the bank. Not a cookie cutter pre-qualification that you can download from the internet. But, a letter that shows the lender has reviewed your credit and other documentation prior to providing the pre-approval letter.
It’s even better if the lender can add dialogue in the letter to further prove your credit worthiness and help ease the fears of the seller.
In addition to the pre-approval letter, it helps to make an emotional connection with the seller. That is hard to do when you do not have direct contact.
And, is so worth it if you can help the seller to “fall in love” with you and your family.
Most people have emotional connections to their homes and they want someone who will love the home as much as they do.
If you are considering buying a home in Nashville soon, let’s talk how we can best regain your leverage in this market.
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