Offers to Buy, Subject to Financing Fails.

How to Navigate the Current Market.

• 
• By Nancy Smith
• Qualicum Beach REALTOR®
• Published: May 1st, 2021 at 6:14 am

Every seller is estatic in this current market to list their homes above expectations, and receive multiple offers, many offering a quick close and no conditions, often above their asking price. Yes, we all believe the current 2020-2021 market is crazy. Why the market feels crazy is another topic.

For many home shoppers, financing is the necessary evil, as not everyone has a pocket full of cash. Well there is hope and a few things one can do to trump those cash offers.

In a recent sale, the successful buyers did many things right to tempt the Seller. First, they were knowledgeable about the current market, they educated themselves on quality and important features of home construction, and they hired smart and competent people to assist them.

The Seller was impressed by a sincere offer, which was notably above asking price, the only condition was Subject to Financing. However, the Buyers has also included with their offer, a picture of themselves and an explanation of why they wanted to buy this particular home. Their REALTOR also included a letter explaining how much effort the Buyers had put into their research, and included a few important details. The REALTOR explained the Buyer had already hired a Mortgage Broker who was on board with their intentions, their spirit and their pre-purchase work.

The Buyer's letter also confirmed their desire to own this particular home, what they were planning and how it would affect their family and lifestyle. Surprisingly, they made no mention about money, expenses or expectations from the Seller.

In all, both letters sounded very sincere, so the Seller decided instead of taking a competing Cash Offer, it would be interesting and delightful to assist the Buyer, have patience and go along with the process. However, in the current Seller's Market, the only cost would be a loss of time and effort, but the Market would likely support a re-list, if necessary.

These Buyers put in the work and effort to compete, using a Subject to Financing condition, and they deserved the chance to own their very first home.

The offer was accepted within 24 hours of the MLS listing, and the property had received 21 showing requests.