Making an Offer on a Lehigh Valley Home For Sale that has Multiple Offers?
I recently had two Lehigh Valley Homes for sale that received multiple offers.
I thought I would share some of the Strategies into the offers and what is being done by Lehigh Valley Home Buyers to try to get their offer as "The accepted offer".
Multiple Offers Made on Recent Homes For Sale in Lehigh Valley
Property 1: Listed in West Bethlehem for $160,000
42 Showings over 3 days and 10 offers received
Seller accepted offer for $190,000 cash, Buyer would also pay sellers 1% transfer tax, Buyer waived the property inspections.
The Other 9 offers were $180,000 or below.
9 of the 10 offers waived the property inspections.
More than 1 cash offer was received on the property.
Seller did have the City of Bethlehem Inspection (aka Certificate of Occupancy) done and repaired all issues on the report.
Property 2: Listed in Palmer Township for $215,000
82 Showings over a 5 day period and 15 offers received
Seller accepted offer of $230,000 cash, Buyer waived the property inspections.
8 of the offers had Acceleration Clauses that could potentially take the purchase price up to $255,000 (some of the offers had mortgages and appraisal terms that changed based on other offers).
Seller selected a straight forward cash offer with no additional clauses.
14 of the 15 offers waived the property inspections.
1 offer (by an investor with a real estate license) waived the buyer side of the real estate commission.
Palmer doesn't require an inspection on resale properties so no inspections were done by the municipality.
Common Strategies Being Used in Buying a Lehigh Valley Home with Multiple Offers
- Offer above the list price
- Put down a larger deposit
- Accommodate the Closing Date required by the Seller
- Waive all of the inspections (property, termite, radon, water, septic...etc) - I can't advise this option but many buyer's are doing it to get the home
- Waive the appraisal contingency or agree to pay X dollar amount if it doesn't appraise
- Don't ask for the washer, dryer, refrigerator (if they aren't stated as included in the listing) - these 3 are commonly asked for in a purchase agreement
- Agree to take on any required repairs by a Municipal Inspection - if an inspection is required and issues found - someone the buyer or seller Must Do Repairs
- Agree to pay the seller's transfer tax
- Agree to pay the buyer side of the commission
Depending on the home, different strategies may be used.
You may not want to waive the property inspections for a home that seems to be lacking maintenance.
Agreeing to waive the appraisal contingency could cost you thousands out of pocket. Are there comps to support the price?
Bottom Line
How much do you want or need the home?
For all of your Lehigh Valley Real Estate Information visit www.searchlehighvalleyrealestate.com or www.lehighvalleyhomesonline.com
