Numerous methods are being used in the Texas real estate market that have not been seen before. As buyers are forced to compete for a narrow inventory of houses, they are finding ways to make their offer stand out.
One of the things that buyers in the North Houston market are doing is signing appraisal waivers, where the buyer agrees to pay the cash difference between their offer price and what the house appraises for. This method guarantees that the seller gets the amount of money offered by the buyer and it helps the buyer to be the offer that is selected by the seller.
In Huntsville the most competitive price range has been $200,000 and below. Right now, those house are few and far between. When a $200,000 comes on the market in Huntsville it get multiple showings and offers in the first couple of days.
I have noticed recently that even $250,000 houses are selling within the first week of being listed on the market. Some are being sold to the first offer and others are receiving more than one offer. In fact, a home just listed this week for $260,000. It sits on 2 acres in a desirable area of Huntsville. The photos of the home left much to the imagination and there weren’t even any remarks describing the home to potential buyers. It sold in 3 days.
If all of that isn’t enough, now California real estate methods are making their way to Texas. Some buyers have started to make offers with an escalation clause which says that the buyer is willing for their offer to automatically go up when other offers come in higher, up to a certain amount. This method can be successful or unsuccessful depending on the experience and knowledge of the listing agent for the property.
Even today, the strongest offer is always a cash offer. When a seller has multiple offers, the cash offer is always the best option because it does not require a survey or an appraisal and can close quickly, depending on the efficiency of the title company.
Other ways to improve your offer is to not have a contingency for the sale of another home. You are better off selling your current home and closing on it before making an offer in this competitive market. When you have a contingency the seller has to be concerned about 2 houses selling, rather than one which lessens the chances for a successful close of escrow.
Another method that sophisticated homeowners use is to eliminate the option period and accept the home in its current condition. You can still do an inspection, but you are saying that you are willing to take the house and any potential problems that arise. People who have owned many homes typically know the more costly things to check for in a home, in order to eliminate a problem house.
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