Larger deposit.

Clean deal WRT financing/terms/closing date

End dollar with odd amount. For example, Listed for 90K, you can offer 98K, make offer $98,251. (Using address numbers will catch their attention.)

Write note to go with the offer.

How large a deposit? I didn't expect to have to move so fast. I have 10% in the checking acct but would need 48 hrs for more.

Might be able to do something heroic to get more, but it would take all day. I.e. drive to the city where they have a branch of my brokerage etc.

Cash deal

That's what I said. There's not quite enough cash until their current home sells.

I could lend it to them but my spouse doest like that idea and they are his relations...

A sale contingent on another sale is never attractive. When I say larger deposit, I mean ask your realtor what is typical where you live. If typical is $5000, make at $10K deposit.

Your realtor should have more ideas.

It wouldn't be contingent. We would probably borrow the last 50k until the house sold.

I have 10k so maybe that will help for the deposit.

He won't waive inspection. But really, in this situation the sellers are not going to fix anything anyway.

Or make the deposit $10K with an additional $10K within 72 hours of offer acceptance. (Gives time to get the additional funds.)

I've always bought with a similar clause.

That's a good idea Salti.

I don't get it. But...perhaps my English lacks some subtlety.

Yes, relations = relatives. Happy to amuse!

If you are getting financing, have a pre-approval letter with the offer.

Oh...carnal relations. I get it now...lol. yes, that would be fun!!

A quick close is usually preferable to a seller too. Put the shortest timeline in the contract that your bank will allow for your closing date (usually 30 days). If it has to get amended and pushed back later, fine, but that will occur after your offer has been accepted. If your relations have already gone through a pre-approval process from their bank, not just getting a pre-qualification letter, that is great to specify to the seller too. We had so many situations where we would get a buyer with a "preapproval letter" but then after a week or two under contract, we would find out they could not get the mortgage for a variety of reasons that seemed like the bank should have known ahead of time (self-employed, large amount of debt outstanding). The offer we had that actually went to closing was one where the buyer had already gone through an underwriting process with his bank, so he really was "approved" already.

Your agent should know the answer to that question. What do the sellers want? Short closing? Delayed closing? Rent back? Tight contingencies? And a letter in a multiple may sway the deal

Large earnest money, loan commitment letter, note offering quick closing or a leaseback to sellers for 30-60 days after closing if they need it.

Preapproval NOT thru bank of america, chase bank or wells fargo.

It's gone already. All cash, over asking, immediate close. They were going to wait for my offer but then changed their minds and took the all cash.

Sorry to hear jn3344. Here if it is in decent shape and for first time buyers they go within a day and sometimes have multiple offers because there isn't a lot on the market right now.

It's OK. It was a long shot.

Advice. If you want to buy in a desirable area, or are in the market for a specialized property that is in demand, have everything ready so you can act. If you intend to make a cash offer, well, have your cash available!

Next time we will be better prepared to jump on it.

Thanks all!

Your relatives were in a very weak position with a contingent offer no matter what other concessions they were going to offer.

You can also call the listing agent and ask them what matters to the sellers most to get a feel for what you can do to make your next offer stand out from others.

Yes. The only contingency was financing the last 50k. It wasn't contingent on selling their house.

I am recommending that they not roll over their CDs for a few months so that they can make an all cash offer. In addition we should keep more money in the checking account in case we need to help.

Economy is hot around here. People complain we're still in a recession (lol?), but bidding wars for senior cottages? Hour wait to get into the Italian restaurant? At least you can eat there. Some places you just can't go.

Anyway, on to the next idea.

I have made offers contingent on inspection but "as is".

Update:

Second times the charm?

Day 1 - "I wouldn't live there if it was free."

Day 2 - "Do you think we should make an offer?"

We were all ready this time, including the agent who knew how to handle curmudgeonly buyers.

Offer accepted with inspection contingency. I have to remodel it so good luck to me!

So you are helping the relatives buy this place an going to remodel as well?

It can be a lot of fun....as long as there is a light at the end of the tunnel and you aren't living there through it! Wishing you the best with the inspection.