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Low Inventory, Fast Turnover

Property is moving quickly!

Low inventory and rising prices make for harried – and hurried – homebuyers.  Our client Michele couldn’t get into homes fast enough – due to her work schedule and travel, homes were under contract before she was available to even see them.  So Michele took an extraordinary step that we are seeing more and more clients take with increasing confidence.  Michele made an offer on a home that she HAD NOT YET SEEN.

This is becoming more common according to the National Association of Realtors.  Because there is so much competition over limited inventory, buyers like Michele – or buyers who are moving in from out of town and aren’t IN town to see a new listing – are more and more likely to make an offer sight unseen.  While it is always preferable to see a home before you make an offer on it, there are circumstances where a sight unseen offer can work out.  Here is our handy guide for successfully making an offer “sight unseen”.

  1. Sight unseen only means that YOU have not seen it. As your agent, I will have seen it if you cannot, and preferably with a trusted family member or friend you designate as your eyes on the property prize when you are not available.
  2. The sight unseen tactic is most likely to work if you have a base knowledge of the inventory out there, and a good idea of the area in which you want to buy. If you know you want to live in Virginia Highland, for instance, and have seen enough in person to know what you like but are not available with the “right” listing comes on the market, a “blind” offer might be fine.
  3. To increase the chance that your sight unseen offer will be accepted, be sure that at least your agent has seen it, and write a note to the seller about why you are in a hurry to make an offer and what about the home seems perfect for you.
  4. Make sure you see the property AS SOON AS YOU ARE ABLE. Even if we feel the property will move so fast that you have to get an offer in right away, when you come to town or are free from work, SEE IT as soon as you can.
  5. Most contracts in Georgia have a DUE DILIGENCE period during which the buyer can terminate for any reason or no reason at all, making it much less risky to make a sight unseen offer than if we did not have that due diligence period. However, to be fair to the seller, to other buyers and to yourself, if the property turns out not to be right for you, you will need to know sooner rather than later and terminate the contract as soon as you know it is not the right property.

While a seller will prefer a buyer who has seen their home personally, this phenomenon is *good news* for sellers.  Buyers will to make good offers “sight unseen” mean there is great demand in the marketplace.  So if you have been thinking about selling your home, NOW is the time – please call and let us show you how to get the most money for your property.

 

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