Although in Kenyan real estate market a buyer making offers is a rare occurrence. Sometimes buyers are willing to buy when they like a house. Or when a house attracting many buyers- they will make offers to the seller to outbid the others.
As a seller, multiple offers on a house is a dream. However, for the buyer it’s frustrating. Having to compete with other buyers means your chances of getting the home will likely be harder.
Besides Kenyan sellers already have a price for the property, as a buyer, you may decide to counter the offer if the number of competitors is a lot.
The ball is on the seller’s court
A seller has to choose the best offer, they are the driver of the real estate transaction. Some of you may assume the real estate agent chooses but nope it isn’t. Moreover, the seller can accept an offer outright, refuse all offers or choose to accept others while refusing some.
Noteworthy is that the price isn’t the only factor when they look at the offers. The seller will look at the terms and contingencies of a buyer as well as pre-approval letters, appraisal requirements and the closing time the buyer is asking for.
Be patient
Like most things in life with patience, you will get them hence don’t lose hope if your first offer wasn’t the top bid. Who knows you may get a second chance to impress the seller.
A seller might ask for buyers to make original offers by a particular time or date giving you time. Kenyan sellers prefer face to face meetings. A seller wants to see if you are the perfect fit for their home.
Kenyan sellers want buyers who can buy fast. If your documents aren’t in order you will lose on the bid.
Stick to your budget limit
Don’t bank on being able to submit another offer, though. You may get only one shot to express your interest in a home, so if you truly love it, your first offer should be the upper limit of your budget.
The best advice would be to make your highest and best offer first and stick with it especially on homes priced below market value where there are likely to be multiple offers. If someone else is willing to pay more than you feel it’s worth, let it go and work on the next one.
However, don’t bid too high. Too often people get emotionally involved and feel like they have to have this house and there is no other. They may only need to bid 2% to 5% above the highest offer to get the property.
One way to make your offer stand out
You have met the seller but he is not budging, you may decide to send an offer letter. Yes, you read that right. Write a letter. It may be different but if it could work. Besides, you can also try electronic mail (email).
When you find a dream home you can’t simply give up. The seller might be impressed by your efforts and hand you the house. A seller wants their house to belong to someone who will be best suited for it.
The bottom line-when house hunting, have everything in order it will put you on top of the pile when you meet a seller.
Visit Kenya Homes for all buyer insight on buying, financing and more.
