Ninja Selling Tactics Coming in 2021
WILMINGTON, NC - With the extremely tight real estate market in the Wilmington area, sellers are in command and some are even asking for tighter timelines, much more non-refundable deposits, and the ability to stay in the house AFTER CLOSING - so they can find a place to buy or rent.
Hi. In this video, we're going to be talking about some Ninja seller tactics that we're seeing in our marketplace that some sellers are doing. When you come on the market in this kind of market, you want to make sure if you're a seller and you're getting multiple offers, you want to make absolutely certain that you get the right offer, that you select the right person. Because what happens is let's say you select somebody that just wanted to kind of take the house off the market, put it under contract, see if they really want it, and then before due diligence, they cancel. Well, that can scar a property so that if it comes back on the market, other people may discount it because they may say, "Oh no, something's wrong with it. Somebody didn't buy it." And blah, blah, blah.
So what a lot of sellers are doing now is they're taking these multiple offers in and they're countering back with heavy due diligence, 1%, 2%, to 3% of the purchase price in some cases. And they're saying, "Okay, you got seven days for your due diligence." All right. And you're like, "Wait a minute. I can't get my home inspection done. I can't get my appraisal done. Of course, it's going to take 30 days to close it." Well, that's on the buyer. So what they're doing is they're taking it off the market. I'm going to give you seven days due diligence, maybe 14 days so you can get your home inspection in. But I'm not going to give you time enough to wait on an appraisal because the seller, in their mindset, "I don't get to pick the lender. I don't get to pick the appraiser. I don't know what they're going to come in. And besides, the appraisal is on you. If it comes in short, you're going to have to figure it out." So just to let you know, if you're out there in the marketplace, don't be shocked when you see that.
The other thing that sellers are doing, because one pain point for a lot of sellers in this market is I'm scared to sell my house because I don't know where I'm going to go. So I don't want to be forced out of my house until I find something. So what we're seeing sellers do is part of the contract is, and they're absolutely staying on top of it and making sure it's there, "We need to stay in this house and do what's called a seller possession after closing for 30 or 60 days," which is basically the seller renting it back from the buyer after they close on it for 30 or 60 days at no cost or some negotiated fee. So just don't be shocked if you see these things happening because they are getting very serious and sellers are very serious about making sure that they pick the right deal because they don't want their property to get scarred and they want to make sure that they've got time and not-