May 18, 2021 at 4:01pm | Mike Russell
Buying a house right now is not for the weak of heart.  With most homes receiving multiple offer within hours of listing ,you have to decide quickly if you are going to offer on a home and what/how much to offer or the home will most likely be under contract to another buyer.

Side Note: Love Letters

At Mike Russell & Associates we developed a scale to help buyers decide what an appropriate offer on a specific home is. We call it the Coldstone Ice Cream Scale.Not every home deserves the same kind of offer, we ask buyers to rate the home as if they were ordering at Coldstone.  Do you "Like It", "Love It" or "Gotta Have It" depending on how you rate the home we will suggest what to add or not add  and how much to offer.

So what is a "Like It" house? It is most likely a home that meets a lot of your criteria but it not a perfect match. This is a home that you would be willing to buy but would not be too terribly upset if you don't get it.
  • Offer 0-5% over asking price
  • Use an Escalation Clause 
  • Offer a closing Date that is Preferable to Seller
What if you "Love It" ? A Love it home meets most of your needs and would be a home that you would be very happy living in. You wont be absolutely devastated if you lose out but will make think about whether you should have gone a little further.

  • Offer 5-10% over list price
  • You may or may not choose to use an escalation clause
  • Do not ask for a home warranty
  • Accepting the home in AS-IS Condition (See More)
  • Agreeing to waive a portion of potential appraisal shortage
  • offer a close date that is preferable to seller
  • See Side Note on Love Letters
So you found the one and you "Gotta Have It" , this is the home of your dreams and meets or exceeds everything you thought your home could be. This is going to require a very specific offer and will most likely need some creativity from your Realtor. When you "Gotta Have It" , nothing is off the table.

  • offer 10% + over list price
  • No Escalation Clause, make your best offer straight up
  • No unnecessary Continencies
  • No Home Warranty
  • Accept Home in As-IS  Condition
  • Agreeing to waive any appraisal shortage ( Your will need to have extra cash)
  • Close Date of Sellers Choice ( This may include an extended time to the seller or rent back agreement)
  • Wild Cards ( This can include paying sellers closing costs or other unique perks)
  • See Side Note on Love Letters
All 3 of these are just samples and we have many more options to add or subtract to have Thebes chance of getting a great home under contract. 

Are you in the market for a new home? Stay tuned for more articles about the home buying process from Mike Russell & Associates. We have over 20 years experience navigating buyers through to process of buying homes in Johnson County Kansas and the Kansas City Metro Area
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