Making a Competitive and Strong Offer

I’ve discovered that making an offer is akin to playing cards or chess (and, truth be told, I’m only just knowledgeable enough about those to be dangerous, lol). The dynamics are unpredictable, and it’s always a mystery who’s on the other side and how they’ll respond. Hence, it’s prudent to present the strongest offer possible.

While cash doesn’t always reign supreme, if it is in liquid form, it holds the most sway, providing the seller with added security. To demonstrate proof of funds, consider sharing a screenshot of a bank account with the account number blacked out or a letter from the financial institution, like the one from Fremont.

Suppose we submit an initial offer at $950k with an escalation to $1m; in that case, it’s crucial to substantiate the ability to meet the escalated figure. However, be mindful that if you’re the sole offer, the other party might attempt to nullify the escalation clause and counter with a higher bid. This was briefly discussed with a past client’s offer, and we agreed that countering poses a risk as the other side could walk away. In this particular instance, it also seemed a bit overly ambitious. The entire process with in this case was as smooth as butter—from the day I set foot in the house to the closing (apart from the amusing dance of the flowers rearranging themselves, lol).

Regarding HELOCs, exploring options from different institutions is viable. For instance, I personally bank with BECU, and you can find information on their home equity loans here: I maintain various accounts under BECU, allowing me to transfer funds as needed. This flexibility allows me to showcase the specific amount I want the other party to see.

Of course, another avenue is to sell your home first, a path some of my other clients are currently navigating. While this involves temporary inconveniences like storage and staying with friends, selling contingent on finding a desirable neighborhood is another viable option. I’ve successfully managed this approach with clients who secured a property in Oregon, listing their home here in only four days on the market and garnering 15 offers (see attached).

The bridge loan Jason offers is an excellent option, essentially functioning like a HELOC, and you may even qualify for a standard mortgage that can be paid off over time. I highly recommend consulting with Jason to gain a different perspective on your specific situation.