How to Make Your Offer Stand Out? Pay the State Stamps and Transfer Tax
How do you make your offer stand out in a highly competitive market?
Ryan Haley, broker and owner of Atlantic Shores Sotheby’s International Realty, shares an easy tip that will give you an advantage over other buyers.
Many real estate agents do not suggest this tip to buyers, but it can certainly help your negotiating power when making an offer to purchase a property. That is to pay the entire state stamps and transfer tax.
In Maryland, transfer taxes—at least in Worcester County—are 1.66% of the purchase price. In Delaware, it is 4% of the purchase price.
If you are a buyer and you are up against tough competition, and you both offer the same amount of money, you will have the advantage if you pay all of the state stamps and transfer tax. Your offer will have a better net effect for the seller, compared to what’s being offered by the other buyer who will go with the standard 50/50 split of the state stamps and transfer tax.
This little tip is something that you can use to your advantage to help you secure that property and beat the competition when buying real estate.
For any other questions you may have about buying or selling real estate, particularly in the Maryland and Delaware markets, give us a call and we will be happy to answer them.
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