In the current market, it’s common to make multiple offers as a homebuyer before yours is accepted. Simply taking the time to put forth a well-written offer can work wonders for a buyer. Despite what you may think, it’s not all about the dollar amount. Each seller and agent may have different opinions on what makes the best offer, but here are some that are the most consistent:
1. Always include a preapproval letter
If you want to show the seller that you’re serious about buying a home, get pre-approved before you ever sign an offer. Not only does it show that you didn’t just waltz up, see the for sale sign and throw something out there, but it also alleviates some of the seller’s worries that you’ll back out when the bank finds out your credit isn’t actually as good as you thought it was. Be sure to include that pre-approval letter from the bank with the signed offer.
2. Offer More Earnest Money
Earnest money shows the seller that you’re putting your money where your mouth is, and you’re prepared to give up that chunk of cash if you back of the contract for any reason other than those allowed under the contract terms. Increase your earnest money in the offer to show them you’re serious.
3. Don’t Add Any Contingencies
Need to sell your home before purchasing another home? Perhaps it isn’t the best time to start searching for a home. Anytime you can waive contingencies in the contract, like the sale of your current home, it gives the seller more confidence that the deal will go through without a hitch. In the current market, very few sellers are willing to tie their home sell to yours. Consider selling first and maybe renting short-term while you search.
4. Make it Your Best!
When you’re up against multiple offers, don’t waste any time expecting to negotiate. Base your offer on solid research of surrounding comparables and really offer what you’d be willing to pay. If you don’t, your offer may be tossed aside for others that did. This includes more than the price, too. Maybe pay out of pocket for some of those extras, like a home warranty or closing costs, instead of asking the seller to contribute.
With some time, a few practical tips, and the right real estate agent you can make it from your offer to the closing table in no time. Need an agent to help you sell your home or buy a home? Contact me