Have you already found your dream home and are ready to make it OFFICIAL? With so many other buyers rushing to purchase a home of their own this summer, getting your offer may become a difficult feat– but keep your chin up and don’t lose hope! We’ve got you covered!
Have the best chance at getting your offer accepted and own the perfect home with these nine top-secret tips!
Get pre-approved and provide proof
If you’re getting a loan for the purchase of your home, make sure to get pre-approved first and include a copy of your pre-approval with your offer. Doing so shows the seller that you are a serious buyer and are further down the home-buying process than someone who hasn’t been pre-approved yet. Help the seller feel more confident in your intent and financial capability to buy their home.
Offer a bigger earnest money
While it is common practice to offer 1% – 2% earnest money with an offer, it’s a good idea to let a seller know that you’re serious by putting in bigger earnest money to convey this. Always remember, though, that this money is potentially at risk if the deal falls through, so make sure you have some contingencies in place to cover for you in case you decide to back out later in the deal to avoid losing all your money.
Get to know your seller to structure your offer
As you may all know, price is not the only factor sellers consider when accepting an offer for their home. Try to figure out the seller’s motivation and use that information in structuring your offer. Speak with your agent to see if you can uncover these motivations to write your offer accordingly.
A quicker due diligence period
Show more confidence to the seller by shortening the due diligence period during the property inspection. In multiple offer situations, shortening the inspection period to make your offer stand out is a good idea. However, forgoing the inspection period completely could be very risky. If you don’t go through with it and find a major defect, you will find yourself with a hefty bill. Decide how badly you want your offer accepted before deciding to eliminate the inspection contingency.
Make the cleanest offer possible
Remember, the more simple the offer, the easier it will be to accept and close. Making a clean offer means short financing contingency, appraisal contingency, and due diligence period. It may also mean not including other contingencies like the purchase is contingent on the buyers needing to sell their house or asking for any closing costs to be paid for by the seller. It’s a very competitive market, so taking a few risks will get the home you want.
Think of including an escalation clause
In multiple offer situations, an escalation clause can be to your advantage. It means that if another person bids higher than you, then your bid will automatically go up, as well. The risk of it all, however, is that it shows the seller your ceiling amount for the house, so don’t put more than what you can pay.
Submit a personalized letter with the offer
When you feel intimidated to make an offer on a property, always remind yourself that the seller is just another human like you. People often gravitate towards someone they like or empathize with, so including a letter with your offer may boost your chances of getting chosen. It doesn’t even have to be super formal– a short note explaining yourself and plans for the home will suffice. You can even include a photo of yourself (or your family) to help them put a face to the name. All of this will reassure them that you’re the right person with whom to make a deal.
Close it faster
A seller will most probably count down the days until their property gets sold and off their plate. Help yourself stand out by offering a sooner closing date. As it takes 30-45 days when using a normal bank loan to buy a house, factor this into your decision when considering the expected closing date and when to set it. Choosing the right lenders also helps you close faster.
Hire the right agent
When going into a multiple offer battle, arming yourself with the partnership of an agent who understands your situation and how to outshine the competition in the market will help. Hiring the right agent matters– consider your prospective agents’ expertise, negotiation skills, and tricks before choosing.
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