Five Ways to Make Your Offer Stand Out
Gone are the days when the buyer has the advantage. Homes in many parts of the U.S. are selling at a faster rate for more money than ever before, often with multiple offers. How do you get the seller to accept your offer over others? Here are five tips that can help you win the bidding war and get the home you really want.
1. Make Your Best Offer First
It was once commonplace to make an offer below the listing price and have it countered or even accepted. Today, in many markets, it’s more likely to find yourself in a bidding war without even knowing that you are. Some homeowners have weekend open houses and let you know that they’re not looking at any bids until Tuesday morning in an attempt to accumulate as many offers in a short time so they can get the most for their home. Sometimes you only have one opportunity to make an offer, so make it your best offer.
2. Remove Contingencies
Some offers come in with contingencies for inspection, appraisal, and the sale of the buyer’s existing home. When you can remove as many contingencies as possible, your offer will stand out. Your lender will require an appraisal; don’t remove the contingency on the appraisal if you can’t come up with the cash to pay the difference between your financing and the appraisal. Remember, many homes are selling above asking price which could be close or more than the expected appraisal. Be careful about removing a home inspection contingency as well … this is a balance between having your offer accepted and protecting yourself.
3. Be Flexible
Some sellers have an offer on a house and want a quick closing. Others want to sell their home quickly so they can start looking, but hope to remain in the home until the end of the school year. If your agent can find out any details about the sellers that you can work with to aid in their needs, you may win the bidding war even if your offer is a bit lower than someone else’s.
4. Write a Letter
Make it personal. Let the seller know about your family, why you love their house, and how you’ll take care of it for years to come. Be sincere and make sure to reference a few specific things about the house that really stood out to you. The more you can connect with the seller, the more likely they are to choose you over another prospective buyer.
5. Prove Financing
When you can prove that you can afford the home, sellers know there is a high probability that the sale will close as planned. Make sure your agent sends over your pre-approval letter or financing statement from your lender with the offer. This will help you stand out because you’re showing the seller that you’re ready to go to closing rather than someone without financing secured.
Get started on your pre-approval! At Hamilton Group Funding, we evaluate your financial situation to help you get ready. Let us be your financial partner for your new home, just call one of our mortgage specialists today. We offer many home loans for nearly every financial situation.