5 Ways to Make Your Offer Stand Out
As home prices continue to rise and inventory levels stay low, our current seller’s market signals stronger competition with more buyers fighting for fewer homes. In this scenario, making a perfect offer is key to securing a house. So what factors make your offer stand out from the rest?
Getting preapproved from your mortgage lender confirms that you’re able to borrow the money that is necessary to finance the home. It shows a seller that you’re not only approved but also prepared and quite serious about purchasing their home. Another buyer may offer to pay more, but if they aren’t preapproved, you will have a leg up.
Consult with Your Realtor
Not sure how to make a competitive offer on a house? First, consult with your realtor before putting in an offer. A good rule of thumb, specifically in a seller’s market, is to start strong. Begin by assessing the property’s market value to understand what homes are selling for in that neighborhood. Negotiating offers happens quickly, so be ready with a strong counteroffer in the event your initial offer is not accepted.
Customizing the timing of the closing to suit the seller can often seal the deal over a higher-priced offer. Unless there are specific circumstances, sellers typically want a fast closing, usually thirty days. But if their new house won’t be ready for sixty days, acting to accommodate them goes a long way.
“As Is” Inspection Contingency
One way to make your offer more attractive, while ensuring that you have enough time to get a proper inspection done, is to have an “as is” inspection contingency. This allows the buyer find out the condition of the property while letting the seller know that the buyer will not ask for any repairs. If the inspector finds any issues in the house, the buyer will have the choice to take the home “as is” or walk.
Make It Personal
Selling a home can be just as big of a decision as buying one, and many sellers want to know that they are leaving their home in good hands. It never hurts to write a sincere letter to the owners, letting them know why you love their home and assuring them that you will treat it well. If a seller is choosing between a few offers, your personal touch could be the deciding factor.
Ready to hit the market to buy your next house? Start by talking to one of our experienced Loan Officers today!
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