The Woods Team's Blog
Sometimes, being in the hunt for a home feels like being in a race you can’t win. You should craft an offer that they cant refuse in order to get ahead on the house hunt. The real estate market can be hot or cold. No matter what the market is like, having a solid offer can be very beneficial to you as a buyer. Here’s some tips for you to get the offer you make accepted:
When you get preapproved, you’re showing the seller that you’re a serious buyer. Being preapproved gives you a shorter closing time and helps you to clear any financing hurdles before you get to them.
Avoid Lowball Offers
Make sure that you check out the prices of other homes in the neighborhood. Your real estate agent can help you to do this research. Often, you’ll need to offer the asking price or above if it’s a seller’s market. If all the research leads you to offer somewhere in the neighborhood of the asking price for a home, you’ll want to abide with that.
Too Many Contingencies Turn A Seller Off
The financing contingency is the agreement that is put forth to help a buyer get out of the deal if financing falls through. You’ll need to be sure that you actually have the cash on hand to help you if the appraisal falls short, however. While this isn’t recommended, it can give you a leg up in the buying process if you know what you’re doing.
Another thing that you might consider is waiving the inspection. This does however, remove the ability to be sure that a home is in livable condition. This is another way to give yourself an advantage in the home search process, but it’s not recommended. A better way to keep the inspection and streamline the process is to shorten the inspection time by having the inspector ready to go immediately.
Add A Clause To Increase Your Amount
You are able to add an escalation clause into a deal. This will automatically increase your deal by a predetermined amount if the seller gets more than one offer on the home. There’s a cap on these deals, so it doesn’t work like an auction. It’s a good option and it causes sellers to have to disclose the competing offers. Typically, this wouldn’t be the case. The only way you’d be out of the deal is if other offers exceed your cap.
Be Smart With Negotiations
You can offer to pay closing costs and home warranties instead of the seller having to pay them. Costs associated with the closing can be extensive, so offering to pay these fees can be very appealing to the seller.
It’s difficult for sellers to part with the home that they love. If you get a bit personal and write a letter or send a video message to the sellers, you may often appeal to them on another level. In the letter, you may want to address how well the sellers have taken care of the home and express your desire to continue your life in the home in the same fashion. Many times, this is really a great way to connect with your seller and give you a better chance of getting your offer accepted.