If you're considering buying a home when the real estate market is hot, or if you're up against some tough competition trying to offer on the same house, you've got to go that extra mile to beat out your competition. Here are some tips to make your offer jump ahead of the rest:
1) Move Quickly - If you fall in love with a particular house, the chances are great there are other hungry homebuyers who feel the same way. If you want to increase your odds of having your offer accepted, you need to act quickly and be one of the first buyers to submit an offer.
2) Let Your Real Estate Agent Personally Present Your Offer - If the seller doesn't object to this technique, this will give your agent a chance to show why your offer is the best.
3) Bump Your Offer Higher Than Everyone Else - Money talks so if your offer is the highest, you'll stand out from other homebuyers. To make this strategy work, your offer only needs to be a few thousand dollars higher than the competition.
4) Make It Personal - This technique involves drafting a letter telling the seller why their home is perfect for you and how you'll continue caring for it after the sale. Be specific in the letter and reference specific features of the home you'll continue to care for. For example, if the seller takes a lot of pride in their prize garden, mention how you'll continue to maintain it just like the seller. Your agent may dismiss this strategy, but it could make the difference between your offer being accepted over another one.
5) Limit Your Contingencies - While it's normal to have standard loan contingencies and inspections, be careful not to overdo it. If the home market is hot, some buyers will even be willing to pass up inspections just to get their hands on a home. While this isn't advisable due to the risk of hidden defects, be prudent when it comes to the number of contingencies you submit.
6) Do Your Loan Pre-Approval Early - Many homebuyers are ahead of the game by getting their pre-approval before searching for a home. If you don't have a pre-approval letter ready when you make an offer, a seller won't give your offer serious consideration because you may not be able to satisfy the loan contingency.
7) Make It Easy For The Seller To Say Yes - If you're trying to shop when the home market is hot, you can eliminate most of your competition by making it easy for the seller to say yes. Try making an all cash offer and remove any loan contingency. If possible, try borrowing additional funds from family and friends to supplement your down payment to fund the initial purchase. After you move in, it'll be easier for you to apply for traditional bank financing. - 31862
1) Move Quickly - If you fall in love with a particular house, the chances are great there are other hungry homebuyers who feel the same way. If you want to increase your odds of having your offer accepted, you need to act quickly and be one of the first buyers to submit an offer.
2) Let Your Real Estate Agent Personally Present Your Offer - If the seller doesn't object to this technique, this will give your agent a chance to show why your offer is the best.
3) Bump Your Offer Higher Than Everyone Else - Money talks so if your offer is the highest, you'll stand out from other homebuyers. To make this strategy work, your offer only needs to be a few thousand dollars higher than the competition.
4) Make It Personal - This technique involves drafting a letter telling the seller why their home is perfect for you and how you'll continue caring for it after the sale. Be specific in the letter and reference specific features of the home you'll continue to care for. For example, if the seller takes a lot of pride in their prize garden, mention how you'll continue to maintain it just like the seller. Your agent may dismiss this strategy, but it could make the difference between your offer being accepted over another one.
5) Limit Your Contingencies - While it's normal to have standard loan contingencies and inspections, be careful not to overdo it. If the home market is hot, some buyers will even be willing to pass up inspections just to get their hands on a home. While this isn't advisable due to the risk of hidden defects, be prudent when it comes to the number of contingencies you submit.
6) Do Your Loan Pre-Approval Early - Many homebuyers are ahead of the game by getting their pre-approval before searching for a home. If you don't have a pre-approval letter ready when you make an offer, a seller won't give your offer serious consideration because you may not be able to satisfy the loan contingency.
7) Make It Easy For The Seller To Say Yes - If you're trying to shop when the home market is hot, you can eliminate most of your competition by making it easy for the seller to say yes. Try making an all cash offer and remove any loan contingency. If possible, try borrowing additional funds from family and friends to supplement your down payment to fund the initial purchase. After you move in, it'll be easier for you to apply for traditional bank financing. - 31862
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