When the real estate market gets tough and you’ve found a home that you absolutely love, then it might be time to take some drastic actions in order to secure it. We have ways that can help you improve your chances of buying your dream home.
- Make your offer ‘sharp’:In New Jersey, putting down 10% or more in earnest money will make your offer more sincere, especially in a competitive environment. A seller needs to know that you’re serious about buying, and this is how you prove it to them.
- Find out the sellers’ moving time frame.Sometimes a quick close seems like an obvious plus to a buyer, but what if the seller needs more time to move out? Consider writing an offer that allows a seller a short interim occupancy agreement that allows the seller to stay an extra week after settlement to help them get moved and eliminate the short term moving stress.
- Don’t get pre-qualified, get pre-approved: A pre-approval is what you need to stand out as a buyer, and with new TRID rules it’s actually the only designation you can have as a buyer. If you’re pre-approved, you’re on par with a cash buyer.
- Keep short time frames on contingencies:Make the inspection and due diligence periods the acceptable length. It usually takes 10 days to complete the inspections and 30 days for the financial paperwork to be completed.
- Write a personal letter to the seller:Explain to them why you should be their #1 choice. Tell them about your family and how much you admire the home. Pull on their heart strings a little bit and you could become their #1 choice. Then, have your agent make an offer in person to the seller and their listing agent. This is a powerful move, and it puts more gravity on your offer.It’s an old school tactic, but sometimes it does the trick.
- Ask your agent to present the offer in person. Going along with the emotional connections a seller has with a buyer, it’s much easier to represent you as a buyer when your agent is willing to meet the listing agent and the sellers on their turf. A little communication from your agent directly to the sellers can go a very long way in making a win-win relationship happen.
We have found these techniques to be very useful when the situation calls for it. If you have any further questions, please don’t hesitate to contact us.
We would love the opportunity to find you your dream home!
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