You found it! After an exhaustive search, you found the home for you and your family! Now you’re ready to put in an offer and make your first steps in purchasing a home.
When you are putting in an offer for your dream property, it can be disheartening to learn there are competing offers from other buyers on the table. There are, however, ways to make your offer stand out in a bidding war. Here are some tips on making the strongest offer possible when the time comes for you to purchase a home:
Act Fast: If buyer demand outpaces supply, as is often the case, it will result in low inventory. This means that sellers will often receive multiple offers on their home and time will not be on your side. Do not sleep on it!
Make a Solid Offer: A solid offer will be comparable to other recent sales in the neighborhood and will represent market value. Sellers will view your offer as more solid if you are pre-approved for the listed price amount or if it is a full cash offer. It will help solidify your offer if is not contingent upon the sale of your current home. You can also include a personal letter with your offer, letting the seller know exactly why you want to buy their home. These kinds of letters can be very helpful when a seller is weighing their options, especially if they have sentimental attachments to the property. It will help ease their mind if they know what the future holds for their home.
Don’t Nit-pick: Another way to make your offer stand out among the others is to avoid nit-picking. You can do this by waiving certain contingencies or being lenient in your inspection. Many buyers will limit their home inspection to major features and code violations while avoiding things like chipped paint which can be an extra annoyance for a seller. There are certain things you can fix yourself once you’re in the home.
Be Prepared to Negotiate: Often, a seller will present a counteroffer to your original offer. Counteroffers usually revolve around price and closing time. Make sure you give a serious bid and that you are pre-approved for the amount. With regard to closing dates, sellers usually have an ideal timeframe in mind. Once again, being less picky here may give you an advantage over other buyers.
As always, we are here for anything you need. We are grateful to be your community resource ready to serve you, your family, friends, neighbors, and relatives. Please reach out at any time to 201-825-1266 or firstname.lastname@example.org . Until next time… Enjoy your day!