7 Ways To Make Your Offer Better Than Other Home Buyers
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If you're dealing with a hot real estate market, you've probably already experienced some tough competition with other homebuyers. You'll find cutthroat competition trying to buy the same house. In order to get the house you want, you need to take extra steps to beat other homebuyers. Lets go over 7 strategies to help your offer stand out from the rest:
1) Act Fast - If you've found the home of your dreams, the odds are great there are other hungry homebuyers who feel the same way. If you want to beat the odds and have your offer stand out, you need to move fast and be one of the first homebuyers to make an offer.
2) Have Your Realtor Personally Present Your Offer - If the seller is open to meeting with your Realtor personally, have your Realtor present your offer in person. This way the Seller can hear 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) Tell Your Personal Story - When your agent presents your offer, include a letter telling why you want to buy the property and what you love about it. Be sure to include info you think the seller would be interested in knowing such as how their beautiful backyard landscaping will be cared for. While some agents may scoff at this idea, this strategy could make the difference between your offer being accepted if the seller just happens to have fond memories of their backyard retreat.
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) Get Your Pre-Approval Early - Sellers prefer to deal with homebuyers who are serious and are already pre-approved. Your offer will leap to the front of the pack because the seller knows you won't have problems satisfying the loan contingency.
7) Offer The Best Terms - In a hot market, you can make your offer stand out by offering all cash and removing the loan contingency. Consider the option of funding your purchase with your down payment and money borrowed from family or friends. After purchasing the house, you can qualify for financing and repay the money you borrowed.
Article Source: Articlelogy.com
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