Having the highest offer on the table isn’t always enough. There are six additional factors buyers should consider when submitting an offer.
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So you’ve finally found your dream home and are ready to submit an offer. Before you do, realize that cash (even lots of it) may not be the only factor the seller considers when deciding between offers. There are several scenarios in which a higher offer may not give you an automatic advantage over other buyers, and we’re going to discuss six of the most common today:
- Your timeline isn’t flexible. Sometimes being willing to close on a date that is agreeable to the seller will be more important than having a high offer.
- You made an offer without a pre-approval letter. Sellers want to know that the buyer they’re working with is actually capable of affording their home. Giving your word just doesn’t cut it. Get pre-approved before you start looking to avoid any unpleasant surprises. After all, you want to make sure you’re considering homes you can actually afford.
- You’re asking for unnecessary contingencies. Being overly choosy and asking for things you don’t really need will weaken your offer.
- You’re asking for things the seller isn’t offering. If the seller didn’t already stipulate that they plan to leave the refrigerator, don’t try to persuade them to do so. Don’t push the envelope.
- You didn’t display enthusiasm for the home. It’s important when you make an offer that you show your love for the listing. If there are several high offers on the home, appealing to the seller’s emotions through a handwritten letter could tip the scale in your favor. Tell them why their property would be perfect for you and your family, you never know what a big difference this could make until you try.
- You gave up too early. Don’t be afraid to renegotiate terms if the seller counters your original offer.
Cash (even lots of it) may not be the only factor the seller considers when deciding between offers.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.