If you’re in a market with competing offers on properties, it can be more difficult to get your offer accepted. Today, I wanted to share with you some ways to get your offer accepted in those situations.
Ensure you’re offering a complete package. The most important part is your pre-qualification letter. If you’re looking at homes in the evenings or on the weekend, reach out to your lender and obtain a pre-qualification letter for your agent.
You might want to select a lender that’s available on evenings and weekends for questions about closing costs or monthly payments, but also so they can reach out to the listing agent and ensure you’re a qualified buyer.
You might also want to prepare a letter for the seller explaining why you love this home and why it’s perfect for your family. It’s an opportunity to emotionally connect with the seller, especially if they’ve lived there a long time or added lots of upgrades into the home.
Next, really evaluate the entire offer. If you offer full price $220,000 but ask the seller to cover $6,000 in closing costs, well, you’re not really offering the full price. If there’s a case of multiple offers, you may want to offer a bit higher, like $225,000 in this instance.
You’ll also need to take into account if the home will appraise for that price. If there’s a concern by your agent that it won’t, you may want to offer list price and some of the seller’s closing costs. They’ll make the same net profit, but your offer is more appealing.
To make an offer more attractive, allow the seller to occupy the home for a few days after closing. Moving, selling and buying on the same day can be stressful on families. Allowing them some extra time after closing can be extremely appealing to sellers.
If you’re thinking about buying or selling in the near future, please reach out. We’d love to work with you!