It’s never fun to lose out on the house you had your heart set on. Unfortunately, when inventories are tight, that scenario can play again and again. The result of not being able to move when you want to can make the whole scenario very challenging. So, how do you get the edge over other buyers and land the home of your dreams?
As your real estate agent, there are a number of strategies and tactics I can recommend we employ to improve the chance that we can get your offer accepted, while still protecting your best interests. Deciding which steps to take in putting together your offer package will depend not only on your financial picture, but on the property you are attempting to purchase.
Here are 10 strategies and ideas that might help you make the strongest possible offer on your dream home:
1. Get pre-qualified and submit this with your offer.
2. Increase the amount of earnest money you are willing to put down with your offer.
3. Offer flexibility on closing and occupancy dates.
4. Eliminate all contingencies that are not absolutely necessary.
5. Avoid asking for items to be included in the transaction that are not already listed as conveying with the property.
6. Purchase “as is,” but include the right to inspection and option to cancel the contract if necessary.
7. Do not ask the seller to help pay any closing costs.
8. Include an escalation clause, offering to pay $X,XXX more than the highest offer, up to a limit.
9. Make your best offer from the start; with so many offers on the table, they may not counter.
10. Offer to cover any “gap” between sales price and appraised value, up to a certain amount.
For any of the strategies involving the addition of funds, be prepared to provide proof of your ability to either finance the additional amount or add additional cash into the deal.
Before you start your home search, It is helpful to understand these strategies so you can determine which you would consider implementing, if the right house came along. It’s better to have more time to consider a plan of action, especially if you are considering options that need to be discussed with your lender. These are all things we can go over, even before your home search begins.
As your real estate agent, I will be able to explain each of these tactics. I will also be able to tell you if these suggestions are viable for a given property and situation. I may also be able to offer additional recommendations for getting your offer accepted, depending on the property you are interested in and market conditions for the area.
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