How To Make Your Home Offer Stand Out
Buying
In a competitive market like ours, buying a home can sometimes seem like an impossible task. The secret to navigating the process smoothly and successfully? Knowing how to make your offer stand out from the crowd. Of course, the question then becomes: How do you discern what sellers actually want? Keep reading to learn how to write an offer that gets noticed — and gives you that coveted edge over other prospective buyers.
Make Your Highest Offer First
Nine times out of 10, a seller is going to favor a higher price above all other factors. Make sure you’re shopping for houses within your budget, and don’t let your emotions get the better of you along the way. No matter how much you love a property, you need to be ready to walk away so you don’t wind up with a mortgage you can’t afford. At the same time, don’t undersell yourself either. If you really want a house and can afford to offer a little extra in a competitive market, that could be the key factor in getting you to closing!
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Get Pre-Approved
Going through the process of mortgage pre-approval can be tiresome, especially if you don’t ultimately get the home you’re trying to buy. The upside? Being a pre-approved buyer can show a seller that your offer is serious and that you can afford the price you’re offering. To obtain mortgage pre-approval, you’ll need to submit financial documents to your lender and allow them to run a credit check. Then, they will determine how large a mortgage they’re willing to finance for you and will provide you with a letter to certify their offer. At the end of the day, showing your seller that your financing is already in the works can give them some assurance that there’s one less roadblock to closing.
Waive Contingencies
In competitive markets, the fewer demands you make as a buyer, the more likely it is that your offer will be accepted. Contingencies come in many forms, and the fewer of them you have, the more attractive your offer will be. For example, there are financing contingencies, home inspection contingencies, appraisal contingencies, etc.
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Put Down As Much As Possible
Another way to get a seller’s attention is to limit how much of the purchase you have to finance. All-cash offers are often accepted, even if there are financed offers for more money because those transactions are usually more streamlined and tend to have lower closing costs. Many sellers also prefer no-loan contingencies, where the buyer makes a substantial down payment and funds the rest of the purchase some other way.
Be Flexible
Customizing the timing of the closing to suit the seller can often seal the deal over a higher-priced offer. Unless there are specific circumstances, sellers typically want a fast closing, which means about thirty days. But if their new house won’t be ready for sixty days, acting to accommodate them goes a long way!
Ready to make your winning offer today? Our team is just a few clicks away. Schedule a buyer’s consultation here or call 202.280.2060.
