If you’ve been searching in a hot real estate market – buying a home can be a challenge. 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) Don’t Waste Time – When you find the perfect home, the chances are great a multitude of other buyers are also interested. If you want a seller to consider your offer first, you need to move quickly and be among the first few homebuyers to present 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) Raise Your Offer Above Everyone Else – If you raise your offer higher than anybody else, you’ll definitely get the attention of the seller. If you’re concerned about overpaying on the property, just make your offer a few thousand dollars higher than the rest!
4) Share Your Dreams About The House – When your Realtor meets with the seller, have him or her include a letter explaining why you want to purchase the property and the features that make it so attractive. Include positive comments the seller will appreciate such as how you’ll continue to care for the property just as the seller has. Your agent may dismiss this strategy, but in some instances, it could mean the difference between having your offer accepted or rejected.
5) Keep The Contingencies To A Minimum – Loan contingencies and property inspections are typical steps in a transaction, but be careful of going overboard with other contingencies when you’re in a hot market. Some homebuyers are even willing to forego these steps just to secure a house. This strategy isn’t recommended due to the risk you may buy a home with hidden defects. Keep your contingencies to a minimum and your offer will seem more favorable to the seller.
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) Make It Easy For The Seller To Say Yes – If you’re trying to shop when the home market is hot, you can eliminate most of your competition by making it easy for the seller to say yes. Try making an all cash offer and remove any loan contingency. If possible, try borrowing additional funds from family and friends to supplement your down payment to fund the initial purchase. After you move in, it’ll be easier for you to apply for traditional bank financing.
Are you looking to buy your dream home in Orange County, CA? Check out these Tustin realtors and Yorba Linda Realtors to help you find one!
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