Make your offer stand out!
As you may know, when the real estate market is competitive it means as a buyer you could likely be competing with multiple offers on the same property. When this the case you need to make your offer stand out! Here’s a few ways to do just that.
Offer Price
This is obviously the most important part of the deal. When there are multiple offers it almost always means that you need to match the seller’s asking price or beat it. Going above the asking price is a good way to show that you are serious. How much above the asking price? Well that depends on many factors that you and your agent can sort through, but you need to make sure that you can still finance the home and that you don’t offer too much money (although it is OK to splurge a bit if this is the home of your dreams).
Financing
This is the second most important part of your offer, because without financing there is no deal, unless you happen to be a cash buyer. Assuming your offer price is the same or close to the other offers on the table, the seller will be looking for the buyer with the strongest financing, aka the least chance of their loan falling through. Cash is always king in these scenarios, so if you aren’t a cash buyer then you should try to put as much money down as you can reasonably afford to.
Contingencies
The common contingencies in real estate are the mortgage and home inspection, and sometimes the buyer’s home sale. Ultimately, the most attractive offers have the fewest amount of contingencies. If you need a mortgage then it’s impossible to waive that, which is why cash offers are always preferred. It’s also impossible to waive your home sale contingency if you need the equity from your current home to purchase this new one. So what can you control? The home inspection. Depending on you and the property, it is sometimes OK to forgo a home inspection or make it so that the results of the inspection cannot impact the sale. We only advise this if the home is in great condition, or if you have the ability and know-how to tackle the issues that could be hiding in the home.
Other Factors
What else can you do? Be flexible and kind! Try your best to accommodate the seller’s timing. Also, having an easy-going demeanor around their listing agent can go a long way as they often share those things with the seller. No one likes working with people who aren’t pleasant and reasonable. Finally, a nice touch is to include a short letter that tells them a bit about yourselves and what you love so much about their home. Sometimes some sincerity and nice words will go a long way!