If you’ve been looking for a new home, finding the right one is exciting. Now that it’s time to write the offer, however, you might be wondering what you can do to make sure the seller is impressed with your offer versus someone else’s offer. Of course the easiest way is to offer cash significantly over asking price, but fortunately, in the real world, there are still great ways to ensure the seller takes your offer seriously and improve your chance of acceptance. Here are the top 5 ways to make your offer stand out:
1. Pre-Approval Letter – A pre-approval means your lender has done their due diligence and has all the documentation needed to close the loan. It means to the seller that you are serious about buying their home. Is this really necessary? YES, your offer will not be considered without it. Why waste time having to get this done after you have already found the home you want, after all, someone else might just beat you to it.
Photo Courtesy: Realtor.com
2. Contingency Removals – Certainly you should not remove any contingencies which could put you at risk, but you can consider removing or shortening contingency periods to provide peace of mind to the sellers.
3. Sell Your Home First – One red flag to a seller is the buyer who needs to sell their own home before closing. Sell before you write the offer whenever possible. I get that this is not always convenient, but it is less risk to the seller to accept an offer that does not have a home sale contingency.
4. Escrow Period – Working with your agent, offer a longer or shorter escrow period based on the seller’s moving needs. Your agent should be able to find out this information for you.
5. Win-Win – Show the seller that you want to create a win-win. Negotiations are part of a home sale, but avoid seeming unreasonable or demanding.
While price is always important to the home seller, there are other valuable concessions or offers which can mean as much. Work with an agent who views the transaction as a win for all sides and learn what’s important to the seller before you write the offer. By accommodating their needs as much as possible, you are more likely to have your offer accepted.