Have you been trying to buy a home in the current seller's market and find that you keep losing out on homes after submitting an offer? Here are some tips that will help that next offer be accepted and purchase a home that you really want.
Ask How Many Offers Have Been Received
Always know that it is appropriate to ask the seller's real estate agent about how many offers the owners have already received on the home. This can give you a good idea about how competitive it will be to buy the home and help change the strategy that you are going to use. For example, if there are very few offers on the home, then you may be able to get by going a small amount over the asking price. If there are a lot of offers, then you'll need to be more competitive.
Submit A Pre-Approval Letter
It's possible that a seller will not accept your offer if you do not have a pre-approval letter from your lender, even if it is the highest offer on the home. That is because sellers do not want to go through the process of closing on a home and then discover at the end that the buyer cannot secure financing. Submitting that pre-approval letter will prove that you can get the loan that you need to cover your offer.
Offer To Waive The Inspection Clause
A common clause in a home contract is that the buyer has the opportunity to have the home inspected and then can walk away from the home and get their earnest money back if they discover things that they do not like. Saying that you are willing to waive the inspection clause is stating that you will buy the home as-is and will not come back and ask for additional concessions or anything of that nature. This can give the seller peace of mind that they will not waste time on a buyer that is not serious about the home.
Make An Escalation Clause Offer
Have a lot of buyers that are interested in the home? Make an offer using an escalation clause instead of an exact dollar amount. By saying you are willing to pay a few thousand dollars more than the highest offer, you could convince the seller to go with you to make a little bit more money on the home. Of course, you will not know what the final price is until the seller tells you based on other offers.
Contact a residential real estate agent for help making an offer on a home.Share