Home Buyers
Make Your Offer Stand Out Against the Competition
So, you’re finally ready to put in an offer on your dream home! In a seller’s market, there are more buyers than there are homes available for sale, so your offer will need to stand out against the competition. HomeHunt has created a list of tips to help push your offer to the top.
Make a Clean Offer
Waiving all contingencies, such as the sale of another property, helps make your bid more appealing to the seller. A clean offer should also be free of seller concessions. However, there are still ways to protect your interests if you cannot avoid contingencies. For example, you can complete the entire loan process with your lender before making an offer on a home.
Avoid Asking for Inclusions
Asking for items to be included in the home sale could weaken your offer. Your offer could be very similar in price to another offer that isn’t asking for items that belong to the seller. It’s important to remain focused in achieving your goal of solely buying the house.
Consider Overbidding
Your offer will need to be strong enough to beat out other buyers. If you want the house, you may have to go above the asking price. Doing this will show the seller that you’re serious about buying the home. To do this, stay within range of the original asking price by only increasing your bid $2,000-$3,000.
Put Down a Stronger Earnest Money Deposit
Your earnest money deposit is proof that you are a good-faith buyer. If you put down a larger amount, it will show that you are a serious buyer and your intentions are genuine. However, this method is only recommended if you are serious about buying the home. If you decide to back out, you may lose part or all of your deposit.
Pay With Cash
Buying a home with cash is a top way to make your offer more appealing to a seller who wants to quickly finalize the deal. A cash offer can also help you avoid the extra fees and interest that come with taking out a mortgage and can expedite closing.
Submit a Pre-Approval Letter With Your Offer
A pre-approval letter tells the seller that you are serious and qualified. It also shows you are ready to purchase and are committed. If the seller has a higher offer from a buyer without a pre-approval letter, your offer will likely win.
Double Check for Mistakes
Mistakes are commonly made in a home transaction, so it’s important to make sure everything is complete before moving forward. If your application contains errors, the seller may move on to the next buyer.
There’s a lot to consider when placing an offer on a home. For more information or to start your home buying journey, contact a HomeHunt agent today!