You’ve found the perfect home and want to submit an offer. However, in a seller’s market, you will be competing against other potential buyers. Here are a few tips that can help you get your offer accepted when buying a house.
Use an Experienced Realtor to Get Your Offer Accepted
While not always the best decision, some people will opt to navigate the home buying process without a real estate agent. Touring homes, submitting an offer, negotiating, and finalizing the paperwork is easier when you have an experienced agent to guide you. Submitting an offer is a detailed process and to increase the chances that your offer is accepted, it’s best to have a pro help you draft the contract.
A real estate agent will understand the local market and help you determine what price to offer for the house. He or she knows how to write contracts that will best appeal to the seller of the home.
Make a Cash Offer
While most people are not able to offer cash, if you are, it will make your offer stand out. Cash offers close faster than those that are contingent on the buyer securing financing for the home purchase.
Many sellers are motivated because they need their home to sell before finalizing the purchase of the new home they are buying. Cash offers give the seller peace of mind that the money is there and the closing will take place quickly.
Offer a Fair Price
In a seller’s market, multiple offers will be submitted from interested buyers. Some of these might be from investors who are offering substantially lower than the asking price. Many offers will be made that are below the asking price and include clauses requesting that the seller be responsible for closing costs, home inspection costs, etc. Make your offer above the asking price and write it to include covering some of the costs typically paid for by the seller.
Be Willing to Negotiate to Get Your Offer Accepted
Even the most attractive offer may not be accepted the first time. Be open to negotiating with the seller about the price of the home and what is included in the sale. Know your budget and order a home inspection so you’ll know exactly how much you’re willing to spend on the home you want.
Ultimately, it is up to the seller to decide which offer is most appealing. However, by following the above tips, you can certainly increase the odds that your offer will be accepted.