You’ve made the decision to buy a home and you’re excited about the possibilities. In a seller’s market, it can be difficult to compete with other buyers. Before you submit an offer, put a strategy into motion that will make you the favored buyer. Here are a few tips to get your offer accepted.
Get Your Offer Accepted by Submitting it Early
While it is important to make sure the house is right for your family, you can’t wait long if you want to get your offer accepted. Buying a home is time-sensitive and in many cases, the seller and their real estate agent will establish a firm deadline for reviewing offers. This is your first chance to get ahead of the competition. If you put in a reasonable offer as early as possible, it’s going to make a good impression.
Be Ready to Invest to Get Your Offer Accepted
Being early with your offer isn’t the only way to get a seller’s attention. If you have cash on hand, use it as leverage to get your offer accepted. An all-cash offer is appealing because the seller won’t have to wait for your financing to come through.
For most homebuyers, this isn’t a viable strategy, but there are other ways to use your finances to your advantage. Offer a considerable down payment that exceeds what you expect will be offered by other prospective buyers. You can also invest with a higher earnest payment to show the seller you’re serious about the home. Consult your real estate agent to find out what percentage of the asking price buyers are typically putting down and work from there.
Use Your Real Estate Agent as a Resource
Find a real estate agent who is trusted and has a proven track record of success in the local market. Your agent can help get your offer accepted by making sure it is structured to appeal to the seller. Make an attractive offer and don’t complicate it with excessive requests, exceptions, and contingency clauses, especially if you are satisfied with the home as-is.
To get your offer accepted when buying a home, you’ll need to act fast. Realizing the dream of owning a home is exciting, but don’t offer more than you’re able to comfortably invest. That applies to cash offers as well as the amount you borrow as a mortgage loan. If your offer is accepted by the seller, don’t forgo a professional inspection of the home. Home inspections are for your protection. Before a real estate transaction is finalized, an inspection provides assurance that the home is constructed safely and that it’s a smart investment.