Congratulations on taking the leap and placing an offer on your dream home! After some time looking, you’ve finally found the perfect house for you and your family and are willing to pay the list price. So, it’s a done deal, right? Sometimes, it’s not that simple.
Today’s market is known as a seller’s market, which means there are more buyers than homes for sale, which can mean that a full-price offer isn’t enough. But, keep reading because we’re going to discuss how to make your offer stand out in a competitive market. If you follow these tips, it just may push your name up on the seller’s list of potential buyers!
Seek Full Pre Approval
Most home sales fall through due to financing issues. To ensure your offer stands out among the crowd, be sure to point out the fact that you are fully pre-approved. To make this clear to the seller, you should include a copy of the lender’s offer and not just send the basic pre-approval that’s dependent on other conditions.
Hire A Great Agent
Good realtors have a solid understanding of how the market works; they are proactive and communicate clearly. Don’t settle for the first agent that’s recommended. Instead, meet with several and choose the person who seems most informed and someone whom you are comfortable around.
Start With Your Highest Offer
The majority of sellers choose the highest offering price over all other factors. Remember to shop only homes that are in your price range, and don’t let your emotions take over. Regardless of how much you love a property, you need to be prepared to walk away from it so that you don’t end up with a monthly payment you cannot afford.
But at the same time, don’t undersell yourself. If there’s a house you really want and can afford to pay a little extra, this can be a deciding factor to close in a competitive market.
Offer a Larger Down Payment
No matter what type of home loan you plan to obtain, offering more money down is a sign of good faith for the seller. Anytime you can prove that you are in good financial standings is a benefit, and being in a competitive market is not an exception to the rule. Offering a higher down payment shows the seller that you’re serious about the property and can meet all financial obligations.
Ensure Your Offer is Complete
Obviously, you want to pay attention to every detail when it comes to completing an offer, but mistakes do happen. These types of issues can include missing EMD, disclosures, and other important information regarding the purchase agreement. Anytime you’re in a competitive market, any such mistake can make your offer get pushed to the side.
And, even worse, if the seller receives numerous incomplete submissions, yours may never get a second thought. So, if you want to solidify your chance, be sure to dot every I and cross every T. Check and recheck!
The bottom line is that buying a home can be daunting, and there are many factors when it comes to writing contracts. If you pay close attention to each of the tips above, then you are on your way to scoring your dream home, even in a competitive market!