You have finally found the perfect home in your dream neighborhood. It is going for a good price and is the perfect place for your family to grow. There is one problem, though, there is another offer on the home. Instead of entering a bidding war, why not make your offer standout? But how do you make your offer stand out without going into a bidding war?
Making the Best Offer
One way of getting your offer to stand out is by “making them an offer they can’t refuse.” No, don’t break out your Don Vito Corleone impression. Instead, offer them the best price possible for the home. Whether this means paying asking price or just topping the previous offer, it will definitely get the seller’s attention.
For most of us, paying cash for a house isn’t possible. So get the next best thing with a preapproval letter from your mortgage lender or bank handling your loan. A preapproval letter will say the specific amount you are able to pay for a house. While it isn’t the same as a cash offer, it will let sellers know you are serious about buying a home and means you have the money to back it up. If the other buyer does not have preapproval, this could give you the upper hand.
When buying a home, most buyers are eager to move in. But if you are waiting for your own home to close or need time to sell, it could actually work in your favor. Customizing the length of the closing to suit the seller’s needs could often seal the deal over a higher-priced offer. A seller might need time to figure out their next step or to close on their new home. Let the seller determine the timeline and try to accommodate their needs for a standout offer!
Buyers have the option to pile on the contingencies when it comes time to buy a home, but contingencies can be a bad thing. To make your offer look more appetizing, think about forgoing an inspection contingency on the house.
Buyers have the option to pile on the contingencies when it comes time to buy a home, but contingencies can feel like a bad thing on the opposite side of the table. While you should never waive your financing or inspection contingencies, it is possible that waiving your appraisal contingency could separate you from the pack. But this is a big gamble for both parties. Before waiving the appraisal, make sure you feel confident with the amount of money you are paying for the home. If you think it could be worth less, waiving it is not for you. But if feel confident, this could give you a leg up on people who really want that contingency.
So maybe slipping the owners a few hundred dollars in their mailbox is a bad idea, but that doesn’t mean some money won’t sweeten the pot. Add some money to the earnest money deposit or put some money towards closing costs. Paying these costs would definitely catch the sellers eye and let them know you are serious about buying their house. For more information on how to submit an offer or to start your home search, call Simply Referable today!
Making an Offer with Simply Referable!
The small team of realtors at Simply Referable is deeply focused on creating a memorable selling experience for you and your family. Each of our team members has an area of expertise, and we strive to form lasting bonds with each of our clients. We want to be your go-to realtors every time you or a friend wants to make a change. With local experience, our realtors can help you choose a house that is just the right fit for your family, now and forever. Contact us online or give us a call at 410-983-9045.