Many buyers struggle to compete against multiple offers in a seller’s market. Buying a home can be an exhausting and challenging process, and even more so when there are a lot of interested buyers and limited inventory. Below is a list of tips and strategies that can help get your offer accepted when buying a house.
1. Tour Homes That Have Been on the Market
To increase your odds of success in getting your offer accepted, look for homes that have been on the market for a while. Compared to newer listings, these sellers are typically more open to reasonable offers and eager to close after weeks or even months on the market.
2. Submit an Offer Early
Most home sellers set a deadline for reviewing offers. If you find a house you love, you’ll have to act fast. Sending in a good offer well before the due date helps you stand out from those who submit offers later.
3. Tour the Homes Virtually
Viewing listings online will help you narrow down your list of available homes. Determine which properties you’d like to tour before you travel across town to see them in person.
4. Propose a Cash Offer to Get Your Offer Accepted
Cash offers are often the most appealing to sellers because they eliminate financial delays during the lending process. Buyers who offer cash are not dependent on financial institutions and don’t have to risk not having the money on time.
5. Make a Large Down Payment
Get your offer accepted by contributing more money toward a down payment. This shows the seller that you’re financially capable of covering the costs of buying a home and taking care of any issues. Most sellers consider a larger down payment as a sign of the financial strength and security of the buyer.
6. Provide More Earnest Money
Earnest money refers to the deposit you make when placing an offer. On average 1% – 3% of the sales price is considered standard. Offering the seller more might help you gain an advantage over other buyers and get the house under contract. Earnest money won’t be refunded if the deal falls through. The seller keeps your deposit if you don’t purchase the property.
7. Get Your Offer Accepted by Finding an Experienced Realtor
A realtor who is experienced with a competitive market will give you expert advice on how to create an offer that gets a seller’s attention. They will guide you through every step of the process and have the experience to do so because they’ve written hundreds of offers for other buyers.
8. Write a Simple Offer
Make sure your contract can be easily understood by the seller and avoid adding unnecessary clauses or information. Only include details that strengthen your offer.
Follow these tips to gain an advantage when bidding on a property. You can become a homeowner by staying aware of properties on the market and enlisting the help of a real estate agent during the process.