When you’re ready to buy a home, you may be tempted to write a simple letter along the lines of “I’m interested in your house and would like to make an offer” and then wait to see if the seller accepts it. But why not take your offer to the next level? Instead of asking for an offer to meet the seller’s current price, try suggesting that the seller make your offer the highest ever made on the house -- an offer that will automatically be accepted because it’s so high. In this blog post, we’ll show you how you can make your offer stand out and help you buy your next home sooner rather than later.
How to make your offer stand out
There are a number of ways you can make your offer stand out from the crowd. We’ve compiled a list of tips and tricks to help you do just that:
Be specific - The first thing you should do is be specific about the home you’re buying. If the sellers have any doubts about your offer, they’re more likely to reject it out of hand. Sellers who get too many offers will often throw out generic offers simply because they’re easy to reject. If you can, try to get a specific description of the home from the seller. You can also use the “walk-through” method described below.
Make sure your financing is in order - Before you even start writing an offer, make sure you’ve got the financing you need. If you don’t have enough money saved up to make the purchase, it’s unlikely you’ll be able to close on time. While you’re at it, make sure you don’t have any outstanding loans on your credit report. Most of the major lending institutions will run a credit check when they receive the offer. If you’re behind on payments or have a blemished credit history, you may not get the best terms at all.
Be realistic about contingencies - Seller financing or contingencies are common in real estate transactions. If a seller has a financing contingency in their contract and the financing falls through, they’re still obligated to sell the property to you at a later date. You’re also likely to encounter other contingencies, such as a home inspection. If you don’t have the funds to pay for the inspection, the seller may require you to do it yourself. This is a common practice that allows sellers to save money while still ensuring that the home is in good condition.
Keep it short and sweet - The average home purchase offer is around 10 pages long, so make sure yours doesn’t go over 10 or 15 pages. Make sure you’re using clear, concise language and don’t get too wordy. If you’re writing an offer on a computer, remember to save often and use spell check. You don’t want to look like a newbie.
Don’t use old news - If you’ve got an offer on a property that recently sold, chances are the sellers heard about it and rejected it. If you use the same information in your offer, it’ll probably get rejected again. If the property sold for more than you wanted to offer, the sellers may simply have raised their price instead of accepting your offer outright. If the property sold for less than you wanted to offer, the sellers may just accept your offer in hopes that the market will recover.
Be nice but firm - A lot of people make offers on properties by telling the seller exactly what they want, and that can sometimes lead to awkward situations. You don’t want to be rude or demanding, but at the same time you don’t want to be too nice, either. It’s important to be polite, but don’t be afraid to be firm. If you’re not getting a response, you may want to consider hiring a real estate agent to assist you.
Come prepared with a walk-through
If you can get the seller to agree to a walk-through, you’ll be able to see the house in person before making a final offer. This is especially helpful if you can’t move in for a few weeks or months. If you’re buying a home in another state or country, a walk-through is a great way to get a feel for the property before making a final offer. You’ll be able to see if the home is in good condition and if the price is right. If the home is in bad shape and the price is too high, you can reject the offer without hurting anyone’s feelings.
Offer to pay a higher price
If you’re willing to pay more than the seller wants for the house, make sure you’re in a position to meet their asking price. If you’re a cash buyer, don’t offer a lot of money. If you’re a buyer who has financing, you can always offer to pay more than the seller expects. Just make sure you have enough cash to make the purchase.
Offer a higher cash down payment
If you’re willing to pay more than the seller wants for the house, make sure you’re in a position to meet their asking price. If you’re a cash buyer, don’t offer a lot of money. If you’re a buyer who has financing, you can always offer to pay more than the seller expects. Just make sure you have enough cash to make the purchase.
Offer to pick up the seller’s closing costs
If you’re willing to pay more than the seller wants for the house, make sure you’re in a position to meet their asking price. If you’re a cash buyer, don’t offer a lot of money. If you’re a buyer who has financing, you can always offer to pay more than the seller expects. Just make sure you have enough cash to make the purchase.
Offer to extend the closing date
If you’re willing to pay more than the seller wants for the house, make sure you’re in a position to meet their asking price. If you’re a cash buyer, don’t offer a lot of money. If you’re a buyer who has financing, you can always offer to pay more than the seller expects. Just make sure you have enough cash to make the purchase.
Conclusion
While it might seem like an offer to buy a house should be nothing more than a simple proposition, there are actually many ways you can make it stand out. There are a lot of ways you can make your offer stand out and help you buy your next home sooner rather than later. Be specific about the home, make sure your financing is in order, be realistic about contingencies, keep it short and sweet,