The spring and summer months arrived with tight inventories and soaring home prices. Successful home buyers were prepared to make quick decisions and some even withdrew contingencies in order to get the home they desired.
As autumn approaches the hopes of would be buyers are turned to that of a more balanced market. The fall real estate cycle usually slows down a bit and can possibly give homebuyers a little more bargaining power. At any rate, the current real estate market is hot and it is important for your offer to stand out. Here are four tips to strengthen your offer and help get it accepted:
Keep your offer simple and straightforward. In a market that has multiple buyers making offers, one of the best things you can do is keep it simple. That does not mean you have to neglect important things that you want in the offer. However, it does mean that you should not get caught up in smaller issues that could become huge issues for no apparent valid reason. For instance, a minor repair might be worth fixing yourself as opposed to putting it in the offer as a repair demand.
Try writing an offer letter. This is a formal letter explaining why you want to buy their home. This is an opportunity to show the buyers how you will utilize the home. This is where you tell them about your family, how much you like the home and how it’s perfect for your needs. You might even think about adding a picture of your family to add a personal touch.
This is not where you tell the sellers that you plan to gut their precious home and completely remodel it (even if that’s the ultimate plan). You don’t write an arrogant letter that expresses “there are many fish in the sea”. Instead, you want to convey that this home is the one you truly want to buy. Let the sellers know that you have done your homework and hope that they will accept this offer as this home is a good fit and you’re prepared to move quickly.
Personal Delivery. The next two have to do with follow through. It’s a good idea to have your agent present your offer in person to the listing agent. It may sound old-fashioned but this can go a long way. Real estate, like all business, is about relationships. Emailing an offer may seem very efficient but it can be less effective. Your agent should be prepared to build you and your offer up to the listing agent. This will give the agent a good presentation to take back to the buyers.
Loan Officer Follow-Up. Another great tip is to have your loan officer call the listing agent after the offer has been submitted. The loan officer can assure the listing agent that the buyer is qualified and ready to close the deal.
Most important, be ready to act swiftly when the time comes to close escrow.