Real estate availability may be loosening up, but if you encounter a good buy and want to strengthen your chances of snagging it, here are some tried-and-true tips to remember when presenting your offer:
- Increase Your Budget: First-time buyers may be looking in a lower price range, which is one of the most competitive markets. By getting approved for just a few thousand dollars more, it can make a substantial difference in closing the deal, but only a slight difference in your mortgage payment.
- Eliminate Some Expenses: Homeowner’s association dues can heavily impact your budget. Look for property that does not require this additional expense. Looking for property closer to your job can save you time and money too.
- Contingencies Are Your Enemy: The cleaner your offer, the better the chance of securing the home. Don’t ask for the seller to foot the bill for expenses such as a home warranty, closing costs, or minor repairs.
- Flexibility Wins: When presented with a multiple offer situation, the more flexible you can be, the better. Defer to the seller’s preferences regarding closing, for instance. Offer to rent back if that is an option they would prefer. The easier you make it for the seller, the better your chances are of moving into your new home.
- Write a Letter: While the letter shouldn’t bring tears to the sellers’ eyes, a bit of pandering wouldn’t hurt. Sellers like to hear that the new buyer loves their house as much as they do and will continue to care for it. You don’t need to tell them about all the improvements you intend to make. Remember, you are selling yourself as much as you are trying to buy their house.
Above all, be patient and be prepared to negotiate. Don’t take offense if your first offer is rejected, and don’t insult the sellers with a ridiculously low-ball offer. Buying and selling real estate can be a stressful experience, but in the end the rewards will be well worth your pain.
Looking for alternative financing or turned down elsewhere by banks and other lenders? Sun Pacific Mortgage can help! A Hard Money loan is considered an “all-cash offer” and could help you get approved faster. Call today and see if we can help with your home financing needs (707) 523-2099.