Buying A Home – 7 Strategies To Make Your Offer Stand Out From The Competition

If you’re considering buying a home when the real estate market is hot, or if you’re up against some tough competition trying to offer on the same house, you’ve got to go that extra mile to beat out your competition. Here are some tips to make your offer jump ahead of the rest:

1) Act Fast – If you’ve found the home of your dreams, the odds are great there are other hungry homebuyers who feel the same way. If you want to beat the odds and have your offer stand out, you need to move fast and be one of the first homebuyers to make an offer.

2) Let Your Real Estate Agent Personally Present Your Offer – If the seller doesn’t object to this technique, this will give your agent a chance to show why your offer is the best.

3) Make The Highest Offer – By making your offer higher than the rest, you’ll stand out ahead of the crowd. Your offer can jump out ahead of the competition even by just being a few thousand dollars higher.

4) Make It Personal – This technique involves drafting a letter telling the seller why their home is perfect for you and how you’ll continue caring for it after the sale. Be specific in the letter and reference specific features of the home you’ll continue to care for. For example, if the seller takes a lot of pride in their prize garden, mention how you’ll continue to maintain it just like the seller. Your agent may dismiss this strategy, but it could make the difference between your offer being accepted over another one.

5) Keep The Contingencies To A Minimum – Loan contingencies and property inspections are typical steps in a transaction, but be careful of going overboard with other contingencies when you’re in a hot market. Some homebuyers are even willing to forego these steps just to secure a house. This strategy isn’t recommended due to the risk you may buy a home with hidden defects. Keep your contingencies to a minimum and your offer will seem more favorable to the seller.

6) Get Your Pre-Approval Early – Sellers prefer to deal with homebuyers who are serious and are already pre-approved. Your offer will leap to the front of the pack because the seller knows you won’t have problems satisfying the loan contingency.

7) Make It Easy For The Seller To Say Yes – If you’re trying to shop when the home market is hot, you can eliminate most of your competition by making it easy for the seller to say yes. Try making an all cash offer and remove any loan contingency. If possible, try borrowing additional funds from family and friends to supplement your down payment to fund the initial purchase. After you move in, it’ll be easier for you to apply for traditional bank financing.

Looking to find the best deal on a home in Orange County, CA? Check out these Tustin realtors and Yorba Linda Realtors to help you locate one!