Buying a home in a seller’s market is a challenge. There are numerous complications such as making a deal that appeals to the seller and the occasional bidding war with other buyers interested in the property. If you want your offer accepted, it helps to be patient, persistent, and make yourself stand out from the pack. Here are 4 tips on how to get an offer accepted.
Connect With the Seller
Business transactions go smoother if you know about the other party’s interests so they can be worked into the deal. With the help of your real estate agent, find the priorities of the seller.
You might assume it will be the selling price, but you may be surprised. It could be a fast closing period, an uncomplicated contract, or other factors entirely. If you want to get an offer accepted, know what is important to the sellers and use that to your advantage.
Put Down a Generous Earnest Deposit
Earnest money is a sum of money put forward by the buyer to show that they are serious about the sale. If the buyer pulls out of the contract, that money goes to the seller.
Usually, it’s customary to put down a few percentage points of the home’s listed value. Being generous with the amount is a good-faith way to show the seller that you are serious about the deal and make it more likely that your offer will get accepted.
Get an Offer Accepted by Presenting a Clean Offer
An offer that is straightforward and less restrictive is more appealing to a seller. Avoid putting concessions or “strings-attached” line items in your offer. These might be requests to include personal property or help with closing costs. All these do is make the deal more complicated and discourage the sellers from accepting your offer.
Waiving an appraisal contingency is a great way to clean up a home offer. An appraisal contingency lets the buyer back out of the deal if the appraisal of the home is far less than what it was listed for, which may affect the status of the loan.
Taking out this clause effectively tells the sellers the deal will happen regardless of the appraisal. It’s a risk, for sure, but one that could make your offer stand out among the rest.
Sweeten the Pot to Get an Offer Accepted
Closing time and price are just a couple of items things that can be included in a contract. If you want to get an offer accepted, get creative with the ways that you can sweeten the deal for the sellers. You could offer to pay their closing fees or moving expenses.
Another popular option is to give them free occupancy for a time after closing and before your first mortgage payment is due. This will take some stress off of the sellers, which will go a long way. While it requires sacrifice on your part, if it helps to get your offer accepted, it will be worth it.
Hopefully, these tips will help you close a deal on a home. Getting an offer accepted is hard work that requires commitment, but you will be happy when that work pays off. Meeting the seller’s interests and showing that you are serious are great ways to get a home offer accepted.