Here are seven ways to make sure your offer is strong in this seller’s market.
We’re currently in a very competitive seller’s market, so here are seven ways that you as a buyer can make an offer that will win out above your competition:
1. Deposits for an offer to purchase. There are two deposits that are part of the standard North Carolina Bar Association contract. The due diligence money is money that’s nonrefundable and given from the buyer to the seller. Making a stronger due diligence deposit than normal shows the seller that you’re serious about their home and it will often help you win in a multiple-offer situation. Increase your earnest money as well.
2. Show the sellers that you’re qualified. Most buyers will show up with a pre-qualification letter, but your agent and lender should give you a pre-approval letter that states you are approved and qualified for a loan amount. It’s also a good idea for your lender to call the listing agent of the home you’re interested in so they can verify your approval. Online lenders are viewed by many agents as risky because they often don’t strive to meet the dates in the contract. Not all lenders are created equally.
“A professional agent is knowledgeable and respectful.“
3. Give the sellers their ideal settlement date. Some sellers want a quick settlement, while others want a delayed settlement. It’s crucial that you know which one they want so you can include it in your offer.
4. Shorten or waive contingencies. You can still have a home inspection done for informational purposes and state that in the contract you will not ask for repairs. Be sure this is the house you want first before waiving any contingencies, however.
5. Write the seller your very best offer. Do not expect any negotiation. You may never hear back from a seller after you make an offer if they have a dozen other offers that are better than yours. That’s why it’s so important to put your best foot forward right from the start. Whether you offer full price, include an escalation clause, or waive contingencies, do the best you can at first.
6+7. Choose a well-known agent in your area. The listing agent will respect a peer who they know has a strong track record of closing deals smoothly and on time. A professional agent is respectful to the listing agent from the very first interaction and becomes an ally in closing your home sale.
If you have any questions about making an offer or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.