Get Your Home Offer Accepted With These Tips
If you have been house shopping recently you have probably experienced the frenzy that is taking place. All-time inventory lows in housing and investors sitting on cash have led to the current market conditions of home sales prices inflating, right now. Here in Southern California, most markets are experiencing many many multiple offers and if you are trying to purchase in one of these markets do not get discouraged. Some homes for sale near me are getting 20 plus offers. Here are some tips to help get your offer noticed and accepted.
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Choose a good agent! - Who you know is important. Agents like dealing with agents that they know will get the job done. So many houses are falling out of contract right now. The listing agent will let their sellers know if you have an agent with a good track record. So do not just search for "Real Estate Agent near me". Get referrals and interview your Real Estate Agent on how they can help you get your offer accepted!
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Consider the if you feel comfortable waiving any contingencies. Make sure to discuss with your agent and lender but if you can waive Appraisal, especially when many homes are going over ask it will make you more competitive. The risk of this is that if the home doesn't appraise you would have to have the cash to pay the difference.
- Have your agent ask, how the listing agent will be handling multiple offers and if there will be a chance for a best and final. This information can help you strategize. Right now we are seeing many agents not even bother with multiple counters because there are so many offers coming in strong that they are just choosing one. We suggest submitting your best and final from the start. If there is a specific date all offers will be presented you may want to hold your offer until the end, to know what you are up against.
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Your Lender needs to be available on the weekends and willing to call and schmooze the listing agent as well. If you can get underwriting ahead or prequalify at least that will help you seem less risky. Conventional and cash offers are stronger than VA or FHA and higher down payments are less risky to sellers as well.
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Reduce the inspection period to 5 days and agree upfront to not ask for repairs (but the buyer can still cancel if something major is found during the inspection).
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Increase earnest money deposit to show that you are serious.
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Be flexible with the closing and possession – again finding out the see seller's motivation will help write the best offer if you know what their situation is before you write your offer. Offer free post possession if that would help the Sellers and agree to work with 1031 exchange if applicable.
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Offer to pay Seller’s Title closing costs up to 1% of the sales price- instead of asking for them to pay.
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Pull-on Sellers heartstrings, tell your story with a sincere, sweet letter and photo explaining why they’d be heartbroken if the home went to someone else and what was so special about the Seller's home that made you fall in love. Better yet always is a video with the same message, preferably shot in the home itself.
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Lastly, bringing thank you card and treat for the seller and or listing agent, when viewing the home, is another way to be in good graces.
