Considering buying a home in a hot market? It is possible that you will run into a multiple offer situation on the home you want. Here are some things we suggest doing to make your offer stand above the others.
BE PREPARED – If you have a home to sell, consider waiting to begin your search until you have sold your home. Make sure you are pre-approved for financing and have your down payment set aside before you start writing offers. Have your lender provide a pre-approval to accompany your offer.
SHOW THE SELLER YOU ARE SERIOUS – Increase the earnest money to show that you aren’t going to get cold feet after the bidding war is over. The last thing a seller wants to due is put their home back on the market if a deal falls through.
CONCESSIONS – Closing costs are always a cost of purchasing a home, make sure to have money saved to pay those if they won’t be included in your mortgage loan. Sellers are more likely to go with your offer if you don’t ask them to pay for your closing costs.
BE FLEXIBLE – Let the sellers know that you are flexible with terms such as the inclusions and move-in date. Let them know that you are willing to do a Short Term Lease Back if needed. And if possible, have your Realtor find out as much about the sellers situation and needs as possible prior to writing your offer so you can offer them exactly what they want.
FAMILY INTRODUCTION – Share information about your family with the seller, by writing them a letter to accompany your offer or by having your Realtor share some information about you. Tell them about your family and why you chose their home.
Buying a home can be stressful, especially in a buzzing market. If you know what you could be up against and are prepared it can make the transaction go a lot smoother.