As the market shifts from a buyer’s market, it’s good to know how to improve your chances to have the seller accept your offer.
Once you decide on a home, don’t waste time; write an offer and submit it as soon as possible. Competing with another buyer happens more frequently than you’d expect. Multiple offers are a seller’s advantage but here are some tips to level the playing field:
- Realistic offer – don’t give the impression you’re trying to “steal” the property. Submit comparable sales that justify your offer.
- Pre-approval letter – this satisfies seller’s biggest concern that an unqualified buyer will unnecessarily take the home off the market and the seller will lose other opportunities.
- More earnest money – it shows you’re serious and makes the seller feel like the contract will actually close.
- Minimize contingencies – from a seller’s standpoint, each contingency is one more reason why the sale won’t go through. They feel the home is “off the market” and they’re in limbo.
- Shorten inspection period – your agent can help you set a reasonable date but let the seller know you’re willing to close prior to that if possible.
- Write a personal letter to the seller telling them why you want their home – this can be the emotional connection to the seller that makes the difference in you getting the home.