You’ve found a home you can afford, in a great neighborhood with good schools. It even has a fenced-in yard for your dog. What could go wrong?
As home prices continue to rise and inventory levels drop, competition for the dream home can get tough. Delivering the perfect offer is key to getting your dream home. Your purchase offer should persuade sellers that you are a serious contender who will give them most of what they want, even as it protects your interests.
Here are 5 ways your offer can stand head and shoulders above the rest.
Cash Is King Cash offers will stand out over all other offers. Sellers love all-cash offers because they are less likely to fall through and there are no issues involving mortgages.
Next best thing to cash is a pre-approval letter. A pre-approval letter with a specific dollar amount is confirmation from a bank of the funds you’ll be able to obtain. It shows the seller you’re prepared, qualified and serious about your purchase offer.
Make Your Best Offer Put in your best offer based on recent sale prices of comparable properties in the neighborhood and what you’re willing and able to pay. Don’t hold back thinking that you’ll get a second try. You may lose the property to another buyer with a stronger offer.
Beef Up Your Earnest Money An earnest money deposit is a move of good faith, shows the seller that you’re serious about purchasing their home, as well as gives them confidence that you have the financial means to follow through with the deal.
Write a Love Letter To The Sellers
Most sellers want top dollar and a quick sale on their home. Often, they also have a strong emotional attachment to their soon-to-be former home. The home is where the sellers made many memories and where they connected with their neighbors, as well as with the community.
Buyers who can appeal to this emotional side of the transaction and reassure the seller the home will be loved, and that they are a good fit for the neighbors, may have an edge over buyers who simply approach with numbers. Sharing your eagerness to raise a family of your own in their house could pull at their heartstrings.
Ready to make an offer on the home you love? Best of luck!