You did it. You found a home you know you could be happy in. But do you know how to make an offer on a house that will stand out from the rest? It’s not as simple as you might think. In a sea of other offers, you want the seller to notice yours — fast.
Read on to learn how to make a great offer that will be accepted the same day. If you make the right bid, you could be under contract before you know it and moving in within the month!
5 tips for making the best offer on a home
- Get pre-approved
Getting pre-approved funding can give sellers confidence in your offer. A pre-approval letter from a lender means you’re guaranteed to get a certain amount of funding. This can reduce the chances that your escrow will fail. If given the choice between a buyer who is hoping to get approved for a mortgage and one who already has funding secured — a seller is likely to choose the pre-approved buyer.
- Don’t go too low
Real estate is full of haggling. The seller asks for a certain price point, and you’re allowed to offer less than list price. That being said, going to low will put you out of contention. If you have a good reason to offer less than list price, such as you notice that the appliances need to be replaced, then go for it. But be mindful of what comparable homes are going for in the neighborhood. You may insult the seller if you low ball them and they know they can do better.
- Offer to close fast
Your offer may also stand out if you offer to close quickly. Many sellers are motivated to sell quickly because they already have their eye on another property, or they need to move out of town. By offering to close in under 30 days, you might appeal to the seller’s urgency. If you’re already pre-approved for funding, your lender can pull together your money within a few weeks in many cases.
- Limit your contingencies
Some real estate sales involve contingencies. This means you’re saying you will only complete the deal if certain things fall into place. One common contingency is the sale of another property. For instance, you may offer to buy a property, but let the seller know that you need to sell your current home first. If you can’t find a buyer for your own house within a set period of time, this contingency allows you to pull out of the deal with not consequences. Contingencies can complicate sales, so try not to have too many if you want your offer to be accepted.
- Write a meaningful letter
Believe it or not, an old fashioned letter appealing to the seller may help you. If you’re so excited to live in your dream home that you just can’t stand to let it go to another buyer, submit a heartfelt letter with your offer. Let the seller know why you’re so set on the property, explaining what it would mean to you to live there. If there is a similar offer on the table, the seller may choose yours to make your dreams come true!
California Family Homebuyers is here to help you figure out how to make an offer on a house — and how to sell yours when you’re in a pickle. If you can’t find a buyer for your home or you need to sell super fast, give us a call to see if we can help. We may be able to take a problem property off your hands in as fast as 7 days!