So, you have found the house of your dreams and have the money to purchase it. But what happens if you have a strong competition? What if you’re in a seller’s market? How can you persuade the seller to sign the contract with you? Let’s unveil some of the secrets to make a winning home purchase offer. Learn how to convert the bidding wars into certain victories.
Depending on the market you’re in, buying a property can become a real challenge. With a limited inventory the competition can suddenly become fierce, so knowing what buttons to push can increase your chances of success!
The perfect home purchase offer
One of the first things you’ll have to understand is that sellers can get cold feet when dealing with a home sale. The better you understand this, the more chances you’ll get to make that ‘perfect’ home purchase offer.
Here are some strategies you could adopt when dealing with a seller’s market. If you stumble upon a multiple offer situation, consider these tips and tricks.
- Don’t get stingy! Now it’s definitely not the time
Make your offer based on the market value. Remember: you have competition and if you want to be the winner of this bidding war you need to bring out the big guns. Some markets are extremely profitable for the sellers, so if you’re trying to buy in such a market, you should listen to the seller’s requirements and make your offer based on that info.
- Attend open houses personally
One of the perfect occasions to visit the property and have a chance to meet the seller in person is during an Open House. So, join your real estate agent and visit the property together! Be friendly and show increased interest in the property. Don’t be afraid to interact and request additional info.
- Get pre-approved for a loan
In today’s market, every minute counts, so making an offer with a pre-approved letter can, in fact, be the missing detail that converts you into a happy homeowner. This approach demonstrates that you are a serious buyer who wants to close the transaction as much as the current owner.
- Be prompt and don’t make the seller wait
Losing a house in front of other buyers can be frustrating and disappointing as well. So, be serious when making an offer and don’t take risks. Making your seller wait for your answer can actually cost you the deal.
- Be flexible and get a real estate agent
It’s essential to have an estate agent to represent you in situations where no mistakes are allowed. What’s more, being flexible can give you a winning edge in front of your competition. But this doesn’t mean you shouldn’t express your fears… Take your time to discuss with your real estate agent your concerns!
All in all, making the seller feel confident that the transaction will run smoothly should be a top priority in your home buying strategy. Having an offer that stands out from the crowd can actually make the difference between signing in the contract and visiting yet another property!
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