5 TIPS FOR CRAFTING AN OFFER THAT COULD WIN YOU THE HOME OF YOUR DREAMS
We’re gonna be blunt with you buyers… it’s slim pickings out there.
With housing inventory remaining low across the country, finding your perfect property can be an uphill climb. And guess what… the top is likely to be crowded leaving you in a bidding war with other buyers all trying to get their hands on the same prize.
So how do you make sure your offer makes it to the top of the pile?
Read on for TDO’s top tips for crafting an offer that no seller can refuse.*
*Small Print: We can’t actually guarantee that they won’t refuse it. Yes our lawyers made us write this.
1: GET PRE-APPROVED:
Let’s start with the basics; if you’re going to be taking out a mortgage then showing the seller that you are pre-approved is essential as it lets them know that you have the means to move forward and are ready to go.
2: GET PERSONAL:
A human touch can go a long way; don’t be afraid to write a friendly covering letter telling the seller why you are going to love this home as much as they do and why you are the perfect fit. Make it personal to your vision: Does it have a killer sunrise view? Talk about how much you can’t wait to kickstart your mornings with a coffee and an extra dose of Vitamin D. Does it have a playroom? Tell them how you’ve always dreamed of creating the perfect nook for your kids to host their friends.
3: GET CREATIVE:
It pays to find out your seller’s motives for moving and thinking of ways to tick their boxes through your offer. Are they on a deadline to move for the new school term? Or do they need a bit more leeway on their move-out date? The more flexible & accommodating you can be, the more likely they are to want to work with you.
4. SHOW THEM THE MONEY:
There’s no avoiding it: cash is king. Let the seller know you are serious by offering to put down 2-3% as earnest money deposit and, if you can, designate a portion of it as non-refundable.
And of course, if you are in a position to offer a cash sale that is likely to give you an edge over buyers whose offers are dependent on approval of loans.
5. CUT THE CONTINGENCIES:
Buyer contingencies are common (and in some cases necessary!) but presenting the seller with an experience that is as hassle-free as possible will always give you an advantage so consider whether there are any contingencies you’d be able to waive or compromises you’d be willing to make.
Careful though – don’t be tempted to cut too many corners; making sure the house is properly inspected and appraised etc. is crucial to avoid landing you with a nasty surprise you didn’t see coming. Always consult with your realtor and get their advice.
BASICALLY:
The key here is to be creative and craft an offer that is highly tailored to meet the seller’s objectives and appeals to their emotions by being personal to the home and your vision. Make sure you talk to your real estate agent; they will have plenty of advice to help inspire yu.
And stay open-minded; to bag the home of your dreams, you just might have to walk on the wild side and try things that you may not have previously considered.
Want to talk to TDO about how we can help get you on your buying or selling journey?
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