It’s disappointing, frustrating and sometimes, discouraging when you lose a home you want to buy.
One of the hardest lessons for today’s buyers is that writing an offer doesn’t mean that you’ll get the home or even a counter-offer. The low inventory affecting many of the housing markets requires a different strategy to give you the best chance to get the home you want.
- Make your best offer initially; you may not get a chance to accept a counter.
- Submit a written pre-approval letter from the lender.
- Increase earnest money above what is considered normal.
- Make a larger down payment.
- Eliminate unnecessary contingencies.
- Don’t ask for personal property not included in the listing agreement.
- Pay your own customary closing costs.
- Shorten the inspection period.
- Buy the home “as is” subject to inspections which still allows you to get your earnest money back if the inspections are unacceptable but doesn’t require the seller to make repairs.
- Write the seller a hand-written, personal letter telling them why you want their home; include a picture of your family.
- Offer to use the seller’s or listing agent’s preferred title company.
- If you can pay cash, do so and arrange financing after closing. Be prepared to show proof of available funds.
- Schedule the closing as soon as possible but let the seller know you can be flexible.
- Once you decide on a home, act with expedience.
- Ask your real estate professional if they have any other suggestions.
Think of making an offer like applying for a job. You want to make your best impression and show why you are the best choice. You won’t always know that there are multiple offers. Approach the process like the competition is doing their best to get the home.