In many cases you can buy a home with just 3% down. Many homebuyers have a hard time juggling everyday expenses while saving for a down payment or closing costs. Rent, utilities, car payments,
Making an Offer on a House? 6 Strategies to Win
Dated: July 15 2020
As your agent submits an offer letter for that house you’ve been dreaming about, your pursuit of happiness becomes official.
However, what matters to you the most is turning that offer into one that the seller won’t be able to say no to. An offer that will shine among the others and will impress the owner of your future home.
If you’re getting ready to become a buyer this year, it’s good for you to know in advance that, even though it’s important to be competitive regarding price, you have to be willing to apply other approaches to become the number one option for your seller by standing out.
Let us bring you some advice that will definitely help you shake hands, make a deal and start living your longtime dream by getting that “home sweet home”.
You will need to know your limits when it comes to the question of how far are you willing to go to get that home you want. You have to be strong minded by not making too sweet an offer. You have to establish a price top you won’t surpass, as well as your possible deal breakers.
Don’t Make It Complicated
If you can tone down your demands, the better chance you’ll have to be picked as the buyer. Sellers can easily become annoyed and you can’t have that luxury if your determined to get a certain house.
The amount of contingencies should be as low as possible in the contract. If you need to sell your current house in advance, in order to be able to buy the new one, you could require a home sale contingency in order to get your deal done. If that’s the case, it’s even more important to check for any other concessions that might attract the seller into reaching an agreement. Paying closing costs, perhaps?
Don’t show yourself as “high maintenance” regarding the kind of things you wish to come included with the house, unless those are essential items.
Remain Open Minded
Reaching a deal and the process of negotiating requires for you to be open minded and advance properly in your conversations with the seller.
The seller’s timeframe for a closing date should have priority, no matter when it happens. Their circumstances (already bought a new house, relocation is related to a new job and the urgency to move, relocation is slow because the seller is older and needs more adjustment time) are an element you must keep in mind and be flexible about.
You have to project confidence for the seller to trust you financially speaking. Make available your mortgage pre-approval information, preferably from a local lender with proper reputation.
If you work personally with a local bank or a credit union, that’s going to look a lot better on paper than just getting a pre-approved status by an Internet lender. Don’t give your seller a chance to turn you down so easily.
Besides, if you mention the possibility of taking care of closing costs or any related fees, the seller will feel allured.
Things can get emotional for a seller who’s saying goodbye to a longtime house that’s about to become your home, so you have to be able to get personal in your interactions, as those might seal the deal instead of just the paperwork.
Your agent might be able to share more personalized information about you and your family that will help the seller make a better choice.
Adapt and Persist
A strategy to buy a specific home might have to vary over time and you can’t use the same for two different options, as no offers are alike. Without giving away your preferences completely, or your game plan to negotiate, work with your agent, communicate to find out better info about the neighborhood and the market (the seller’s and yours as well).
● If the house you want is still fresh out there in the market, a higher offer and less contingencies might be the way to go.
● If the house has been in the market for a longer period of time, the room to negotiate is wider and might be able to pay a lower price. If you want to suggest reasons for the house to be less expensive, you have to validate them first.
Your shot at becoming the owner of that house with a winning strategy associated to your final written offer. You might think it’s always about the price, but the human factor in that offer you write down can also influence the seller positively. A good environment when negotiating and spending time together and earning the seller’s confidence and respect can be crucial. In order for that to happen, you gotta choose your agent wisely, so he/she can set the tone of the negotiations and prepares the best possible offer on your behalf.
Feel free to ask us anything you might think is relevant to make a proper offer. We’re glad to help you!
Home Miami, Realtors is a Florida-based brokerage team dedicated to helping our clients make their homeownership goals realities. We believe in providing honest advice and personal service for success....
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