It’s such a relief when you’ve found the perfect house that you’ve been looking for. You might feel that there is no time to lose and that you should make your move now before another person snatches your perfect house – but while you certainly shouldn’t dawdle, you’ll also want to take the time to ensure that your offer stands out from the competition.
Elements of a stand-out offer
There are several factors that smart home sellers consider when they’re reviewing offers. Remember that they don’t just want to make a respectable profit, they want to have a smooth and fast closing as well. Price isn’t the only thing that’s going to be up for negotiation.
To help your chances at getting the dream home you want, here are several tips you can try to entice the seller to accept your offer.
- Pay cash.If it makes financial sense to buy a home with cash, then by all means, do it. In a seller’s eyes, your offer will definitely stand out, especially if you’re competing against buyers who need financing. All-cash offers eliminate mortgage concerns like mortgage approvals getting delayed or a mortgage getting declined.
- Have a preapproval letter.If you’re getting financing, then you will want to get a preapproval letter before you make an offer. Mortgages can take time to secure. A preapproval letter tells the seller that you’ve already begun the process and that a lender has already taken a look at your credit history and overall financial capability.
- Consider “pre-underwriting.”Some buyers go a step further and ask their lenders to get them “pre-underwritten.” This is a more thorough process than a preapproval and involves verifying the documentation you’ll be submitting in a formal approval, among other things. (Note that not all lenders offer this service, so check with your lender first).
- Include a flexible timeline.Sellers will want to go with an offer that’s willing to accommodate their needs. Before you place an offer, assess their needs and try to find out whether they want to close fast or if they need more time so they can move out properly. Try to work with their schedule. Sometimes sellers will opt for an offer with a lower price if it means being able to stay in the property longer or being able to close the sale faster. So be flexible if you can.
- Add a handwritten note.When a seller is looking at several similar offers, there are times when it’s the one with a personal touch that will stand out. Include a handwritten note about why you want to buy the home. Keep it authentic and heartfelt, after all it is your perfect house. It’s hard for some sellers to let go of their homes, and letting them know that the property will be in good hands can get you the house.
Are you ready to buy a home?
The Greater San Diego market is ripe with real estate offerings for every kind of home buyer. To start your search, get in touch with me today at 760 622 5087 or [email protected].