So how do you improve your offer without simply raising your price?
Here are some key tips to help you find success as a buyer in today’s market—without simply paying more for the home you want:
1. Be flexible with your timeline. Being flexible means, being willing to close sooner or later, depending on what the seller wants. If necessary, sellers might ask to stay in the house for a bit longer after closing. That may not be ideal, but if it doesn’t cost you more money and it gets the deal done, it’s something to consider.
2. Raise your earnest money amount. Sellers typically see this as a sign that the buyer is serious. Since the buyer won’t get that money back if they back out of the deal for some non-contractual reason.
3. Shorten or remove your contingencies. Your could shorten the inspection contingency from it’s usual 10 days down 7, as an example. Additionally, you could shorten the financing contingency to put the sellers mind at ease well in advance of closing.
4. Move fast. I’ve had multiple deals recently where a buyer will find a property they like one day, only to find out that it has several offers on it the next day. If you want your deal done, in today’s market, you have to move very quickly.
5. Share your story. I’m not a sentimental person myself, but sentimentality does often mean something to homeowners. Especially if they’ve lived in that home as their primary residence for a long time. To know that the next group that’s going to live there, take care of it, and be as attentive to it as the owners themselves were can make all the difference in a seller’s decision to accept an offer. Write them a letter and share relevant details about your life that you think would be compelling to the owner and their situation.
6. Be fully approved. The pandemic has created a mess for mortgage companies and banks as they approve buyers to get loans. You can go all of the way through the underwriting process prior to making offers. That way, the seller won’t have to worry about the deal falling through for some underwriting issue later on during the deal’s timeline.
If you have any questions or would like more information about how to successfully navigate a deal in today’s market, don’t hesitate to reach out to us. I’d be happy to talk strategy with you.