What Makes an Offer Stand Out?
Although some sellers and agents may have different opinions, there are a few details that remain consistent with getting your offer to stand out. And with how competitive this market is, that’s exactly what you want. When putting an offer in on a home, you may be going head to head with multiple offers. Knowing how to potentially create that gap between yourself and other buyers can win you the home!
1. Be Pre-Approved
This will forever remain the very first thing that all potential buyers should complete. Get Pre-Approved! Including a pre-approval letter from the bank will show the seller that you are serious and prepared to pay for the home. They will be able to see that you will have the necessary funds needed to carry a contract to closing. –And on a side note, you will only be shopping for houses that are within your pre-approval range, so you can rest assured that when you fall in love with a home, you can afford it!
2. Earnest Money Deposit
An Earnest Money Deposit is basically a deposit on the home that the seller gets to keep if the buyer backs out of contract for no valid reason. Showing the seller that you are prepared to make a decent earnest money deposit can make all the difference in getting your offer to stand out. Only someone who is truly serious about buying a home will put forth an earnest money deposit that goes above and beyond.
3. Remove all Possible Contingencies
A contingency in real estate is a requirement that much be met for a contract to become legally binding. For example, if you want to buy a new home, but you must first sell your current home, that is a contingency. Buying a new home is contingent on selling your current home. Anytime you can waive contingencies such as this, the seller is likely to be more confident that the contract will make it to closing. Any relief you can give to the seller is a great way to help your offer stand out.
4. Give Your Best
When you find that home that you really love, consult with your trusted agent about a dollar amount. Your agent can complete a Comparative Market Analysis that will compare homes in the area and give you solid research to base your offer off of. Our agents send in offers every day and they are well prepared to help you navigate those waters.
5. Be Honest
Tell the seller why you are in love with the home. Connecting with the seller may help your offer stand out. But, be sure to talk with your agent about this option and have him or her proof read your letter.
This is the time to be prepared and creative. Low inventory and high demand means almost every home on the market is getting multiple offers. You absolutely want yours to stand out and if you aren’t quite sure how, we would be happy to help! We are constantly thinking outside the box in efforts to win our clients their dream homes!