With a rapidly changing market and low inventory, homes are selling faster than ever. New listings can have several offers before you have even had the chance to see it. With this being the case, not only do you have to spring into rapid action, you have to come prepared with an offer that will stand out above the other buyers out there.
While it can be difficult to be the first of multiple offers coming in, you can make your offer the one that will get you the home that you have fallen in love with. The tips could be exactly what you need to get into your next home.
Get The Inside Scoop
Say you have decided to purchase a home that you have fallen in love with and you’re prepared to put in an offer on that home. Before you meet with your real estate agent to write the offer, you should ask your agent to get the inside scoop of what the seller may want by asking the listing agent.
When your agent contacts the listing agent, make sure that they ask questions about the home’s availability and if there are multiple offers for that home. If there are other offers, you will have to evaluate just what you are willing to do to get the home. Keep in mind that the listing agent may not be able to disclose anything to your agent at the request of the seller.
You should also ask your agent to inquire about the seller’s preferences and what they may want. Some sellers prefer you use a specific title company or have a specific possession date that would align with a date that is convenient for them. The more your offer aligns with the seller’s goal, the better a chance of getting your dream home.
Make a Simple Offer
While making an offer on a home can be complex, you should aim to make your offer as simple as possible. The fewer contingencies that you have put in place, the better.
Some contingencies you might put in place range from a financing contingency to a home inspection contingency.
Also, when you put in an offer, keep in mind that it’s not all about price. You may be prepared to go well over asking, but remember that the best offer will be the sum of the terms that work best for the home’s seller. While you want to get this home, you do not want to overextend yourself financially.
Things Will Move Quickly
As you embark on your home search, you will want to see as many homes as possible. If you work with an agent that has a busy schedule, ask to utilize one of their team members to see the homes on your list.Remember, you will want to move quickly especially when the market is hot and your agent will do the best they can to work with you to get you the house you want.
One Last Tip
Writing an offer can be cumbersome and can take more time than you may be willing to wait. The key tip: be patient. Let your agent provide the seller and the listing agent with your offer and wait a few days to find out if they accept or not. This is completely normal so do your best to be patient in hopes that you are able to get your next home.
One thing that you may be able to do to get your offer accepted is to suggest to your real estate agent that they outline the terms and contingencies of your offer in a pager on the front pack of the offer package. This will give the seller and listing agent the opportunity to see what the offer entails from the beginning.
During a hot market where homes are selling as fast, you have to be diligent in writing your offer so that they will stand out from the rest. For more tips and tricks on the homeowner journey, read through our free How To guides on buying, selling, and financing your home.