Here are three ways to beef up your offer in this competitive market.
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In this multiple-offer market, buyers are constantly asking me what they can do to help their offer stand out in such a competitive environment. Here’s my advice:
1. Present the strongest offer that you can. When we say strong, what initially comes to mind is the price, and that’s certainly a factor. However, the terms and conditions are important to an offer’s strength as well. If you’re asking a seller to pay assistance, this is going to be deducted from the net proceeds that they receive. An offer with seller assistance is a weaker offer than one without.
If you can manage it, a cash offer is the strongest with a proof of funds letter. The seller doesn’t have to worry about an appraisal or contingencies. If you are getting financing, make sure you get a written pre-approval as well.
2. Remove the appraisal contingency. If your offer is financed, you can include a clause that states that the sale is not contingent on the appraised value. If you’re making an offer with any other contingencies, such as a home inspection, you can put in a clause that has a higher dollar amount for repairs or waive the inspection altogether if you’re comfortable with the property’s condition as is.
"We’ve had buyers win homes
because of a personal letter."
3. Write a letter to the seller. A letter can go a long way in the eyes of a seller and could put you over the edge in a competition that’s very close in regard to price and terms. Making a personal connection could be the thing that helps you win the home of your dreams. We’ve had buyers use this strategy with success in the past, and you can use it too. Quite often, a seller will choose a buyer they have a connection with when everything else is equal.
If you have any questions, call or text today at (239) 248-8000. I’d love to help you.
