How To Get Your Offer Accepted in a Seller’s Market
- Get your offer in early! Your agent will likely have you on an automatic property search which will notify you when a property comes available which meets your criteria. Go see it as soon as possible. When you view a house and love it, don’t hesitate. In the market today, even “sleeping on it” may cause you to lose your dream home.
2. Offer your best and highest right from the start. If you are able, offer full price or even higher. Properties are at a premium today and most are going for over asking price if the home is in good condition.
3. Shorten the window for an inspection, maybe only a few days. Many buyers are waiving inspections completely, moving them to the front line with sellers. It contains more risk for a buyer, but also improves their chances of getting their offer accepted.
4. Include a preapproval letter or desk underwriting document if you are obtaining a mortgage, or proof of funds if you are a cash buyer. This proves to the seller you are authentic and able to purchase. Prior to even looking at property, or writing an offer, it is wise to discuss your buying options and limits with a mortgage banker or mortgage loan officer.
5. Make a larger earnest money deposit. Sellers will feel more comfortable accepting an offer with more money on the transaction. More money down will alleviate the seller’s fears of a buyer “walking away”.
6. Submit a clean offer---do not be petty. Do not be specific about asking for furniture, removal of items, etc. Those items can be discussed and negotiated after you have a signed contract.
7. Be as flexible as possible with closing date. Some sellers may want a quick closing; some may need additional time to relocate. More flexibility on the buyer’s part may be the key to closing the deal.
8. Realize the seller also has closing costs; the buyer may offer to assist in paying some of those costs if it makes the deal happen.
9. Many buyers, especially first-time homeowners, may ask the seller for assistance in closing costs. This is not advantageous to the buyer in the existing market. The seller will hesitate, knowing the buyer does not have enough funds saved to pay for their closing costs.
10. Be a creative buyer! Offer to cover moving costs; offer a longer closing if necessary; offer to rent back; offer to clean out an overflowing garage; offer to cover lawn care/pool care until closing; offer a time share week to the seller. Some of these may sound crazy, but you would be surprised at what a seller may consider when they are deciding who is getting their home.