Here’s what you must remember to make your offer stand out to sellers.
Our market is very competitive. There are a ton of buyers out there and not enough homes for sale. This means buyers have a good chance of entering a bidding war to get the home they want. If you want to make your offer stand out in a multiple-offer situation, there are three points to remember:
1. Money. If you see a home you can’t live without, then you must go high and strong with your offer. Keep in mind, though, that later on in the transaction there will be a due diligence period that will allow you to ask for repairs and concessions, and this might bring the price down a little bit. Also, if your offer is similar to those you’re competing against in every respect, depositing a higher due diligence fee (which is nonrefundable) is a great way to showcase your seriousness to the seller. After doing this, they’ll be far more likely to consider your offer over others.
2. Time. Usually a quick close is better than a slow close, but sometimes you have to discern what the seller is after. They may need to stay in the home for two or three months after closing, in which case you’ll have to agree to lease it to them to make their move as convenient as possible. Keeping your due diligence period short is another way to showcase your seriousness to the seller. Some people elect to have no due diligence period at all, which makes all of their fees nonrefundable.
3. Emotion. It’s a very good idea for buyers to write a personal letter to the seller describing how much they love the home and telling them a little about their family. Remember, your seller may have lived in the home for multiple decades and raised a family there, so this probably makes the transaction an emotional process. If you can connect with them emotionally, you’ll make a great impression.
If you’d like to know more about how to make your offer stand out or have any other real estate questions, don’t hesitate to reach out to me. I’d love to help.