I’m here to discuss the things you need to know to get your offer on a home accepted in this crazy and competitive seller’s market.
Now, back to our main topic: the things you need to know as a buyer to get your offer accepted every time.
These days, your offer will need to be strong and aggressive in the following three ways:
1. Purchase price. Your purchase price will need to be very strong, even over the list price. It may end up being so high that the home won’t appraise for that amount, but there are ways to overcome that gap—I’ll discuss that in more detail in a future blog post.
2. Due diligence. That’s the non-refundable deposit you give directly to the seller to get your offer accepted. Many times, we see due diligence deposits of anywhere between $5,000 and $50,000, though sometimes they’re even higher. You’ll get most of that money back, depending on how you structure your loan, but it has to be a number high enough to support the purchase price. An offer with a low purchase price and strong due diligence probably won’t be accepted, and one with a high purchase price and low due diligence likely won’t either. The two need to work in tandem.
3. Mystery motivator. Ask the listing agent what exactly the sellers are looking for. An experienced agent will be able to help you find that out; maybe the seller needs a rent-back to have more time to move, or perhaps there are some items they don’t want to move out of the home. The more you can help a seller’s transition, the better your chances will be of getting your offer accepted.
If you have any questions about boosting your offer’s appeal to win or concerning home buying in general, don’t hesitate to reach out to us. We’d love to help you.