The real estate market is on fire, with homes receiving multiple offers as soon as they go up for sale. According to one Forbes contributor, “In virtually every American city right now, many single-family homes hitting the market are selling in bidding wars, and the buyer with the most cash who closes fastest wins.” If you are searching for a new home, you have likely put offers in on multiple properties, only to be out-bid each time. You may be coming to the end of your rope, wondering if you will ever even own a home. Here are some helpful tips to help get your offer accepted, as well as make your move go seamlessly.
Make sure your offer is fair by researching comparable properties.
During a hot market, bidding wars tend to happen. Unfortunately, offers made during a bidding war are usually far higher than what the home is worth (from the lender’s perspective). When this happens, loans fall through (unless the buyer can come up with the difference in cash). Lenders will not provide mortgages for more than what a home appraises. To avoid any issues, be sure to research comparable properties within the area to ensure the offer you are making is fair to the seller, and you, as the buyer. The last thing you want is to get so far in the process, only to learn your home isn’t worth what you were willing to pay for it.
Take the seller’s needs into consideration when putting in your bid.
Sellers have their own set of expectations and needs when selling their home, which could benefit you. For example, you can offer a seller the option to rent the house from you should their new home not be ready in time. Additionally, you may be able to bring your closing date up if you have your items in self-storage, prepared to move at a moment’s notice! If you understand the motivations behind the seller’s move, you may be in a better position to make an offer that stands out (price aside). Believe it or not, when a seller is picking an offer, they are looking for the most substantial offer overall, not just the highest bid.
Don’t try to negotiate repairs when making an offer; wait until your offer is accepted.
If you nitpick at every little thing you want to have fixed within the property when you place your offer, you may as well kiss the home goodbye. Be realistic and reasonable when making your offer, and then, after reviewing your home’s inspection, negotiate as you see fit. Note that if the repairs are large enough, sellers will have to make them regardless of who the buyer is (i.e., a mortgage will not be approved with a faulty roof, so a seller will have to have the repair made themselves or provide you with a credit to do so).
Share a little bit of information about yourself.
Some people choose to include a handwritten note to share a bit of themselves and their family, while others prefer a fun video to showcase who they are and why they should get the home. These special touches could mean very much to a seller, so if your realtor suggests it, let the seller know more about you to help make your offer stand out against the competition.
Be ready to move.
Renting a local self-storage unit allows you to keep items off-site when showing your home to potential buyers while also providing you with the opportunity to unpack at your leisure once you do move. With self-storage facilities located in nearly every neighborhood, finding one nearby is simple. Best of all, there are numerous sizes and specials available, specially designed to fit any budget.
Remember, if your offer isn’t accepted, other homes will become available for you to view and bid. The perfect home for you and your family is out there. In the words of Walt Whitman, “Keep your face always toward the sunshine – and shadows will fall behind you.”
Happy hunting!
3 Tips to Get Your Home Purchase Offer Accepted
