Great properties in popular neighborhoods are going quickly these days. If priced right, many homes receive multiple offers. How can you make yours stand out to the seller? Here are a few tips.
1. Make sure you are Pre-Approved or have proof of funds – Proving to the seller that you can actually afford to purchase the home is not optional.
2. Do Not Low-Ball – The quickest way to turn off a seller and guarantee you don’t get the house is to make a low-ball offer. Make your offer price reasonable, possibly well over the list price. Your agent can advise you on price based on market knowledge.
3. Increase the Earnest Money – Earnest Money Deposits (EMD) or good faith money shows that you are willing to put your money where your mouth is. If you plan on putting 20% down when you close on the home, why not put the whole amount down with the offer.
4. Remove Contingencies – Making the offer contingent on too many items may but you at a competitive disadvantage. Sometimes leaving contingencies out of the initial offer can get you a leg up on your competition. Before waiving your rights to inspections, make sure you consult your agent, and possibly your attorney.
Having a plan before starting to look at houses will make your decision-making easier, and you’ll be prepared to make an offer quickly.