SHOW THE SELLER YOU ARE A SERIOUS BUYER
Today’s market is more competitive than ever. It’s hard to get the first home you fall in love with, and it may require a few offers on a few properties to be accepted. Having a variety of methods to improve your chances of having your offer accepted may be beneficial.
Below are some helpful tips as you begin your home-buying journey.
Don’t low-ball the seller. Low-balling may alienate you right off the bat and deplete valuable time while another offer is accepted. Understand that timing is critical, and be prepared to pay fair market value.
Be flexible with the timeline. The more flexible you can be with the timing of the seller’s move, the better advantage you have over other offers.
Tug at the heartstrings. Find common ground with the sellers. Are you both raising young families? Do your children attend the same school district? If multiple people are vying for the same property, write a personal letter to the sellers that explains why you love the home and why it is the best fit for you. It never hurts to set your offer apart.
Increase the earnest money deposit (EMD). A more significant earnest money deposit may appeal to a seller. You could consider doubling or tripling the amount since you’re going to pay it anyway at closing. Ask your agent for advice.
Don’t request favors from the sellers. Asking for additional appliances, furniture, fixtures, or repainting could hurt your offer and get you put at the bottom of the pile.
Shorten the negotiation period and get a pre-purchase inspection. Anything that can accelerate the buying process and ease the seller’s hurdles might improve your chances.