All of like to win, whether we are talking about sports of getting the home you want. Here are 12 workable ways to get your home offers accepted. They are as follows:
1. Make your offer as “clean” as possible. Don’t ask the seller to pay for your home warranty, and the homeowner’s association’s transfer fees, and your lender’s fees, etc.
2. Don’t ask the seller for any personal property they have not disclosed is being sold (refrigerator, washer, dryer, etc.)
3. A typical earnest deposit is 1% of the purchase price. Give the seller more than this to show you’re financially strong and serious about buying the home.
4. If you can afford to do this, offer to pay cash and provide proof of the funds you’ll use.
5. If you feel confident in the price you’re offering, waive the appraisal contingency. This will mean, if the home appraises for less than the purchase price, you’ll make up the difference in cash.
6. Add an “escalation clause” to your offer that outbids any other offer up to a given price. For example, “Buyer will pay $500.00 over any offer up to $200,000.” Your agent should check with his/her broker for a recommendation on the specific language to use before doing this and then require a copy of the next highest offer the seller received.
7. Offer to forfeit your earnest money to the seller if you cancel the purchase contract after the inspection period.
8. Make a larger down payment than what is required for your loan program. For example, put 5% down on your FHA loan, rather than the minimum requirement of 3.5%. Again, this shows the seller that you are financially strong, but more importantly, by making a larger down payment, you’ll finance less, and save more money over the long term.
9. Offer to buy the home in as-is condition. Signing an As Is Addendum doesn’t mean you can’t have the home inspected.
10. Agree to get pre-qualified with the listing agent’s preferred lender. This doesn’t mean you have to finance the home with the listing agent’s preferred lender. It will just reassure the sellers that you really are qualified to purchase their home.
11. If your bid on the home isn’t accepted, have your agent ask the listing agent if the seller wants to hold your offer as a back-up offer.
12. Make sure you’ve provided all of the required documents with your initial offer. If a seller receives multiple offers, one of the first things he/she often does is throw out the sloppy and incomplete offers.
2. Don’t ask the seller for any personal property they have not disclosed is being sold (refrigerator, washer, dryer, etc.)
3. A typical earnest deposit is 1% of the purchase price. Give the seller more than this to show you’re financially strong and serious about buying the home.
4. If you can afford to do this, offer to pay cash and provide proof of the funds you’ll use.
5. If you feel confident in the price you’re offering, waive the appraisal contingency. This will mean, if the home appraises for less than the purchase price, you’ll make up the difference in cash.
6. Add an “escalation clause” to your offer that outbids any other offer up to a given price. For example, “Buyer will pay $500.00 over any offer up to $200,000.” Your agent should check with his/her broker for a recommendation on the specific language to use before doing this and then require a copy of the next highest offer the seller received.
7. Offer to forfeit your earnest money to the seller if you cancel the purchase contract after the inspection period.
8. Make a larger down payment than what is required for your loan program. For example, put 5% down on your FHA loan, rather than the minimum requirement of 3.5%. Again, this shows the seller that you are financially strong, but more importantly, by making a larger down payment, you’ll finance less, and save more money over the long term.
9. Offer to buy the home in as-is condition. Signing an As Is Addendum doesn’t mean you can’t have the home inspected.
10. Agree to get pre-qualified with the listing agent’s preferred lender. This doesn’t mean you have to finance the home with the listing agent’s preferred lender. It will just reassure the sellers that you really are qualified to purchase their home.
11. If your bid on the home isn’t accepted, have your agent ask the listing agent if the seller wants to hold your offer as a back-up offer.
12. Make sure you’ve provided all of the required documents with your initial offer. If a seller receives multiple offers, one of the first things he/she often does is throw out the sloppy and incomplete offers.
Thanks so much. Good luck in your search.- Randy Wall, Lora Lee Properties
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