There is a lot of real competition out there today for good properties. The stronger your offer the better chance you have of getting your dream home. I speak with people a lot and hear the stories of how they keep putting in offers and not getting the property. There are good reasons for this, there is a good chance you are not putting your best foot forward. If you really want a property your offer needs to reflect that. You need to consider both price and terms. Allow me to give you a few tips on making your next offer stronger:
Get a mortgage pre-qualification letter. There is a good chance that you will be going up against a number of cash buyers. A Seller more times than not will go for a cash deal over one that requires financing when the dollars are the same. Sometimes they may even take a cash offer a few thousand dollars less just because it’s a sure thing. Your pre-qualification letter takes the guess work out of it and lets that Seller know that you can get the mortgage to close their property. This letter levels the playing field for you when going up against a cash Buyer and it simply makes your offer stronger.
Make a real offer. If it is a good property only on the market a short time you may be tempted to make a low ball offer to test the waters. The truth is if it is a good property that happens to be priced right there will be a great deal of activity. Many times a smart Realtor will list a property like this at the lower end of the current market. They do this to bring in multiple offers quickly. They then create a bidding war which in many cases goes up and flies right by the list price. If you put in a low offer you probably are not even in the race. Good property, short time on market and priced right, make your offer close to full list price. If there is a lot of activity and you really want the property you might think about making your offer a couple thousand dollars over full list. This makes your offer strong and if it goes to a bidding war at least your in the game. It may even keep you out of a bidding war.
Good Deposit. You’re making an offer on a property you really want, you know that you are putting down 10%. Don’t expect a Seller to take their property off the market for a couple thousand dollars why you go looking for a mortgage. Make a real offer and offer the 10% as a deposit. Your deposit is help in escrow and not at risk and it shows the Seller that you are serious.
Offer a fast inspection time. I always suggest that you have a property inspection done, it is expected. However that Seller knows that they don’t have a deal until you past your inspection time. Don’t drag it out most buyers will go with 15 days. You don’t need 15 days for an inspection. Use 10 days and jump right on it. Once again it makes your offer more attractive than some of the others.
Offer a quick close. The Seller is selling their home, all they want now is the money. Be realistic, but the faster you can close the stronger your offer appears to that Seller. Ask your lender how much time they need. If you are a cash buyer you should be at 30 days or less.
Use these tips and you will see how much faster that Seller says yes to you and your family. For more tips on getting your offer accepted you can contact me personally at FWHprogroup@gmail.com
F. William (Billy) Hineline
Treasurecoast.com
Resident Real Estate Expert and Contributor
President FWH Professional Group
