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4 Tips to Get Your Offer Accepted (Episode 2)

Tighten up on the Inspection Contingency
To make your offer more attractive some buyers choose to waive their option for an inspection. This can be risky, and our advice is to accept the property “as is” if you are happy with its current condition and choose to go the safer route to do an inspection. In the case that issues arise during your inspection, provide the seller with a list of issues and the option to address them by fixing them, making a price adjustment, or giving you a credit back.

Contingent upon Financing
This is another contingency you should never omit in your offer unless of course you are paying all cash or are extremely confident with your finances.  Generally speaking, a 30- to 45-day closing usually has a 17- to 25-day period for a mortgage approval. Your preapproval letter will make this finance contingency less of an issue for your seller.

Contingent upon Appraisal
It’s very possible that the house may not appraise at your offer price. However, if you’ve done your homework and are comfortable with your offer, you might consider waiving this contingency.

The downside is that you may be on the hook for the price difference under the negotiated sales price. Waiving this contingency gives you a leg up over the competition, especially in a hot market where the seller is trying to get top dollar.

The “Please let Me Buy Your House” Letter
Writing a handwritten note may not get you the deal, but if multiple offers look close or equal on paper, a personal note to the seller can really make your offer stand out.
Selling a home is an extremely emotional process, especially for those who have lived in their home for decades or raised a family there. Sharing your eagerness to raise a family of your own in their house could pull at their heartstrings … and get you that house!

We appreciate you tuning in and hope that you found this informative.  These are just a few offer strategies of the many we use here with our team.  If you’re a home buyer wanting to see how we can help you negotiate you next offer give us a call today for a free consultation at 956-307-4544.  We look forward to hearing from you.

4 Tips to Get Your Offer Accepted (Episode 1)

Delivering a perfect offer is key to getting your dream home.  As home prices continue to rise and inventory levels drop, competition for a great deal on a home can get tough.  In a hot market, the inventory of affordable homes is limited, and more buyers are fighting for fewer homes.  So here are four ways to make a home offer stand out.

Cash is King
If you can buy a home with a full-cash offer, you will win out over other offers with mortgage requirements. This may seem like a daunting prospect, but sellers know the benefits of an all-cash buyer. There is no issue involving mortgages, the escrow closes faster, and there is no appraisal requirement.  If you don’t have the cash necessary to pay 100% of the home. 
Try putting down more than the minimum required by your lender.  An offer provided by a buyer that can put 20% down as suppose to only 5% down shows further financial stability.

The Next Best Thing to Cash: a Preapproval Letter

A preapproval letter is confirmation from your mortgage broker or bank that you’re able to borrow the money necessary to finance the home. Preapproval for a specific dollar amount indicates you are able to obtain the loan. While not the same as a cash offer, the loan has essentially turned you into a virtual cash buyer, as mortgages can be difficult to secure.
It shows a seller that you’re not only qualified but also prepared and serious about purchasing their home. Another buyer may offer to pay more, but if they aren’t preapproved, you’ll have the leg up.

Prequalification Opens the Door Too
Being prequalified by your lender is not as powerful as being preapproved for a mortgage, but it’s still useful in the offer-making process. It’s an informal assessment indicating you’re qualified financially — but it is nonbinding. Always try to get a preapproval letter, but settle for a prequalifying letter if you have to.

Timeline flexibility
Closing generally takes place within 30, 45, 60, or 90 days. Customizing the length of the closing to suit the seller’s needs can often seal the deal over a higher-priced offer. Unless there are extenuating circumstances, a seller will want a fast closing, usually 30 days. But if their new house won’t be ready for 60 days, determine their needs and try to accommodate them. I’ve seen many deals sealed over this concession.

These are four ways help your offer stand out amongst the others.  Next month tune in to hear four more ways to set your offer apart.  If you’re a home buyer wanting to see how we can help you negotiate you next offer give us a call today for a free consultation at 956-307-4544.  We look forward to hearing from you.