When you’re shopping for a home in Sellers market, you may become interested in a property for sale that several other buyers are interested in. What should you do if you really love that home? Obviously, you’ll need to move quickly and make some fast decisions. Start by making certain the property fits within your price range. The last thing you want is to have an offer accepted and find out it is beyond your budget. That’s why it’s a good idea to arrange for financing before you go home shopping.
Next, you want to make an offer that is so enticing to the sellers that they’ll put your offer at the top of the pile. So, what makes an offer enticing?
Obviously, price is the main factor. You want to go in at a price that’s attractive to the sellers. Chances are your offer price will need to be above asking. Find out what similar homes in the area recently sold for — what real estate agents call “comparables” — and use those as a guide.
It’s also important that your offer contains few, if any, issues that may be concerning to the sellers. The ideal offer will feature:
A closing date that’s convenient for the seller.
A deposit amount that shows you’re a serious buyer.
Acceptance of any of the buyer’s “exclusions”. (For example, they want to take the fridge and stove with them.)
Evidence you can get financing. (Many lenders offer a “Mortgage Pre-approval Certificate”.)
Although a “no conditions” offer is the most attractive, including a condition on passing a professional home inspection is usually not a problem, so long as the inspection is done quickly. Avoid adding other conditions, such as “subject to financing approval” or “subject to the sale of buyer’s existing property”. If you want to increase the likelihood that you’ll find — and, more importantly, get — your next dream home, call today.