When it comes to the steps in homeownership, making an offer and negotiation with a seller for a desired property can be one of the most stressful. This is a period of the process where there’s less precision – you never know exactly how flexible a seller might be or what their thresholds are for turning you down.
At Mortgage Investors Group, we’re a mortgage company that does more than just provide funds. We can help with areas like making an attractive offer to a seller and differentiating yourself from other buyers. Here are some basic tips we offer.
The Numbers Are King
There will be a variety of factors sellers will look into, but remember that the basic numbers remain the single largest one. Here are some important areas to consider:
- Pre-approval: This is a program that assures a seller you’ve done your homework and are prepared with your finances. It also helps speed up the loan process.
- Amount: With more and more standardization of home values possible in today’s market, there isn’t as much room as there used to be for negotiation. There’s a bit of wiggle room here, but in general, try to make your asking price fair and reasonable.
- Simplicity: The simpler the offer, the better. Remove contingencies or demands wherever possible, as sellers will naturally look to the kinds of offers they deem easiest.
A Personal Touch
The numbers are most meaningful, but that doesn’t mean there aren’t a few additional tactics you can take to help your case:
- Show flexibility: There might be a few timing-related areas where you can help the seller and show you’re flexible.
- Optional perks: In some cases, a great offer contains something above and beyond. Maybe you can offer a period of leaseback for free, or offer to cover all home cleaning costs upon the move.
- Personal letter: In some markets and to some sellers, a personal letter explaining why you want the home may sway a seller.
Building a Good Team
As you go through this entire process, you need a good team on your side. This starts with our mortgage lender pros, and extends to a good realtor, additional advisors, and possibly some assistance from trusted friends or family who have been through the process before.
For more on making your offer attractive to a buyer, or to learn about any of our mortgage services, speak to the pros at Mortgage Investors Group today.
