Are You Using These 6 Strategies to Get Your Offer Accepted? Pay Close Attention to the First One

In a hot seller’s market like this, homebuyers need to get creative to beat out the competition for that great home. Surprisingly, this doesn’t always mean offering the most money, although that surely helps. Here are six things you can do to make your offer stand out and get accepted.

Get Pre-Approved

Talk to your local loan officer and go through the steps to get pre-approved for a mortgage loan. Pre-approval shows that you can and have qualified for financing. The seller will have greater confidence that you’re serious about purchasing their property — and are financially able to do it. This step puts you on better footing against your competition.

Use an Experienced Realtor

Don’t even consider going it alone on your buyer’s journey in this seller’s market. Find a reputable, professional real estate agent who knows the area and the market well. Interview a few and see who you best connect with and who understands what you’re looking for.

Make a Cash Offer

While it’s out of the realm for some borrowers, if you have the means to pay for your home in cash, you’ll be miles ahead of the competition. Cash offers require little waiting time, so the seller can get their money quickly. Plus, there’s no chance a failed loan will derail the sale.

Be Willing to Negotiate

There will likely be negotiations on the path to homeownership. Be willing to increase your offer and forgo contingencies to make yourself look more attractive to a seller. It’s smart to have a strategy planned before negotiations begin, so you can react calmly and rationally when you get into the thick of it.

Agree to Close Early

Some sellers want to sell fast so they can close on another property, move, or just get on with their lives in general. They don’t want to be stuck in the limbo between agreeing on a deal and closing, which can traditionally be several weeks. With all other things between buyers being equal, offering to close early could be the catalyst that tips the scales in your favor.

Add an Escalation Clause

If you really want the house, you can add an escalation clause to make the seller more comfortable taking your offer. It is a statement that commits you to paying more if they receive a higher offer. For example, if you offer $300,000 and the next person offers $325,000, you’ll beat that person’s offer by $5,000 (or whatever amount you designate). This gives you an advantage over standard offers.

In this crazy seller’s market, buyers need every angle they can get, no matter how small. Use these tips to find yourself on top of the bidding frenzy and inside your new home.