Homebuyer demand is at its highest point in the last five years. In many areas properties are selling in just a few days after hitting the market. In order to secure your dream home you need to make strong offers that are appealing to sellers. Price is always important but in some cases not the most important factor. In multiple offer situations sellers will often look at seemingly minor items on the contract to make their decision. These items may not seem like much but they make all the difference in getting your offer accepted. Here are a few tips to help get your offer accepted.
Financing. It is no secret that securing lender financing is no walk in the park. The process is not as difficult as it was five years ago but it is far from quick and easy. One of the first items that sellers look at is the financing. The higher the down payment the more confident they feel. Most prequalifications are generic in nature. If you are putting more than 20% down you should ask to state this on yours. This will definitely give you a leg up on the other offers submitted.
Closing date. The later the closing date the more time for issues to pop up. This is the perception that most sellers have. Even if your credit and prequalification are strong a closing longer than 45 days out may be a red flag. Sellers typically want to close within 45 days and often as soon as possible. Even if your offer is above the asking price you need to be able to close in a relatively short time frame.
Right price.Prior to making an offer you need to get an idea of the demand. On properties where demand is low you can submit a low offer and wait for a response. On high demand properties you need to put your best foot forward starting from offer one. Making a strong offer should assure you of being in consideration for a counter offer. If your first offer is too low the seller may dismiss it altogether. You only have one offer to make a good impression. Make your offer one you can live with.
Rebates & concessions.If you really want a property you need to show it. You cannot ask or the sun, moon and the stars and expect your seller to agree to it. Sellers do not want to have to counter an offer that is full of concession and rebate requests. This is especially the case when there are multiple offers.
Short contingencies.The time you request from acceptance date to the inspection contingency date could be the deciding factor. With every contingency date you need the shortest possible timeframe. The seller wants to know where the financing stands as quickly as possible. The same is the case with the appraisal and every other contingency on the contract. The quicker you can keep the process moving the better your chances of acceptance are.
If you find your dream house you should do everything possible to get your offer accepted. Work with your real estate agent to present an offer that helps make this possible.