If you are buying a house for the first time, there are a lot of unknowns to navigate. One of the most exciting and critical steps in the process is submitting an offer. While you can’t control whether your offer will get accepted by the seller, there are some things you can do to put the odds in your favor.
Submitting an Offer with a Preapproval Statement
Any home seller is more likely to respond well to a buyer’s offer when the buyer has been preapproved for a mortgage. One of the first things to do when you decide to buy a house is get preapproved by a bank for a mortgage. Then, when you are ready to place an offer, you will have a document from your lender that proves you’re able to get financing. The seller will take you more seriously over other buyers who have not been preapproved.
Follow Your Agent’s Advice
Every real estate situation is unique, so it is best to look to your agent for guidance when submitting an offer. There is no one-size-fits-all formula. Many factors determine the best route to take when submitting an offer, including the local real estate market, the condition and age of the house, how many other offers there are, your budget, and your goals for homeownership. A real estate agent has experience and knowledge in navigating these factors to get a fair deal.
Submitting Your Offer with Contingencies
You may see advice online that says the best way to get an offer accepted is to waive contingencies. While the seller does find that tactic attractive, you are putting yourself at risk by doing so. One of the common contingencies in an offer is the home inspection.
This means if the inspection report shows serious problems with the house, there is flexibility in asking the seller to make repairs, lower the asking price, or you can back out of the deal altogether. You protect yourself by including contingencies for the home inspection and appraisal in your offer.
Write a Letter to the Seller
Writing a personal letter to the seller is one of the lesser-known tips for submitting an offer, which makes it more effective. If the seller gets ten different offers and one has included a letter, the one with the letter will stand out. The point of the letter is to explain who you are and why you would be a good homeowner and addition to the community.
Offer a Quick Closing
All home sellers want a smooth and quick closing process. The standard is within 30 days, but if you feel comfortable offering an earlier closing date, that may mean the difference of the seller choosing your offer over someone else’s. Shave off a week and offer to close in 21 days.