Thinking up ways on how to make your offer stand out from the crowd can be a difficult task, especially if you’re buying a home in a competitive market. To successfully land the home of your dreams, you need to give sellers good reasons to choose your offer above those placed by other prospective buyers.
Here are some helpful tips on how to make your offer more enticing to sellers:
Do your research
Before you start looking for a home, it’s important to figure out what type of property and which features will benefit you and your family. In a fast-selling market, you might not have time to think about certain factors like the number of bedrooms, what features you’d like to have, or what type of amenities you’d prefer to have nearby.
Planning towards a specific goal of the home buying process will give you more clarity throughout the house hunt, helping you streamline the process and make highly competitive offers.
Build rapport with the home seller
Letting the seller know that their home isn’t just any piece of property for you is a great way to boost your chances of winning the bid.
It might seem a bit cheesy, but even a simple letter expressing why you think the home will be a special place for you and your family can do the trick. It adds a special touch to your offer, especially if they loved the house. Most home sellers are more inclined to give the keys to their previous home to new owners who they believe will take good care of it.
Include an escalation clause
One common strategy used by home buyers is to hold on to their best offer until the seller presents a counteroffer to their original offer. In some cases, a seller simply accepts the highest offer available, preventing other prospective buyers to renegotiate.
You can try to make your purchase offer stand out by including an escalation clause. This lets the seller know that you’re willing to pay a specific amount for the home beyond the highest offer they receive from other buyers. Including an escalation clause can help increase your offer’s chance of being accepted, and it sets particular parameters defining what you’re comfortable with in terms of how high you’re willing to pay.
Establish a flexible timeline
Closing typically takes about 30 to 90 days. To make your offer more enticing to the seller, you can adjust the closing period’s length in order to accommodate any specific needs they may have. Most sellers usually look for a quick closing that lasts for about 30 days. In situations wherein the new home they’re moving to isn’t available for 60 days or so, be sure to take their needs into consideration by adjusting the timeline of the closing to one that accommodates their requirements.
Buying a home in Sayreville, Old Bridge, East Brunswick, or other nearby communities? Get in touch with us at Formula Realty at(732) 858-8822, or send an email to mybrokermax(at)gmail(dotted)com.