How to Get Your Offer Accepted
It’s no secret that inventory of new and resale homes in most U.S. markets are low right now. If you are currently shopping for a home, you already know how challenging it can be to both find a home that suits your needs/preferences and even more challenging to get your offer accepted on that home. When multiple offers are being made on a home, what will give you the best possible chance of getting your offer accepted?
If you are waiting until you find a home you really like to get pre-approved for a home loan, you are very likely sabotaging your chances of getting an offer accepted. If a seller receives multiple offers from buyers who have been pre-approved for a home loan, they are far less likely to give any attention to an offer from an as-yet-unqualified buyer. Speed is the name of the game for today’s potential homebuyers. Even if you are on the fence about whether to become a homeowner or not, get pre-approved for a loan. If you decide not to purchase, there will be no harm done. However, if you do decide to submit an offer, you will have a much greater chance of having it accepted. For more information about getting pre-approved for a loan, please see our past blog post Qualifying for a Home Loan.
Communication between the buyer’s agent and the seller’s agent is absolutely essential in getting an offer accepted. If your agent speaks to the seller’s agent before an offer is made, it will give them a much better idea of where the seller is coming from – what are their concerns, preferences, etc. This information will give you a great advantage moving forward with an offer. During times when competition with offers is heavy, it is more imperative than ever that your agent is competent and prompt. If you have any doubt that your agent is not working hard enough (or fast enough) to get your offers accepted, it’s time to find a new agent.
A Letter to the Seller
Recently, one of our agents was representing a seller who had received multiple offers on her home. One family who submitted an offer wrote a letter, including a picture of their whole family, telling the seller why they loved her home so much and what kind of future they imagined for themselves in it. Even though other buyers submitted higher offers, the seller accepted the offer from the family that wrote this endearing letter. She had lived in her home for many years and cared more about passing it on to a worthy family than about getting the highest dollar amount for it. Not every seller will feel this way, but for those who do, a heartfelt letter can really make your offer stand out.
Shortened Contingency Periods
Shortened contingency periods usually mean shortened escrow periods – something that may really appeal to sellers. But this is something for which careful thought, and especially advice from your agent, is required. Your agent will be able to explain how each contingency works and the potential benefits and drawbacks of shortening contingency periods.
If you have been struggling to get an offer accepted on a home, don’t lose hope! With patience and perseverance, you will undoubtedly find the right home at the right time and for the right price.