Blog Post: How to Get Your Offer Accepted

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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?

Pre-approval
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.

Good Communication
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.

2 comments
  • silver price
    REPLY

    I am allready preapproved for a loan. We were told by our agent that the seller wants us to get preapproved with their prefered lendor before they will accept our offer. This is a bank owned home. The seller is also the approved lendor. I contacted my lendor and he told me that some banks like to play that game, what ever that game is. Here is what my lendor and my real estate agent told me. I should proceed with the preapproval process so that I can get a letter from the “prefered” lendor saying that I am preapproved with their bank. Their thoughts are that when it enters escrow as long as I have the funds to satisfy the cost of the home it won’t matter then. Questions: why does it matter to the bank that owns the property where I get the money from? Is this a common scenario?

    • Annie Oehler
      REPLY

      Yes, it is a common practice for bank owned properties to request that buyers be pre-approved by the bank’s lender of choice. This is to ensure that the buyer is truly qualified, thereby reducing the likelihood that the deal will fall through due to the loan. You might ask your existing lender to contact the qualifying lender to secure an approval. After you get the approval, you can continue the purchase with your own lender.

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