In a competitive housing market, home sellers are fielding numerous offers, especially in popular cities and neighborhoods. Whether you’re a first-time homebuyer or a seasoned property investor, it can be tough to make offer after offer with no success.
However, there are key things you can do to help ensure your time house hunting for homes is well-spent and to increase your chances of getting your offer accepted.
All-cash offer
The most effective way to increase the chances of your offer being accepted is to make it in all cash. Cash offers drastically simplify the homebuying transaction, making things easier for both parties involved.
Waive the financing contingency
A contingency is an action needing to be completed before the contract becomes valid and the sale of a property becomes final. There are numerous contingencies found in a real estate contract; however, the most standard are for inspections, appraisals and financing.
If you intend to use a mortgage loan to purchase a home, a financing contingency protects you in case you aren’t able to secure the loan in time. In other words, you’ll be off the hook for a home you can’t pay for.
In some special situations, a buyer may decide to waive the financing contingency, to signal to the seller there won’t be any delays regarding paying for the property.
Letting a seller know you’re willing to drop this contingency can make your offer more appealing than competing offers, increasing the chances of your proposal being approved.
Crafting a personal letter
Sometimes to win a bidding war, you need to get on the good side of the seller. Take the time to write them a personalized letter explaining what you love about their home and why it’s perfect for your household.
Avoid disclosing significant changes you’ll make, as this may signal to them that you don’t appreciate all their home has to offer and may undermine some of their emotional connection to the property.
Working closely with your real estate agent, you can implement these techniques and increase the chances of winning a bidding war.
About the Author
Nancy Roberts
Nancy Roberts Realty was founded to provide integrity and innovation, honesty and good old-fashioned customer service. Our mission is to provide the most professional real estate services available in Western North Carolina (including Burke, Catawba and Caldwell Counties.) With our expertise and dedication, we will guide you through buying or selling.
Nancy Roberts Realty was founded on integrity, innovation and good old fashioned customer service. We treat you the way we like to be treated with honesty and respect.
We are relationship people, your not just a customer to us but a new friend. We are skilled at matching people with properties - we listen carefully to your needs to find you the perfect property.
Our mission is to provide the most professional real estate services available in Western North Carolina (including Alexander, Burke, Catawba and Caldwell Counties.)
With our expertise and dedication, we will guide you through each step of the buying or selling process, including choosing a lender, home inspector and moving company.
Let us help you find your property today!
