When you find a home that you love, you want to make sure that the seller accepts your offer to purchase the home. Oftentimes, sellers get multiple offers for their home, which is why you want to make sure you present a strong first offer.
#1: Get Pre-Approved for a Loan
One of the best things you can do to make your offer stand out is to get pre-approved from a mortgage lender. A pre-approval shows that the lender has reviewed your finances already and is willing to offer you a set amount for the purchase of a home.
When you submit your offer, you are going to want to include the pre-approval letter in your offer This will show the seller that you already have a bank that is willing to work with you and is willing to lend you the necessary money to purchase the home. A pre-approval letter can increase the seller's confidence that if they choose you, the deal will go through.
#2: Include a Personal Letter
When you submit your closing offer, add a personal touch by adding a letter to your offer. Your letter is your chance to communicate with the seller and let them know why you are interested in the home and what you like and appreciate about the home. A letter can help personalize the process of picking an offer for the seller and can increase your chance of having the winning offer if multiple offers have been submitted for the home.
#3: Shorten the Inspection Period
If you are confident in the home, and you already have an inspector lined-up who can get your inspection done as soon as your offer is approved, you can shorten the inspection period. A shorter inspection period means you have to get the inspection done and have a shorter time to back out of the deal. When a seller really wants to sell their home, a shorter inspection period can be beneficial as it allows the seller to move the sale forward at a faster rate.
#4: Consider the Seller's Motivation
If you can, find out why the seller is selling their home. Understanding the seller's motivation can allow you to craft an offer that better meets their needs. Some sellers may be wanting a little more time for the closing, for example, while others may want to accelerate the closing process. Being able to accommodate a faster or slower closing, based on the seller's needs, can help your offer stand out.
When it comes to making an offer on a home you really want to get, including a pre-approval offer from a lender, adding a personal letter, and crafting the offer in a way that responds to the seller's needs can help your offer stand out and be selected above competing offers. Contact real estate agents to learn more about moving into a new home.