Compete to Win When Making an Offer On Your Dream Home!
When it comes to home buying, putting in a bid on a potential new home is arguably one of the most stressful moments in the whole business of moving and home buying. You’ve found a lovely house, done a walk-through, and have fallen in love with it. So, you want your purchase offer to be enough to set you apart from everyone else who may be vying for your same dream home. So, how do you make your offer stand out?
Well, it’s all about your strategy and how you plan to dive in. Once you find yourself in competition for the house that you want to make your home, it’s not reasonable to simply wait around and be passive. You should work with an agent who knows how to compete and who will advocate for your needs in every circumstance. If you want to improve your chances of closing that sale, and winning the bidding war, remember these key features of throwing in a competitive offer:
Offer the selling price, at least.
In a competitive situation, of course offers need to be realistic and based on market values. But, they also need to be aggressive enough to make you stand out in order to actually get your dream home. If you know that your heart is set on a particular property, don’t be afraid to be aggressive, and offer the seller’s asking price. It’s all about how bad you want it.
Know what’s important to the seller before you write an offer.
Before you make an offer, find out exactly what terms the seller is and isn’t willing to bend on. If, for example, you are flexible on your closing date, or don’t care about the small nicks and dings that were left on the walls, or maybe don’t even mind that there’s an unfinished basement, go to the seller’s agent, let them know where you stand, and ask them what you can do to make your offer more enticing. You may find that they, too, are flexible, which could bump you straight to the top of the pack.
Don’t unnecessarily complicate matters.
All too often, home buyers get caught up on the little things, overcomplicating offers that can turn into real turn offs. Maybe you noticed that the carpet upstairs had a stain and needed to be professionally cleaned, or you didn’t like the paint color in the bathroom. But, if you find yourself getting nit-picky on simple, superficial matters, stop and ask yourself just how important it is, in the grand scheme of things, before you go making demands. It’s best to keep things simple. After all, simple is what any seller is looking for.
Increase the earnest money.
If you really want to show a seller that you are serious, consider upping the percentage of earnest money that you are willing to put down. It may seem risky, but it speaks volumes to a seller looking for a serious buyer.
While these tips are sure to help you make a competitive offer on your next home, above all, remember to stay positive and understand that there can be a bit of a learning curve. If you lose out on your first offer, don’t sweat it too much. There is always another beautiful home and another seller ready to move. You just have to be patient and keep at it. For most new homebuyers, it takes at least one loss before you understand the process and are ready to get serious on the next one. When you’re ready, we can help you find the home of your dreams and make certain that you go in with your best foot forward. Contact us at (847) 226-8681 or by email at ebooth@ericboothrealty.com.
