Making your offer stand out may seem like a tough task, especially if you’re competing with cash buyers in a highly competitive market. As a buyer however, you need more than just cash if you want to successfully land the home of your dreams – you need to give sellers more reasons to choose your offer over those placed by other bidders.
Here are five great ways to make your offer stand out:
- Take time to research – Figure out what’s important for you or your family before you begin your house hunt. In a hot market, you may not get enough time to think about how many bedrooms you’d like, what type of features you’re looking for, or what amenities you’d want to have nearby.
Having a specific goal established during the early stages will help you have clarity once you start your search, which helps streamline the process when you start making offers.
- Build a rapport with the seller – Let the seller know their home is more than just a piece of property for you. Increase your chances of winning the bid by telling them why you want to live in the place they once called home.
You can do this simply by writing them an old-fashioned letter expressing how special their home is. It’s a simple gesture that could go a long way – if they love the house, they are more inclined to hand the keys over to someone who they believe will take care of it.
- Include an “as is” inspection contingency – Another great way to make your offer more alluring is to get an “as is” inspection contingency. This gives the buyer information on a property’s condition, while indicating to the seller that the buyer will not request for any type of repairs. Should the home inspector detect any issues, the buyer will only get two options: to purchase the home as is, or to walk away.
- Add an escalation clause to your offer – A common strategy used by many buyers is to keep their best offer in their pocket until a counteroffer is presented by the seller. However, a seller can just go ahead and accept the highest offer, rejecting others without giving them a chance to negotiate.
One of the ways to make sure your offer stands out is to include an escalation clause. This is a safe way of letting a seller now that you’re willing to pay more for the house, without needing to offer more than required to get a contract. Should the clause get activated, the seller will typically be required to reveal other offers to the buyer.
- Create a flexible timeline – Closing usually takes place between 30 to 90 days. Adjusting the closing’s length to accommodate the seller’s needs is a great to give your offer an advantage. Most sellers typically want a fast closing, which is usually 30 days. But in case the new home they’re relocating to won’t be available for around 60 days, take their needs into consideration and try to create a timeline that fits their needs.
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