In a seller’s market, it is very important that buyers understand the right tactics and methods to make their offers stand out from the crowds. If you have found the perfect house at the perfect place that fits all your needs and you budget, then the next step would be to make a great offer that is bound to get the buyer’s attention. Frankel Realty has been in the real estate business for a while and is well aware of making great offers that sellers can’t refuse. Here are some great tips for home buyers.
Make sure that the seller likes you
If you have found the perfect house, it is very important to make sure that the seller actually likes you. This will improve your chances of getting offer to stand out. For most people, parting with their home is an emotional decision and they would always be happier to hand it over to someone who they like. If your sellers have lived in the house that you have picked, they most certainly love it and will be happier to hand over the keys to someone with the same interests. If you can get in touch with the seller, be sure to let them know that you like the house and that you are willing to take good care of it.
Consider managing the repairs yourself
When you know that you have competition for the house that you love, taking two weeks to get the home inspected is not likely to get your offer to stand out. In reality, you can consider a fast inspection that will also make sure that the offer does not have to have a contingency on inspection. The best way to make your property attractive to a seller is to make the offer with an ‘as is’ contingency. This will let the seller know that you are willing to buy the property without asking for any repairs. Should the inspection reveal simple repairs are necessary, the buyer can pay for the repairs themselves or walk away if the inspection reveals something very expensive.
In most cases, home purchase contracts are drawn up to have contingencies on appraisal and financing. This allows buyers to take back their deposit if they are not able to finance their home or if the appraisal does not support the home’s price. A non-contingency offer is actually a cash offer and is only recommended by real estate professionals if the buyer can afford it. If you are confident of your financial situation to make such an offer, a seller is most likely to take notice. However, you should only work with a trustworthy lender who is capable of delivering to reduce the risk on your part.
Add an escalation clause to your offer
Most buyers tend to think that they ought to save the highest offer for the end for when a seller makes a counter-offer. In reality, sellers often go for the highest offer in a competitive market without going through the negotiation process. However, if you are to add an escalation clause to the offer that you plan to make, this is a way to let your seller know that you are willing to pay more for the house. This is a safe way to attract a buyer’s attention to get into a contract. In order for the escalation clause to be put into effect, the seller has to show evidence of other offers to the buyer.