Tips for Making an Offer They Can’t Refuse
Whether you’re a first-time buyer or an experienced investor, the real estate market is hot! It isn’t easy to get your offer accepted in this climate. But don’t worry–we’ve got you covered with these four tips that will help seal the deal on your next home purchase:
- Provide a buyer’s representation letter.
- Request a home inspection before finalizing the purchase offers.
- Offer the seller something in return for their acceptance of your offer (i.e., paying some or all closing costs).
- Have a backup offer lined up to avoid bidding wars.
Provide a buyer’s representation letter
If you’re a first-time homebuyer, many sellers will ask you to show proof of your ability to pay and an explanation as to why you’re the best offer. A buyer’s representation letter is needed as evidence. This letter includes information about how long you’ve been saving for your new home, the amount of annual income and the type of financing you plan to use.
These letters help seasoned buyers, too, who have held back on purchases in recent years due to their low salaries or other reasons such as unemployment. This letter shows sellers that you’re a serious buyer and that the sale won’t fall through before closing.
To create this letter, speak with one of our property managers for further assistance!
Request a home inspection before finalizing the purchase offers
In some cases, you may need to ask for a home inspection before completing the purchase offer. Your real estate agent should help with this process and explain what happens if any issues arise from the inspection.
If it turns out that your new house is more of a fixer-upper than expected, you’ll probably want to rethink your offer.
In some cases, buyers request that the seller provide them with an inspection report before signing anything. Never waive a home inspection or the walk-through out of haste. This mistake could cost you thousands!
You should also know what’s included in the inspection process. For example, you’ll want to be sure that your home inspector is licensed and has performed inspections before so they can provide an accurate report with pictures.
Offer the seller something in return for their acceptance of your offer (i.e., paying some or all closing costs)
If you’re not able to offer a sizable down payment and the seller is requesting all cash, then this tactic might be your best option. Closing costs add up quickly, so it’s worth doing some research to ensure that you don’t end up overpaying for items at closing time.
The more you can offer upfront, the better. If they’re asking for 100% of your down payment and final closing costs, then give them a few thousand dollars in cash or an equivalent amount towards their acceptance.
In some cases, sellers may have other requirements that make it difficult to provide all of these items upfront. For example, if they’re asking for the proceeds from your personal property sale after you’ve closed on your new home.
In these cases, it’s best to go ahead and make them an offer that they can’t refuse! You may end up paying some of their closing costs upfront, but this is better than walking away empty-handed.
Have a backup offer lined up to avoid bidding wars
In some cases, you’ll be competing with other buyers for the same home. If this is the case, you’ll need a backup offer on standby to avoid bidding wars.
If they’re expecting an offer from someone else and no other offers come in, then you’ll want to try again when there’s less competition in the market.
It might be tempting to wait, but you’ll want to make sure that the seller knows about your offer and is aware of all of the factors involved. If they’re expecting an offer from someone else, then it doesn’t hurt if you send them a text or email reminding them what your best offer was.
We can help you find your dream house. Let us know if we can be a resource for you in this process.
Consider Hiring a Property Management Company
Property management companies are multifaceted in their approach to the sale and purchase of property. A property manager often is a Jack (or Jackie) of all trades in the real estate industry. Property managers at Oak City Properties are familiar with every facet and role of the real estate industry, including home appraisal.
At Oak City Properties, we have been helping those in the Raleigh area purchase and sell homes for years! Whether you are a family trying to sell your home or a landlord wanting to downsize your rental portfolio, our full-service property management company is here to help.
If you are interested in learning more about our services or speak to our listing agents, give us a call at 919-232-9222 or send us a message.
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