Buying a home is much different than any other purchase you will make in your lifetime. The process is long and complicated at times, so it’s best to work with a realtor at The Degnan Group to make sure you get the home you want at a price you can afford.
Our agents will be by your side throughout the process and help you learn the strategy behind making a winning offer on a home.
1. Choose an Experienced Real Estate Agent
Working with an experienced real estate agent is the number one step in crafting a successful offer for a house. First, because your agent will have experience drafting the offer with terms that the seller wants to see. That helps your offer get chosen in a situation with multiple bids.
Your agent is also important because they have connections in the real estate industry in your area. Let’s say the seller’s agent knows your agent well and works with them often. When deciding between two similar offers, yours will be chosen, because the seller knows that the transaction will go smoothly if they work with you.
Finally, an experienced agent can be trusted to make the right call. Often, sales happen after hours and decisions are final. If you do not trust your agent to make the right call, and you are not available, then the seller will choose a different buyer who can act immediately and close the deal.
2. Make Your Offer Clear
When you find the perfect house at the perfect price, you need to make a perfect offer to ensure that yours is chosen. So, what does that look like?
Most importantly, you need to have your finances sorted out. If possible, buying in cash is always the best option and the most tempting to the seller. However, if you can’t pay in cash, make sure you are pre-approved for a mortgage loan from your bank of choice, so the seller won’t worry that the deal will fall through because of finances.
Consult your realtor to decide on the best offer. Low balling to get a good deal is not always the best way to buy a home, especially if it’s one you really want. Remember, if there are multiple offers on a house, you won’t get a chance to renegotiate yours, so it must be strong from the start. Offer the highest price you can afford to pay and add a clause stating you will pay X amount more than the highest bidder, up to a certain price.
Finally, take a look at the small stuff. What can you add or take away from your offer that will make it stand out? Maybe you feel the offer price is fair, and you will not require an official appraisal before buying. Or, you have a contingency that an inspection must be done, but if it is you’re willing to cover the cost of repairs up to a certain amount, rather than just back out of the deal.
There are many different ways to tweak your offer to make it stand out, so take your time to look over it carefully with your real estate agent, understand each clause, and create a strong offer to get the house of your dreams.
3. Be Personable and Available
The third and final step in our strategy for making a strong offer on a home is to make sure you’re personable and available throughout the process. When you make your offer, write a short letter to accompany it, stating why you want to move into the home, what you love about it, and a little bit of your story. Sellers are human too, and a little personal touch can go a long way.
It’s also important to be available throughout the process. Often, a seller will sit down with their agent, go through the offers, and make a choice all in the same night.
If they’re debating between you and another buyer, it’s essential that you’re available by phone for any questions they may have or clarifications that they need. If you can answer quickly, and the other seller never picks up, they will likely choose you just to get the process completed.
Try These Tips with the Degnan Group
Buying a home isn’t easy, but there is a strategy you can learn to make the best offer on a home. First and foremost, you need to choose an experienced agent, and that’s where The Degnan Group comes into play. Our team has over 150 years of combined experience, so we can draft strong offers and ensure you get the house of your dreams.
Additionally, when making an offer it’s important to have your finances organized and your loan pre-approved, and to be willing to tweak your contract with contingencies, closing costs, or appraisals to make it more enticing to the seller.
Finally, make sure you are available if a call comes in from a seller who is considering your offer, so you can answer their questions quickly and clearly.
The final step in your strategy for making an offer on a home is to be chosen by the seller, close the deal, and move into your new house! If you’re ready to begin the process, call The Degnan Group today to get started!