In a competitive real estate market, a buyer needs to appreciate the importance of crafting a great offer. If a buyer is serious about purchasing a home listing, they need to work alongside their agent to create an offer that makes sense for both parties. Here are a few important aspects that one must be mindful of when attempting to make a strong offer.
Commit to a competitive offerÂ
In a sellers market, you cannot submit lowball offers. When competition is high, you likely are forced to pay full price, or even over asking price to land the home. Bidding wars are especially common in a sellers market.
Limit the number of contingencies
Sellers are usually not happy to see as long list of contingencies in an offer from a buyer. If you want your offer to be as favorable as possible, limit the number of contingencies that could otherwise make your offer less appealing.
Include your pre-approval letter
One of the best ways to demonstrate to a seller that you are a serious buyer is by supplying them with your pre-approval letter. By doing so, you show the seller that you did your homework and are a serious buyer who can afford the home.
Include a personal note
Because sellers and buyers rarely meet until they sit across from one-another at the closing table, you may want to consider including a written note that explains your strong interest in the home. This may help you to make a personal connection with the seller.
Work off the seller’s schedule
While it may be inconvenient to you, you want to try and work off the seller’s schedule when possible. For example, agreeing to the sellers preferred closing date can go a long way.