Are you wondering how to strengthen your offer when there might a competing offer coming in?

If you cannot afford to pay more, there might be other ways to sweeten your offer. Money is one thing

It’s not always about money!

that turns seller’s heads, but it’s far from the only thing when you’re competing with other buyers.

How else can we sweeten the deal?

1. On closing day, the home’s sales documents are signed and ownership changes hands. In most cases, that’s about 30 to 60 days from when your offer is accepted. But what if that doesn’t work with the seller’s timeline?

Some sellers need to get out fast. They could be relocating and need to move immediately. Maybe they already bought a new home. By offering a fast closing, you can help them to avoid paying two mortgages.

Other sellers need more time. Maybe they’re building their dream home and hit an unexpected construction delay. Your flexibility with a delayed possession date offers them the security of having their new home lined up before they have to move.

Let’s say the best bid you can make is a bit lower than the listing price. Offering a seller rent-back might encourage them to choose your offer over others that are less accommodating. This lets the seller rent the space from you for a set amount of time until they’re ready to move.

To make a flexible closing date work for you, remember to go on a month-to-month lease or have alternative housing options ready.

2. Have your loan officer call the listing agent when your offer is presented. They cannot tell personal information about you, but can explain your file has been reviewed by a human underwriter and all you need is their home!

3. Shorten your home inspection period from 10 days to 7 or less. Transactions fall out all the time because of home inspections. If you shorten the timeframe it means the sale can progress much quicker or they can get their home back on the market if you decide to walk away.

4. Earnest money – putting up more earnest money can show a seller how serious you are about buying their home. Earnest money is a deposit made that represents a buyer’s good faith to buy a home. Typically, that money is deposited with the closing agent and held in an account until closing, at which time the deposit is applied to the buyer’s down payment and closing costs. The earnest money is your money and is protected by contingencies in the purchase contract. Make sure your agent explains the details to you.

It is important to have your agent find out why the current owners are selling. Understanding the seller’s motivation can help you craft an offer that is appealing and how you can get your offer accepted.

Ready to start your search? Reach out today and I will connect you with an experienced real estate professional.

Article courtesy of:
Curt Tiedeman | NMLS License: 35554 | Caliber Home Loans | 206.650.4202 mobile
Curt.Tiedeman@CaliberHomeLoans.com | www.HomeLoansByCurt.com