One of the most nerve-wracking parts of buying a home is the process of making an offer. You put in a formal offer with the seller's real estate agent and then wait around for the response, wondering if your offer is acceptable. You can give yourself better odds of having an accepted offer if you follow these 3 tips.
Have Your Real Estate Agent Reach Out
A common mistake when making an offer is to go into it blind without knowing any of the current activity on the home. You'll need to know if there have been other interested buyers, submitted offers, or rejected offers by the seller. Have your real estate agent reach out to the seller's agent to find out this information.
While it is possible that the other real estate services agent could be misleading to favor their client, it does not hurt to ask. You may get some crucial information that can help guide you in what your offer will be.
For instance, a seller's agent telling you that there has not been any activity on the house for months could guide you to put in an offer below asking price. With no activity, the seller is more likely to accept it and you'll save money in the process.
Write A Letter To The Sellers
In multiple offer situations, all that separates one offer from the others is the actual offer price. You do not want to run the risk of losing a home over something as small as a thousand dollars, which is why it helps to write a letter to the sellers.
Use your letter to explain why you want to move into the neighborhood, why you love their house, or why you feel that you would be a great fit for a buyer. A story about wanting to raise your family in the area so you can take advantage of the great school district may put you over the top when other offers are close to yours in price.
Use an Escalation Clause
Ask if the seller is accepting escalation clauses as an alternative to a firm price in the offer letter. An escalation clause states that you are willing to pay a specific amount of money over the top offer without knowing what the offer is. If you are in love with a home, it can be a great way to have your offer accepted without unknowingly paying too much over the top offer.