Have you finally found your dream home? Then the next step is to place an offer. But what if your dream home is also everyone else’s? This can lead to a bidding war, which means that you’ll need to be crafty about making an offer that will get the seller’s attention and end with the keys in your hands. Today we’re going to show you how you can make an unbeatable offer on your dream home.
1. Get Your Preapproval
You might be excited to put an offer on your dream home, but if you haven’t received your preapproval yet, you’re already decreasing your chances of landing the property.
A pre-approval shows that you are a serious buyer and it verifies the price range that you can afford. Sellers prioritize buyers with a preapproval letter in tow because this means that the buyer is more likely to secure the property.
2. Make an Appropriate Offer
If you want to land your dream property, then it’s essential to make an appropriate offer. Avoid making a lowball offer that will almost always knock you out of the running for the home.
Sellers know the value of their property, so they won’t be willing to accept an offer well below the value of the home just because you want it. Additionally, sellers will want to maximize their earnings whenever possible.
Ensure that your offer is one that is appropriate for the price of the home. If you really love the property, consider offering a bit more to get their attention.
You shouldn’t necessarily pay too much over the value of the home. But if you already have an emotional attachment and believe the home is worth more than what the seller is listing it for, it wouldn’t hurt to offer more if it’s within your budget.
3. Limit Your Contingencies
If you plan to invest your money into a property, it’s common to include contingencies in your offer. A home is a financial investment and you want to ensure that you are protected before committing.
Some contingencies are necessary, but others may be just a preference. Think about what contingencies are necessary and which ones you can let go of. The fewer contingencies you have, the more interested the seller will be. This can lead to a quicker sale, which is enticing for sellers.
4. Spend Time Researching the Market and Seller
Doing some research will do wonders in the long run. Researching the market will help you understand the value of the property you’re considering and the value of the homes around it. A real estate agent can do a comparative analysis to assist you with this.
It’s also a good idea to research the seller. Through social media and other platforms, you’d be surprised at what you could find about the seller that will help you make a better offer.
One of the things that you’ll want to find is their motivation for selling. Knowing this information could help with the negotiation process.
5. Choose the Right Real Estate Agent
What does a real estate agent do for a buyer who’s trying to make an unbeatable offer? A real estate agent provides invaluable support and can serve as an expert guide when it comes to negotiating.
Once you’ve found your dream home, the real estate agent will advise you on the best offer price to make based on their knowledge and the current market value. Essentially, an agent will ensure that you make an offer that stands out without paying more than what the home is actually worth.
If you receive a counteroffer from the seller, your real estate agent will help you with negotiations to help secure the best deal on your behalf.
Finding the home of your dreams is half the battle. The other half is learning how to make an unbeatable offer that stands out. Be sure to incorporate these tips before making an offer on your dream home.