After months of tiresome searching, you’ve finally found the perfect home—which means you’re now ready to do just about anything to make sure your bid is accepted. Sadly, for the right house, there are probably a handful of potential buyers who are feeling the exact same way. While this is an ideal situation for the seller, as a buyer, you’re more than likely heading towards a bidding war.
Yes, money makes a difference in these types of situations; however, winning doesn’t necessarily mean that you have to offer the largest sum. Unbeknownst to many novice buyers, a sizeable portion of homeowners actually have various motivations for making their final decision.
Therefore, if you’re really looking to stand out from the crowd, here are a few tips which can help you close the deal.
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1.) ELIMINATE OR REDUCE CONTINGENCIES: While it’s understandable that you would like your dream home to look a certain way, sellers tend to be more receptive to buyers who refrain from submitting a laundry list of demands. If a few obvious repairs need to be remedied yet you’re willing to take responsibility for them post-sale (as long as they make financial sense for you), it’s important to let the seller know.
2.) ORGANIZE YOUR FINANCES: In competitive housing markets, cash buyers are more common than you’d think. If you’re planning on going against house hunters with this type of money, it’s important to not only make sure your loan pre-approval is settled, but that you know how much cash you can pay up front.
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3.) MAKE THE CLOSING PROCESS CONVENIENT: Many sellers understand that you have a busy schedule; however, it’s often a good idea to let them be the ones who set the closing date and time. No one likes going back and forth, so allowing them to keep control of the reigns for a bit can really pay off in the end.
Additionally, work with a financial professional to develop an accurate estimate of all closing costs and fees, since offering to cover these expenses can help secure your bid.
In the end, the buying process tends to be somewhat complicated, so having your money ordered in advance can be a boon. A great mortgage lender will not only help you navigate loan pre-approval, but will make sure that your wants are in line with your finances.
To learn more, please feel free to contact me. I’d love to hear from you.
