Lately, a lot of buyers have been asking, “How can I get my offer accepted in such a competitive market?”
Last week, we put a home on the market and, after 60 people came through the open house, we got 17 offers on the home. So, what made the offer that got accepted stand out above everyone else?
First of all, the buyer came in with a pre-approval, which is incredibly important. You want to come in prepared. You should also work with a strong local lender. We felt comfortable with the lender this buyer chose, so we were able to call and get confirmation that the buyer was ready to go.
The offer was also written very well. This particular offer was written by someone who obviously knew and understood our marketplace.
The offer was concise. They shortened their inspection period, which does not hinder the buyer at all. If you have a buyer’s agent who knows what they’re doing, they can get all of this stuff done up front. The buyer wants to know that the house is in good condition, and the seller wants to know where you stand early on in the process.
Removing those contingencies will definitely strengthen your offer.
You also need to work with a strong, knowledgeable buyer’s agent. Your buyer’s agent should be comfortable contacting the listing agent to let us know what’s going on. A good, proactive buyer’s agent wants to communicate with the listing agent.
A lot of buyers also write letters to the seller. While sellers really do take those stories into consideration, at the end of the day, the seller is going to look at their bottom line. Sometimes there is an emotional attachment, but the seller is really looking for somebody who’s going to close on the house.
So, absolutely go ahead and write your letters. Just keep in mind that it’s more important to make sure that your offer is written correctly, your lender is on your side, and your agent knows and understands how important it is to communicate with the listing agent.
If you have any other questions about buying a home in this competitive market, give us a call or send us an email. We would be happy to help you!