With a quickly changing market and low inventory, homes are selling faster than ever. New listings in some communities can have several offers before buyers have a chance to see the home. With that being the case, not only do you have to move fast, you need to present offers that stand out above the others.
While it can be a challenge to be the first of multiple offers coming in, you can help make your offer the one that will get you the home you want.
Here are some tried and true tips.
Get yourself preapproved for a mortgage. The Listing Agent does not want to work with Buyer’s Agents unless the Buyer has a preapproval letter from the mortgage company.
Choose a Realtor that is your Buyer’s Agent
When you decide to purchase a home, you should choose a realtor that is your Buyer’s Agent. The Buyer’s agent role is to guide you through the process. When you find a home that you like, your Realtor has to move quickly to get the process going.
They act as a guide to help you find the right property for you, negotiate for a fair price, and smooth out any difficulties in the buying process. Furthermore, they provide you with a series of fiduciary duties to ensure that your best interests are always protected.
Your Realtor Should Communicate with the Listing Realtor.
The first thing your Realtor, should do is contact the listing agent for the home.
Your Realtor will ask questions about the home’s availability and if there are already other offers on the table for the home. If there are offers, they will try to find out as much as they can. Keep in mind that the listing agent may not disclose anything to your Realtor at the request of the seller.
Your Realtor should also inquire about the seller’s preferences. The seller may want a specific timeline or possession date that would be convenient for them. An excellent Realtor will try to align your offer to the seller’s goals. If you can make your offer align with the seller’s goals, the better chance you will have of getting the home you want.
Keep Your Offer Simple
There is nothing simple about making an offer on a home. When you put in an offer, the best way to make it stand out is to keep the offer simple. The fewer contingencies there are, the better. Some contingencies you might put in place range from a financing contingency to a home inspection contingency.
When you put in an offer, keep in mind that it’s not all about price. You may be prepared to go well over asking, but remember that the best offer will be the sum of the terms that work best for the seller. While your Realtor wants to make sure that you get the home, an excellent Buyer’s Agent doesn’t want you to overextend yourselves.
Does Writing a Letter to the Seller Help?
You’ve spent time looking for the perfect home, and now you’ve finally found it. But you’re not alone; in this market, there’s a solid chance that other home shoppers are vying for it. So how can you stand out? In the right circumstance, the Hickman-Coen Home Team suggests that writing a personal letter to the seller can help.
“If there are multiple offers, we typically suggest buyers if they are willing, write a letter of introduction to put a personality behind the offer,” says Helen Coen, Hickman-Coen Home Team at William Raveis Real Estate. The letter can appeal to a seller’s soft side: Some buyers use a message to tell a personal story hoping that it will resonate with the seller.
During a low inventory housing market where homes are selling fast, your Buyer’s Agent must be diligent in writing the offer to stand out from the rest.
Finally the Closing
The homebuying process requires the help of a number of professionals. Your Buyer’s Agent will often have experience with a number of professionals, depending on their skills and your needs. You may need a home inspector to check for any problems with the property. To get preapproved you will need a mortgage broker. The State of Massachusetts requires that an attorney be present to close any real estate sale. The Hickman-Coen Home Team has a list of reputable local experts that we can recommend to you.