Making an offer does not guarantee it will be accepted. Here are some great tips that can help you get into your dream home!
1. Work Quickly.
A great way to stay ahead of the game is to have alerts set up with your Realtor so that you'll be notified about new properties and updates before everyone else.
2. Don't Play Games with your Offer.
Give the seller your maximum offer upfront. Your offer will look stronger and the seller will take it more seriously. If they try to counter offer with a higher amount, you can say no or negotiate. Low balling an offer is rarely a good strategy in this market.
3. Provide a Direct Underwriting Approval with your offer.
Sending a Direct Underwriting Approval (DU) with your Offer makes the seller know your finances have already been reviewed by underwriting and that you are not only qualified but very serious about purchasing a property.
4. Put Yourself in the Seller's Shoes.
Knowing the seller's motives can help you determine the best course of action. Is the seller trying to get the best price for their home or are they trying to close as soon as possible? By knowing their main motivation, you can help solve their problem and get your offer approved!
5. Cash is King.
If you can afford to provide an all-cash offer, this will definitely help your offer stand out. This also gives the seller confidence because they know the funds are readily available, and there's no risk of the transaction falling through. Alternatively you can make loan offer with a DU and remove the financing contingency (other than the offer being subject to appraisal).
6. Close Faster.
Help your offer stand out by offering a closing date that's sooner rather than later. Sellers will be motivated to close quickly! However, if you'll be applying for a loan, the process may take longer. Choose the right lender and get a DU to be able to offer a quick close.
7. Offer more Money Upfront.
Although most initial deposits are between 1-2%, offering more upfront shows you're dedicated to the transaction and are less inclined to back out of the contract down the line.
8. Choose the right Realtor.
Make sure to properly interview your Realtor. Make sure they know the community and market so that your offer will look both realistic and professional.
9. Pay the Seller's Closing Costs.
Real Estate transactions can be costly. If you can afford to pay the costs, it will help you stand out and help motivate the seller to accept your offer.
10. Submit another Offer.
Don't be discouraged if your first offer is not accepted. Try waiting a few months to see if the sale price goes down and then submit a new offer. You may get your dream home AND save more money!
Also, do not forget that Real Estate Agents are not Attorneys. Make sure your offer is reviewed so ensure once your offer is accepted that all will be smooth sailing. At Grimaldi Law Firm, the review of the As-Is Contract prepared by the Agents is included in the closing fee. It is a no-brainer…. Let us help you!
At Grimaldi Law Firm, your future is our present.
Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law.
She can be reached at (954) 491-8707
The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.