Here are seven tips to help you win as a homebuyer in today’s market.
This message is just for homebuyers out there. In this competitive market, it’s tempting to throw a bunch of money at a house hoping to win. However, there are seven ways that you can get your offer accepted without having to put up extra cash:
“Sellers want reassurance that you can operate professionally and quickly.”
1. Offer a rent-back. By doing this, you’re letting them know you’re able to accommodate them when they’re selling and buying.
2. Submit testimonials to the listing agent. With the offer, always have your buyer’s agent submit the lender’s testimonials as well as their own. Sellers want reassurance that you’re someone who can operate professionally, quickly, and efficiently.
3. Have the buyer’s agent call the listing agent before submitting an offer. We want to know things about the seller before making the offer. Do they want an early close? Do they want an extended closing? Are there tenants in the house? All of these things are very important when putting together an offer.
4. Send a buyer love letter. This has garnered some controversy lately due to the Fair Housing Act. You can’t write anything in the letter that’s identifying, like the fact that you’re a young couple with a child who has asthma. What you can do is talk about how the home makes you feel and how grateful you are they maintained it so well. This is an opportunity to impress the seller and show them you truly want the house.
5. The lender should have a checklist. It should contain everything that has been reviewed and confirmed, like your credit history, debt-to-income ratio, etc.
6. Make sure you have an experienced condo lender. If you are buying a condo, that is. We want to make sure the seller and seller’s agent feel comfortable about the transaction, and a lender who specializes in condos can go a long way in doing that.
7. Go through the entire underwriting process. If you have this done before you make an offer, this means you can close in anywhere from 12 to 17 days before all the other pre-approved buyers who aren’t underwritten. This is the best way to reassure a seller who wants to close quickly and easily because most of the work has already been done.
Bonus: Ask the seller’s agent what the seller wants. Many don’t even consider this a step, but the more we know about the seller, the better an offer we can make.
In my next video, I’ll talk about waiving inspection and loan contingencies and why it’s not the best idea. If you have any questions in the meantime, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
