How to Get an Offer Accepted
How do you get your offer accepted when there's so much competition in the market? Here are some tips for those who are planning to buy homes.
1. Contact the listing agent
Contacting the listing agent is impotant for you to find out what is really matters to the seller. Every situation is different, other sellers sometimes want to stay an extra few days after closing while other just want to close in 30 days or maybe sooner.
2. What your terms look like in the contract
When you're putting an offer and you put in there that you're buying the house or property and limiting inspections to only major items, that is gonna give them the comfort that they need that you're not gonna back out when inspection comes around.
3. Escalation Clause
You need to outbid any offer that they receive by 'X' amount of dollars up to a certain amount of dollars. For example, if the house costs $300,000, outbid any offer that the seller gets by $5,000 up to $25,000 and that's how your offer's gonna look like. You can attach the escalation clause to the contract.
4. Get a Conventional Loan That is Stronger Than FHA Loan
Another tip is if you can get a conventional loan that is stronger than FHA loan and al lot of sellers and listing agents know that. Try to talk to your lender and make sure that you can qualify for conventional loan versus an FHA loan, and that will make your offer a little bit stronger.
5. Make Any Difference in Cost if the House Doesn't Appraise
Do you have the financial capacity to say that you are willing to make any difference in cost if the house doesn't appraise. For an instance, you're offering $325,000 on a house and the listing price was $300,000, can you say that you would come out of pocket with additional $5,000 if the house doesn't appraise? Most people would say, " No way, I'm not doing that". But a lot of buyers are doing that and this is what you're competing against
You gotta weigh out your options, what's realy important to you. If you really have to move or you'll find a house that you really love and you think that this is the one—your dream home, you may have to go above and beyond.