Seeing a house that you can’t imagine your life without can be exciting. A lot of homebuyers say seeing the house of your dreams is gut feeling, like meeting the love of your life: you just know.
In order to show the seller that you’re a serious candidate, you should make sure that you’ve got all of the pieces in place to strike a deal. Before you submit your bid for the property, take a look at some of these tips.
Create a Written Offer
Many experts agree that a seller will take you more seriously if you submit an official offer in writing rather than making a verbal offer. When you construct a carefully worded offer which highlights your terms, you’ll come across as a much more reliable buyer.
The seller is much more likely to be convinced about your level of commitment as a buyer.
It’s also advantageous to highlight whether you’ve already been preapproved for a mortgage. This can work in your favor over other candidates when they’re choosing which offer to accept.
Submit a Competitive Offer Price
Depending on the property, there may be a lot of offers coming in. If it’s a competitive piece of real estate, it’s more likely that you’ll get the sale if you offer the listed amount or higher. Never lowball if it’s the house of your dreams because the seller is likely to put your offer at the bottom of the pile.
Use your real estate agent to help you determine whether your price is fair based on recent selling prices for other similar properties in the same area.
In addition to comparable market prices coming into play when setting your price, it’s also important to consider how long it’s been on the market. If it’s been for sale for a while, then you will have more wiggle room. It may be beneficial to take a real estate class so that you’re well versed in the market and what makes a difference in price.
Offer a Big Down Payment
In order to show the seller that you’re not only serious about your commitment to buy but you’re ready to go, you should offer a bigger down payment. By doing this, you’ll be seen as a lower risk of the deal potentially falling through.
If you’re serious about the sale, then you should try to find ways to come up with ways to raise money. Whether it’s selling your old items by having a garage sale, or working extra hours to be able to put some savings aside, try to find ways which you can effectively come up with at least 5% of the sales price.
The higher of a down payment that you can swing the greater your chances are of them accepting your offer and you having the house of your dreams.