At Square Cow Movers, we start gearing up for the summer well in advance because it’s the home buying season. Every day during the summer, we’re helping people in the Denver metro and Central Texas move into new homes that they’ve just bought.
When the housing market is heating up, the potential for a multiple offer situation is high. Depending on the area you’re looking in, the competition could be so high that putting in a full price offer isn’t enough. If that’s the case, there are a few other ways you can make your offer more competitive.
Offer to Buy the House “As Is”
There’s one thing that sellers always worry about after accepting an offer – requests after the inspection. Every buyer is going to want to have an inspection done to ensure there aren’t any huge flaws hiding under the surface. After hearing what the inspector has to say the buyer can then request that fixes be made. Many deals have ultimately fallen through because the buyer and seller can’t come to an agreement.
When you put in an offer “as is,” you still have the right to get an inspection (and you should), but you’re agreeing to not ask for repairs. Basically, things will either proceed as planned or you’ll decide to not move forward. There’s no haggling and less concern for the seller that things will fall through.
This is a great strategy on a home that needs cosmetic work but has good bones.
All Cash Offer
If you have the funds to put in an all cash offer, this is definitely appealing to the seller. No matter how qualified a buyer is, there’s always the concern in the back of the seller’s mind that the financing might fall through. If that were to happen, they’ve lost a lot of time and other potential buyers. If the home is vacant, it can also cost them a lot of money.
An all cash sale is more secure, and it will go a lot quicker. On average, a mortgage closing takes about 50 days according to the National Association of Realtors. If a buyer is paying cash, the deal can be done in a matter of days.
This is an ideal strategy on a vacant home that doesn’t have a huge price tag.
Get Pre-Approved for a Loan
If you do need to secure a loan to buy a home (like the vast majority of buyers), your offer will look more desirable if you’ve already gotten pre-approved for a loan. Pre-approval means a lender has looked over your finances and determined a ballpark figure that you’d qualify for if you actually applied.
This is good for buyers because it tells you how much home you can actually afford. It’s also good for sellers because there’s more assurance you can get the loan and the deal won’t fall through because of financing.
This is a great idea no matter what the housing situation is like where you live.
Adjust the Closing Date to the Seller’s Schedule
If the home isn’t vacant, the seller may want a longer closing period so they have time to find a new place to live. The more you can accommodate the seller’s schedule, the more they will like your offer. Being able to wait an extra month to close could help you seal the deal in a multiple offer situation.
This is a good strategy when the seller is still living in the home.
We know buying a new home can be time-consuming and stressful. While you’re handling all the details of the deal, Square Cow Movers can handle the logistics of the move. If you’re moving to Denver or anywhere in Central Texas, our friendly moving experts can get you packed up and in your new home so you can enjoy the process instead of stressing about it.
Original Source: https://squarecowmovers.com/ways-make-home-offer-competitive/