In this day and age, technology has made it easier than ever to get an offer in front of a buyer. While that's mostly great news for all parties, it does mean that there is increased competition and so it's more important than ever to make your offer stand out from the crowd.
Here are a few things you can do to get your offer seen, considered and accepted by sellers.
- Cash speaks. Put your money where your mouth is and, if you're able to purchase with an all-cash offer, you will be in a prime position to get your offer accepted over buyers who have mortgage or appraisal requirements. Plus, cash could mean a faster escrow.
- Get preapproved: If an all-cash offer isn't in your cards, it's time to explore a preapproval letter. Getting a preapproval letter demonstrates that you'll have no issue securing the cash you need to buy and is the next best thing to a cash buyer.
- Get prequalified: While a prequalification letter is less official than a preapproval letter and is non-binding, it still demonstrates your financial qualifications to the seller and will put you in a better position than those who don't have one.
- Personalized touch: Never underestimate the power of a personalized letter and tugging at the sellers' heartstrings a little bit. When you write your letter, tell them just how much purchasing their home means to you, and how their home will impact your life as much as it did theirs. While this is becoming more of a standard practice among sellers, it may just be the deciding factor that sways the seller to accept your offer.
- Be flexible: Try to find out about the sellers' unique circumstance and, if your closing date is flexible, work that flexibility into your offer. There are times when the seller wants to close fast (typically 30 days) but can't move into their new home for a while after that. Giving them wiggle room will make your offer more appealing.
Every transaction is different and every seller has their own criteria for what will motivate them to accept an offer. These are tried and true practices that will help yours stand out, but don't hesitate to think outside the box and get creative to make your offer shine against the competition's.
Need additional guidance or have questions about the buying process? Don't hesitate to reach out to our team. We're always here to help!