The Charlotte market is tight tight tight! Inventory is low and demand for our beloved city is high. That means houses coming on the market generally don’t last long and sellers may get multiple offers. If you don’t want to lose your dream home with the perfect yard in the best neighborhood to someone else, then you need to make sure your offer stands out to the seller. So what can you do to make your purchase offer stand out among the rest?
GET FINANCING PRE-APPROVED
A pre-approval letter from your lender will show the seller that you are serious about buying a home. Make sure to include the letter with the offer.
BOOST EARNEST MONEY DEPOSIT
Earnest money is the amount of cash you are willing to give up in you back out of the contract for any reason other than those allowed under terms of the agreement. The earnest money is put up when you make an offer. Your real estate agent can tell you what is a typical earnest money deposit for your area.
SHORTEN INSPECTION PERIODS
Many standard purchase contracts include a certain number of days you are given to get any inspections done on the property. One way to make your purchase offer stand out is to shorten that length of time. It shows the buyer you are ready to get in the house quickly.
ELIMINATE SOME CONTINGENCIES
Waiving contingencies in the contract, like the sale of your current home, gives the seller more confidence that the deal will go through without a hitch.
OFFER A QUICK CLOSING
The average home closing is around 30 days. Some are as much as 50. If you have a pre-approval letter for financing, you can try to shorten the closing period to 21 days.
MAKE A WINNING OFFER
A seller with multiple offers doesn’t need to play negotiating games. Do your research and talk with your real estate agent about surrounding comps and then make your best offer. You might even want to considering paying out of pocket for extras, like a home warranty or closing costs, instead of asking the seller to contribute.
MAKE A PERSONAL CONNECTION
Let the seller know why you want to buy the house. Writing a brief letter can create a sense of connection between buyer and seller. However, not every agent recommends this technique. Talk it over with him/her first. If you decide to send a letter, let the agent take a look at it first.
The qualifications and resources of the buyer can be key factors in determining whether a purchase offer is accepted, but they aren’t the only ones. Sometimes thinking out of the box can really make your purchase offer stand out.
Remember to use your real estate agent as a partner in the process. They can give you insight on what price to offer, whether it might be appropriate to send a personal letter and any documentation you would benefit from having ahead of time.