Once you’ve found a lender to give you a home loan for your dream home, the next step is getting your offer selected. If you’re interested in a home that has multiple offers, it’s important that you make your offer more attractive. Here are three easy ways you can do it.
1. Keep Your Offer Clean
What does a clean offer mean? A clean offer means that the offer isn’t contingent on the sale of another property. Additionally, there are no financial constraints.
A clean offer also means that the buyer doesn’t have seller concessions, which are things that the buyer typically asks for outside of the offer price. By doing this, you are making your offer more attractive to the seller because you are essentially cultivating an easy selling experience.
2. Offer More Money
If you have additional funds on hand, then you might want to consider offering above the asking price to strengthen your offer. This is a clear sign to the seller that you’re serious about purchasing the home. Not only that, but most sellers will be eager to accept an offer that is more than what they originally asked for.
Earnest money is considered a good faith deposit that goes toward your down payment. All prospective buyers must put down earnest money, but if you want to make your offer stronger than other buyers, consider putting down more earnest money. This shows the seller that you are serious about the home from the start and can make your offer appear a lot stronger than other buyers. With that said, be certain that you want to purchase the home as your earnest money will likely be in jeopardy if you decide not to move forward.
3. Go With Cash
Cash is certainly still king in real estate, and it’s a good idea to use it if you’re competing with other buyers. Instead of going through a mortgage broker to find a lender, using cash can really simplify the process.
Securing financing through mortgage lenders can take time. Cash buyers don’t just shorten the process tremendously, but sellers also know they can afford the home.
Going from renting to having your own mortgage is an exciting and rewarding experience. If you’re in a seller’s market, getting your offer noticed and selected is important. Be sure to consider these three easy strategies to help you land your dream home.