As a home buyer, you must remember that no single strategy can help you guarantee success, especially when it comes to the real estate market. But, with a host of different strategies, you can make your offer attractive to most house sellers out there. If you're in a seller's market, you must know that there are more buyers than homes for sale, which means that your offer will be subjected to competition from multiple other buyers as well.
The following are some of the significant procedures via which you can make your offer stand out from the rest, in a competitive housing market.
Proper Methods To Get Your Home Buying Offer Get Accepted In A Seller’s House Market
1. Always Hire An Experienced Realtor
According to a well-known company offering services such as home buyer representation in Tucson, buying a home is a complicated process. That’s why we suggest hiring an experienced realtor who has a good knowledge of the market and thereby can assist you in saving your time by finding the correct home & negotiating on your behalf. A realtor can also recommend you with the ideal home inspector, lender and even other kinds of service providers.
An experienced realtor will not only listen to your needs carefully but can also educate you about the local area in which you’re planning to buy your home. Furthermore, they can provide you with a proper market analysis to let you know the trends and the house price you can expect in a certain neighborhood.
2. Show Your Pre-Approved Home Loan Offer
If you want to showcase to the seller that you're serious about purchasing the house, then it's better that you show your pre-approved home loan offer. Such a scenario is applicable if you're purchasing your home on loan and not via downpayment. The pre-approval letter or offer that you'll show will instantaneously speed up the closing process of the transaction.
However, if you're buying your house on a downpayment, then it's even more good news for the seller.
3. Offer A Substantial Amount Of Earnest Money To The Seller
Once you’ve found the home that ticks all the right boxes for you, then you can make a small earnest payment to show some good faith to the seller that you’re serious about your purchase decision. This is because – depositing earnest money will mean that you’re committed to the deal and will decrease any likelihood of walking away from the purchase transaction.
You must remember that earnest money isn’t required every time, but such a practice can help you stand out in a competitive seller’s market. Sellers always look kindly upon buyers who make deposits in good faith because of the assurance that the sale will be successful.
Moreover, your earnest money will not be lost because when the contract is signed, you'll get the deposit refunded to you. Generally, earnest deposits only cover 1-3 percent of the total house cost. Putting in more than that will surely grab the seller's attention.
We hope you enjoyed our write-up and if you want more recommendations, do let us know.
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