Over the past year the market has drastically improved. As the economy has improved, the financial situation for people has drastically improved and many are ready to buy a home. If you are looking to buy a home, you may be up against some serious competition.
But don’t get discouraged! By being prepared, working with the right agent, and submitting a good, strong offer, you can easily secure a house that is right for you in no time.
Here are 5 tips on how you can make your offer stand out from the crowd:
- Be ready and don’t wait. If you find a home that you like it is crucial that you submit your offer right away. It is likely there will be other offers and the seller will want to make a decision quickly. If you aren’t ready or you wait too long, the home will be pending and your opportunity will be gone.
- Include a POF (or Proof of Funds) with your offer. In addition to your pre-approval letter, include a copy of the banks statement or account from which your down payment will come from. Sellers want to know there will not be any issues with a buyers financing. Providing a proof of funds will assure them you are qualified.
- Write a clean offer. What I mean is don’t ask for the seller to pay for anything extra including things like closing costs, home warranties, title fees, etc. When there are multiple offers on a home, you can bet the seller is going to go with the one that is the least complicated and nets them the most money.
- Shorten your inspection period. The typical inspection period is around 17 days. Make your offer more attractive by shortening your inspection period to 7 or 10 days. Talk to your agent about this so they know they will need to schedule he inspections immediately once your offer is accepted.
- Write a compelling letter to accompany your offer. Sometime the highest offer is not always the best. Some sellers want to know their home is going to the right person. Write your letter explaining why you chose their home and why you want to live there. If you’re comfortable, include a picture of you and your family. There is no harm in tugging on the sellers heartstrings a bit.
It can be tough to find a home in today’s market. But with preparation, persistence and the right agent by your side, you are bound to be a homeowner before you know it. Contact me to get started today!