In a competitive housing market, home sellers are fielding numerous offers, especially in popular cities and neighborhoods. Whether you’re a first-time homebuyer or a seasoned property investor, it can be tough to make offer after offer with no success.
However, there are key things you can do to help ensure your time house hunting for homes is well-spent and to increase your chances of getting your offer accepted.
All-cash offer
The most effective way to increase the chances of your offer being accepted is to make it in all cash. Cash offers drastically simplify the homebuying transaction, making things easier for both parties involved.
Waive the financing contingency
A contingency is an action needing to be completed before the contract becomes valid and the sale of a property becomes final. There are numerous contingencies found in a real estate contract; however, the most standard are for inspections, appraisals and financing.
If you intend to use a mortgage loan to purchase a home, a financing contingency protects you in case you aren’t able to secure the loan in time. In other words, you’ll be off the hook for a home you can’t pay for.
In some special situations, a buyer may decide to waive the financing contingency, to signal to the seller there won’t be any delays regarding paying for the property.
Letting a seller know you’re willing to drop this contingency can make your offer more appealing than competing offers, increasing the chances of your proposal being approved.
Crafting a personal letter
Sometimes to win a bidding war, you need to get on the good side of the seller. Take the time to write them a personalized letter explaining what you love about their home and why it’s perfect for your household.
Avoid disclosing significant changes you’ll make, as this may signal to them that you don’t appreciate all their home has to offer and may undermine some of their emotional connection to the property.
Working closely with your real estate agent, you can implement these techniques and increase the chances of winning a bidding war.
About the Author
Amie Lindwall-Belile
As your real estate professional, Amie has an extensive knowledge of the local real estate market to meet your needs. Born and raised in Fairfield County she understands the true value of this area. If your money’s involved, then the stakes are high. You can have confidence that Amie will get the job done. Licensed in 2004, she won her office’s Rookie of the Year award. Since then, she has been recognized as a multi-million dollar producer, an Honor Society member, Agent of the Month on numerous occasions and has received various other awards for her successes.
Having graduated from Southern Connecticut State University with a B.S. in Communications focusing on technology, she is able to provide her clients with the most comprehensive cutting edge services and tools. She is the co-founder of an organization close to her heart, The Dennis Lindwall Foundation, running annual events to raise money for pediatric cancer related causes. Over the years, the Dennis Lindwall Foundation has donated more than $100,000 to these charities.
Whether you are buying or selling a home in Fairfield County, you can rest assured that she will work very hard for you. With Amie, you will get the professional yet personalized care that you deserve. Take the first step into this exciting process, with Amie Lindwall-Belile.
