5 tips to get your real estate offer approved
As the Palm Desert real estate market gets more competitive each year, bidding wars are becoming more heated. With the increasing number of people who wish to become homeowners, buying a home is becoming challenging.
If you find a home you love, it's best to act fast, and cover all ends before other motivated buyers make their offers.
These 5 tips will help you prepare and get your real estate offer accepted ahead of every other bidder.
Offer Higher Earnest money: Earnest money is often referred to as a good faith deposit. This initial deposit is put down by a buyer to prove to the seller their level of commitment when they make an offer. Typically, the earnest money is around 1-3% of the asking price for the house. If the sale goes through, the earnest money is deducted from the total price agreed on. However, if the sale goes south, the earnest money is returned to the buyer.
Hire a well-connected Real estate agent: Ensure you hire a real estate agent with a good yearly record, and connection to help you close real estate deals. Immediately a house goes on to the market, your real estate agent should be able to communicate effectively with the seller's real estate agent and work on helping you close the deal so that you can get the home of your dreams.
Beat investors by making a better offer: The first place to come strong with your offer is on the price. If you want to buy a home in a highly sought-after area, you must be prepared to make a better offer with the home seller. Investors are very strategic when making offers for a home they want and they usually go any length. You must do better. It's best to make an offer at the asking price, or if you can, go slightly higher than the asking price to beat out every other investor.
Get personal with the sellers: It is advisable that you build a relationship with the seller. Writing a personal letter to the seller describing why you love their home can help you win the heart of the seller, and get you the home you desire. Sellers often want to know that they're selling their home to someone who cares. Let them know how much you love the home, the neighborhood, and most importantly, how you will take care of the home. Some sellers love compliments, and most are often swayed if your words are emotionally compelling. This letter can be attached to the offer letter to strengthen your offer and get your foot through the door, ahead of other bidders.
Prepare ahead of time: If you are not paying cash, ensure you go through the pre-approval process before you start looking for a home. Going through the pre-approval process would help you make an offer as soon as you see a home you want to be listed on the market. Sellers love buyers who are prepared and make the selling process as easy as possible for them.
For more information on getting your offer accepted, contact us at any time.