Today I have six tips on what you can do to make your offer more attractive
and more likely to be accepted by sellers.
Today I’ll be teaching you how to get your offer accepted in a competitive market.
1. Make sure to touch on a seller’s emotions with any offer you send out. Put together a cover letter explaining why you like the property to send to the seller on your behalf.
2. Putting down a large deposit will show the seller that you’re serious. Sellers favor buyers who put their money where their mouth is. I’d recommend a 3% deposit.
3. Figuring out your financing is very important. When it comes to financing, the ways that you can show the seller that you have good financing in place is by the down payment that you put in on the property, by sending over your credit score, and by sending an underwriting approval. Sending an underwriting approval is basically to show proof that the lender has looked at every single document in your entire file and have approved you for that property.
4. Try to keep your inspection periods short. Typically, those periods are kept to 14 to 17 days. Get the inspectors out there right away and remove the inspection contingency within seven days. This will put you in a very competitive spot for getting your offer accepted.
5. Get the appraisal done quickly as well. The appraisal is another contingency that’s usually in place on a purchase agreement. We like to shorten up the time frame from 17 days to 10 days.
6. Assess how long it will take to close the transaction. If your lender allows it, we recommend moving this period down to 21 days. This will make you one of the more aggressive offers on the table.
"Sellers favor buyers who put their money where their mouth is."
If you’d like more information on how to get your offers accepted, please feel free to reach out to us. We’re always happy to help.