A seller’s dream is an all-cash, unconditional offer, however, the majority of us are not in a position to make this offer.
In a recent study conducted across North America where over 400 agents were questioned, the top tips were compiled and some of them may surprise you!
Many agents have seen success in closing deals for buyers who are willing to offer a larger down payment.
With a larger down payment, the buyers will feel secure knowing that you are serious and will be doing everything possible to ensure the deal closes in a timely fashion.
Making an unconditional offer on a home can be risky but it’s guaranteed to be preferred by a seller over an offer with numerous conditions.
The first step to making an unconditional offer is to get pre-approved by your mortgage lender. This will not only help you with your home search but will also ensure that any offers you do make are within your budget.
Additionally, in a seller’s market, many sellers don’t want to wait for appraisals, inspections, and other conditions to be met as they are essentially holding up the sale of their home if the buyer chooses not to complete the purchase.
Fairly unseen in our local market until recently, the escalation clause is used in an attempt to win a bidding war.
An escalation clause increases the buyer’s offer by a certain dollar amount to ensure they aren’t outbid. In order to prevent things from getting out of hand, those who implement an escalation clause typically include a price cap to avoid spending beyond their means.
Your seller may also be having a hard time finding a new home and could be hoping to stay a little longer than expected. Offering them a Leaseback Agreement could be a huge benefit for them and be exactly what helps you to win the bid.
Sending the sellers a handwritten note or offering to help them move with your might be very appreciated.
While we can’t promise personal touches will win you the bit, it definitely doesn’t hurt.