Here are my five top tips for writing a strong offer in today’s market.
Today I’m sharing the top five things buyers should consider when submitting an offer on a home in our current crazy real estate market. In a previous video, I discussed getting pre-approved, so after you’ve done that, follow these tips:
1. Don’t make an offer below the list price. In today’s hot market, now’s not the time to try to save a few thousand dollars. Offering above list price will usually put you in a better position.
2. Don’t offer a low escrow amount. Right now, you can’t simply offer $500 or $1,000 for escrow. To put your best foot forward, offer between $2,000 and $5,000.
3. Don’t ask too much of the sellers. Many sellers are concerned about certain things in offers. For example, you can expect most appliances to stay with the home, but others are sometimes removed such as washers and dryers. You’ll likely be competing against other buyers, so don’t give the seller more reason not to choose your offer.
4. Don’t put a contingency of sale in your offer. Your home should be on the market when you’re looking for a new home. Often you can go to your mortgage professional and get a bridge loan so you can eliminate this contingency. A lender who wants your business will help you transition from one home to the next as best they can. If you can’t find a lender willing to get you a bridge loan, call or text me, and I’d be glad to recommend some great lenders I work with regularly.
5. Remove the structural inspection contingency. If you’re competing for a home against at least a few other buyers, this may be a good idea. It can be risky, but you can always get this inspection after you own the home. There are also home warranties that will help protect the more expensive items. Contact me if you’re interested in a home warranty, and I can recommend some excellent vendors for that too.
These tips will prepare you for our ongoing crazy market and help you be successful. Call, text, or email me if you have questions about buying or real estate in general. I would love to help you.