Making an offer on a house is even more important than it was a couple of years ago because so many people are choosing to buy homes because of the low-interest rates. And a lot of people are choosing to stay in their homes. So if you’re looking for a house to buy but are afraid that you won’t be able to snag it once you find it because someone else will get to it before you, then you should come up with a strategy on how to make the right kind of offer that will be enticing enough to stand out from the competition. Homes are selling within days or even hours of listing in certain parts of the country, so take a look at these tips to get a leg up on the competition.
Know What You Can Really Afford
If you’ve been pre-approved for more than what you would actually want to pay on a monthly basis, you want to know this before you bid higher and higher to get the house. It’s easy to get caught up in the excitement when you’re trying to get a house, but you don’t want a monthly mortgage that’s so much of a stretch that you’re stressed, so set a limit and stick to it even if you’re approved for more money on the loan.
Get Your Finances In Order
Sellers want to know that you’ll make good on your offer, so they want to see the letter of pre-approval for the loan, and they want to know that you have a down payment ready. You should also have some earnest money, and if in doubt about whether or not you have enough in earnest money to show the seller that you’re serious, you can always put down more.
Entice the Seller with More Money
For some sellers, the total profit is what really matters to them. So, if you’re at the top of your loan amount but have some cash around, you can offer to give it to them at the time of the closing.
Consider Waiving Contingencies
This move isn’t for the faint of heart, but it can be a good option for people who are really certain that they want the house. When a buyer makes an offer, there are contingencies on following through on the offer. For instance, if there’s something structurally wrong with the house, the buyer can still back out for a time. But if you’re willing to take the chance, you might decide to waive contingencies to get a leg up on those who are willing to pay as much for the house.
When you see a house that you want, you need to make an offer quickly so that someone else doesn’t get it before you. Houses can sell very quickly in markets with low inventory, so you need to make an offer on the same day that you see something you like.
If you’re looking for homes for sale in St. Cloud, Orlando, Kissimmee, Winter Garden, or Windermere, you need to be ready so that you can make the right kind of offer on the right house at the right time. These tips can help make it more likely that you’ll have a competitive edge.