In a perfect world, you could make an offer on a house without any worry about having it accepted. While this can happen, you do need to make some extra effort when the seller has the advantage. In a seller’s market, you’ll be competing with several other potential buyers, which means that you’ve got to make your offer stand out. Knowing how to buy a home when inventory is low is as easy as using these tips to entice a seller to accept your offer.
Make a Clean Offer
A seller typically wants to strike a deal with as few limitations as possible. An ideal offer should not have major financial or time constraints such as being contingent upon you selling another property. You can also decide to drop contingencies based upon what has already been done to market the home. For example, you might not need to list an inspection as a contingency if the seller has already furnished a report that has been done by a company that you trust.
Try Not to Request Personal Property
It is normal to fall in love with certain features when you look at homes for sale in Central Florida. However, that hot tub or chandelier might not be worth potentially losing the home over. Unless the seller has already offered, try to avoid asking for specific items. This makes your offer less complicated compared to another buyer who might list features that the seller isn’t ready to let go of yet.You can always buy your own replica of whatever features you just can’t live without once you close on the house.
Make a Strong Offer
When you’re talking about major money, it is tempting to try to make as low of an offer as possible. However, a seller’s market typically means that homes are going for above the asking price. You don’t have to break the bank to make this tip work. In many cases, just offering a couple thousand dollars more can make your offer shoot above the rest on the list.
Put Down a Large Earnest Money Deposit
Sellers often get nervous about buyers backing out on their offers, especially when the seller is also in the process of trying to buy a home. An earnest money deposit that goes above the standard one to three percent of the value of the home shows that you are serious about sticking to your deal. Since the money is typically applied to the down payment and closing cost anyway, you have nothing to lose and everything to gain by easing the seller’s concerns.Strategizing is best when you know that you’re dealing with a competitive seller’s market. While any of these tips will help, combining them gives you the best chances of making sure that your offer is appealing to buyers. Before you proceed with your offer, make sure that you are comfortable with opting out of contingencies and living without certain personal pieces of the home. Then, go ahead and make an offer that the seller won’t want to refuse.