If you’re looking to buy a house for the first time, you may be struggling with how to make an offer on your dream home. It might seem like an uphill battle in a seller’s market. These tips will help increase your offer acceptance rate according to real estate agents across the country. Here are tips from top real estate agents that will help get your offer accepted and put you one step closer to homeownership!
Don’t Speak Ill of the Property
A house is a significant financial investment. It’s also where people make memories and celebrate many of life’s important milestones. As a result, many homeowners form a personal connection with their home that doesn’t end when the property goes on the market.
Some purchasers make negative comments regarding a property in the hopes that they’ll get a better price after pointing out flaws. It would be best if you did the exact opposite. Tell people what you like about the home. They are more likely to want to sell it to you if they believe you value the house.
Vet Your Real Estate Agent
Look up and vet your real estate agent so you know who you’re dealing with. You’ll want to work with someone who not only understands the region but also knows about the sort of property you’re looking for.
An expert in the market where you’re looking to purchase can help you find the right home. Using a local agent with prior experience in preparing solid bids improves the chances you’ll get your offer accepted.
Consider Adjusting or Waiving Contingencies to Get Your Offer Accepted
Contingencies are provisions that allow the transaction to be terminated if certain conditions aren’t met. Contingencies frequently benefit the buyer and inconvenience a seller. Sellers favor offers with fewer contingencies because there are fewer possibilities for a transaction to fail, meaning the seller has to start over with new buyers.
Every contingency you waive is a risk you’re taking, and some contingencies may be necessary for your situation. If this is the case, enhance your offer in other ways that are less risky.
Offer a Leaseback to Get Your Offer Accepted
After closing, a leaseback allows the seller to rent the property from the buyer. Because some transactions fail before closing, it’s best not to move until after the transaction is complete.
Leasebacks also give sellers peace of mind since they won’t have to relocate until after closing. Make sure your real estate agent has clearly stated all of the conditions in the contract or provisional lease agreement. If they aren’t dealt with correctly, leasebacks can be a pain.
Reduce Your Due Diligence
During the due diligence phase, buyers can inspect, appraise, and decide whether or not to walk away from the agreement. But a five-day rather than a ten-day due diligence period may be more attractive to sellers. The typical duration of due diligence is 8 to 10 days.
If you decide to go this route, your inspector will have to be prepared at a moment’s notice. After you sign the contract, your inspector will examine the property and give you a detailed inspection report. Your realtor will review any issues identified during the inspection promptly, usually within 24 hours. This gives you enough time to conduct your due diligence if the seller accepts your request.