Tips for Making a Competitive Offer for Homebuyers
A trusted real estate professional will be your rock during the emotional time of making the decision to purchase a home. The homebuying process can be scary, especially with multiple offer situations that are the norm, but it does not need to be scary! A fantastic real estate professional can help you stay focused and should be your primary source for what matters most.
We’ve talked about it often: you need to understand your finances before going to look at homes. It’s crucial that you know what you’re comfortable affording and that you have enough saved in case of emergencies. One of the first things that are highly recommended by trusted real estate professionals is to contact a local mortgage lender to get a pre-approval letter. When submitting your offer and including your pre-approval letter, it helps you have a stronger, more competitive offer, especially in a multi-offer situation.
Speaking of offers, it seems only fair that as a homebuyer, you make a fair and legitimate offer to the seller. Of course, getting the best deal is the goal. But you need to be careful that your offer is not too low, because it could lead your sellers to doubt how serious you are as a buyer and could throw the offer off the table immediately without negotiating. Your real estate professional will work with you on finding a price that is both comfortable for you and comparable for the area, specifically with similar homes in the neighborhood.
Additionally, you’ll want to be flexible with negotiating and willing to move at lightning speed.
Both you and the seller want to walk away feeling like you got the better deal. Make a list of non-negotiables and things you are willing to work around as you submit your offer. Your offer can be strengthened if it has flexible move-in dates, has minimal contingencies, and/or comes in higher than ask price (don’t fret, you don’t always have to go in above price).
Freddie Mac explains that there are some contingencies that are non-negotiable. For example, “resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without the inspection contingency, you may be stuck with a contract on a house that you can’t afford to fix.”
I hope that the main takeaway of this post hones in on why a local real estate professional is going to be your best tool to get into that dream home. If you have any questions about pre-approvals, mortgages or anything related to real estate that the Jen Martinez team can help with, please reach out at 813-480-4747 or send me an email!