Get Pre-Approved and Submit Evidence to Get Your Offer Accepted
If you’re getting a mortgage to buy a home, contact your lender ahead of time so they can pre-approve you for one. Also, include a copy of your pre-approval with your offer. This initial approval letter demonstrates to the seller that you are more serious about buying the home.
It’s not a loan commitment, but it shows that a bank or mortgage lender has preliminarily evaluated your credit and thinks you’ll be eligible for a loan up to a certain amount that’s specified in the letter. This increases the seller’s confidence in your intentions and financial ability to act on them.
Be the First to See and Submit an Offer
If you’ve made numerous bids on houses and haven’t been able to get one under contract, consider taking a more proactive approach. Some sellers would rather just have a few contracts to go through. To be notified of new listings as soon as they go on the market, work with an agent, and sign up for a saved search from your MLS.
When you discover a new property that appears ideal, set aside time in your schedule and book a viewing immediately. If you are the first potential buyer to see the property and submit your best and most competitive offer right away, you’re more likely to get your offer accepted.
Offer Earnest Money to Get Your Offer Accepted
The buyer puts down a deposit of earnest money, which is kept in escrow. It’s given when the seller accepts your offer and shows that you’re serious about purchasing. It isn’t “additional” money since it will be used to cover your deposit or closing costs in the future.
The standard amount is 1% to 3% of the purchase price and must be paid after the seller accepts your offer, so make sure you have the funds available. If you’re able to offer more than 3%, this shows the seller you’re serious and committed to following through with the purchase.
Hire an Experienced Realtor to Work With
Know what you’re looking for before picking a real estate agent. Find someone who is an expert and knows your local real estate market and trends, and who has the skills to help you close on a home.
Let’s face it: you’re about to spend hundreds of thousands of dollars on your new house. Shouldn’t you feel at ease and confident in your realtor’s hands? The real estate agent you pick will have a significant impact on your ability to purchase a home. Don’t underestimate their power and influence.
Attach a Letter with Your Offer
When you make your offer, include a handwritten letter to the owners expressing your gratitude for their time in considering your proposal. But don’t stop there; use this opportunity to establish a personal connection that isn’t usually present during negotiations since sellers just look at the numbers.
Expand on why you like the property and what caught your attention. Most importantly, be genuine and honest in your writing to increase your chances to get your offer accepted.