You’ve probably heard how hot the real estate market is around the country. Colorado is certainly experiencing low inventory and high demand for homes. Such conditions lead to multiple offer scenarios, which can be a bit frustrating for buyers who are desperately searching for a home. If you do find that perfect home, here are a few ways that you can make your offer more appealing to sellers.
Match their preferences
Before preparing an offer, ask your agent to check with the sellers on their preferred closing date and other terms. Is the seller looking to close quickly? Or do they need an extended period of time before closing. Matching your offer to their preferences or offering flexibility will definitely make your offer more appealing.
Tighten up deadlines
There are several deadlines in a standard offer. It often includes a deadline for home inspection and mortgage commitment. Shortening these deadlines will improve your offer. Sellers always want to know sooner rather than later that you are able to move forward with the home purchase. These deadlines are major milestones in the home purchase process, so sooner dates are always appealing.
There is also the option to eliminate certain contingencies. For example, you can waive the right to an inspection. This approach does come with risks. You should only remove contingencies if you fully understand the risk and feel comfortable with doing so.
Include a letter
Sellers often look at the raw facts when reviewing offers. Each is, on the surface, a series of numbers of dates. However, you can add a personal aspect to your offer by including a personal letter that tells the seller a little bit about you and your family. Of course, you will also want to mention how much you absolutely love the home. In cases where your offer is dramatically lower than others, a letter may not make a huge difference. However, if competing offers are close in price, a personal touch can make a world of difference.
Other ways to make your offer appealing to sellers
Every home and every situation is unique. It important to discuss strategy with your real estate agent. He/she can help position your offer in the best possible light and improve your chances for success.