Two Ways To Make Your Offer More Attractive When There Are Multiple Buyers
When you're buying property in a hot market, chances are pretty good there will be multiple people making offers on the same home you want to purchase. It's not unusual for buyers in this situation to spend more than they planned for the home in an effort to outbid others. Here are two ways to make your offer more attractive to a seller and get your dream home without going over budget.
Be Flexible with Your Move-in Date
There are many reasons why a homeowner may be selling his or her property. Some may need to relocate to another area quickly, while others may be downsizing to a smaller residence due to retirement or illness, for example. The seller's reason for putting the home on the market will influence how fast the person wants to offload the property, and you can make your offer more attractive by adapting to the owner's timetable.
For instance, if the owner needs to sell quickly, promising a speedy closing may give you a leg up on the competition. It can take anywhere from four to ten weeks to close on a home, depending on the market. You can reduce this time by getting inspections done as quickly as possible and avoiding making large purchases that may negatively impact your credit and hold up your loan approval.
On the other hand, if the seller wants a long closing to give him- or herself time to find a new place to live, you can offer to let the homeowner rent the property for a few months after you buy the home. This can help the seller save money, which may make your offer more attractive to him or her.
Take the Home As-Is
Another option is to offer to purchase the home as it is. This typically means you agree to be responsible for any repairs the house may need and may involve skipping inspections. In addition to speeding up the closing time, the seller saves money because he or she doesn't have to pay for repairs or accept a lower offer to compensate a buyer for the money he or she must invest to bring the property up to code.
Be aware, though, this option may not be available in all situations. Some lenders require homes be inspected and compliant with building codes before they will approve loans for buyers. Additionally, you would be taking a big risk purchasing a property without getting it inspected, as the home could have serious structural or pest issues that will require thousands of dollars to fix.
However, if you're paying cash for the house or fairly certain you can handle whatever challenges the home may present, making an as-is offer on the house could be the thing that inspires the seller to accept your bid.
For more tips on beating out the competition for the home of your dreams, contact a real estate agency like EXIT Lakes Realty Premier.