5 Ways to Get an Offer Accepted | Florida Home Buying Tips
The real estate market is a competitive one right now due to lack of inventory. As you compete for new listings that enter the market, it can be frustrating to constantly lose out to other buyers. So, what can you do to make your offer more appealing and to get your offer accepted? As part of our Florida home buying tips, here are a few ways to get an offer accepted.
Ask for the Seller’s Preferences
It’s helpful to know what a seller wants in a sale, and to accommodate them whenever possible. For instance, what is their preferred closing date? Would certain terms in an offer be appealing to them? Is there anything that they would be opposed to?
Offer Above Asking Price
In multiple offer scenarios, it’s usually necessary to offer above asking price. It’s one of the most straightforward ways to get an offer accepted! Some buyers still have a difficult time doing this, but it’s common in a seller’s market. How much you should go above asking price can be difficult to determine. This is where you should rely on the expertise of your real estate agent. Your agent can also pull some stats on recent home sales and how much they sold for above list price.
Eliminate Risky Contingencies
When competing against other buyers, contingencies are a big factor. If you have a home sale contingency, for example, it’s very difficult to compete against those that have none. Thus, to be successful in buying a home in this market, remove as many contingencies as possible. Look for alternatives that allow you to do so, such as a bridge loan. Ask your real estate agent and lender for ideas and suggestions.
Present a Solid Pre-approval Letter
Deals can fall through when buyers are unable to get approval for financing, thus the quality of a pre-approval letter is important. Is your pre-approval letter from a reputable lender? Are they local to the area? Have they already pulled your credit and verified your income? Selecting the right lender and having a solid pre-approval letter is one of the many ways to get an offer accepted.
Don’t Ask for Extras
Although it’s common to include additional requests in an offer, it may not be a good idea when competing against other buyers. You should keep your offer as clean and simple as possible. Things like requests for concessions towards closing costs or asking that certain furniture or accessories be included in the sale can make your offer less competitive.
More Ways to Get an Offer Accepted
These are just a few ways to get an offer accepted. There may be other things that you can do to improve your offer depending on the particular home or seller’s circumstances. Discuss this with your real estate agent. With the right strategy and offer terms, you can improve your chances of winning a bidding war!