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Friday, May 11, 2012

Home Buyer Tips - Improve chances your offer will get accepted

Every home buyer wants the the lowest price possible.  After all, who wants to pay too much for a home?

Buyers frequently ask their real estate agent "what will they take?"   Of course, most agents have  no idea of the answer.  And even when a buyer gets an offer accepted they may wonder if the seller would have taken less.

When a buyer has found the house and it is time to make an offer to purchase, a buyer can do several things to improve their chances of getting the home.

First, be realistic with your offer.  Make it an appropriate "lets talk offer" that, even if rejected, will result in a counteroffer.  Offers should be based on reality (what has sold recently).

An offer should include reasonable terms such as
  • a defined closing date like 30-45 days out.   
  • a reasonable deposit (escrow).  I like to say escrow only enough to let a seller know you are serious and nothing more.  
  • If a mortgage is going to be obtained, provide the pre-approval letter with the offer.  Note this is different than the pre-qualification letter
  • In a multiple offer situation which is becoming more common in Brevard County, consider including a letter to the seller explaining why you like the house so much.  Whatever it takes to get the home of your dreams!
The key with any offer is make an effort to be reasonable and provide documentation.  And please avoid trying to justify a low offer by tearing the house apart...outdated, ugly paint, carpet awful, etc.  Although some of this may be true, don't alienate a seller by critiquing their poor taste!

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