Top Tips to Ensure Your Offers Stick

It’s that time again when the real estate demand is as hot as the summer sun.

Amidst low inventory, multiple offers, and offers that soar over asking price are great for sellers, but not so much for buyers. If you’re looking for an edge to ensure you get the home you want, here are a few tips.

Up your budget.

Firstly, upping your budget is a strategic move. For instance, if you’re a first-time buyer looking in a lower price range, you’re in the most competitive market. Getting pre-approved for a little more could move you into a higher price bracket and eliminate some competition. Adding even a few thousand dollars could make the difference, and the change to your monthly mortgage payment will be negligible.

Cut on HOA expenses.

Secondly, consider cutting on HOA expenses. If you’re concerned about upping your budget, think of ways to save on homeowners association expenses and put that money into your mortgage instead. Look for homes without a homeowner’s association. That could save you several hundred dollars per month. Additionally, look at areas where you don’t have to pay a toll for your daily commute (or, better yet, where you don’t have to drive at all). Those savings add up.

Watch the contingencies.

Next, watch the contingencies. According to NerdWallet, sellers have the upper hand in a multiple bid situation, and they want offers that are clean and concise. Asking the seller to pay closing costs, purchase a home warranty, or requesting that they make small repairs like fixing a leaky faucet can get your offer thrown in the trash.

Be flexible.

Moreover, be flexible. In a multiple-offer situation, the seller is looking for the easiest path to closing. The key is finding out what they really want—beyond the right price, of course. It could be that a shorter closing would do the trick. Or maybe you can offer them the opportunity to rent back until they’re ready to make their move.

Write a letter.

Lastly, consider writing a letter. Yes, writing a sappy letter to the seller telling them all about you and why you love their home is shameless pandering, but sometimes shameless pandering works. Include a picture and don’t hesitate to include your cute kids or four-legged friends.