It is exciting to find a home that will be perfect for your family. As you walk through the home, can you visualize the bedtime stories in the children’s rooms and the family game nights around the dining room table? If you have found the property that is going to help you create the family culture that you desire, then you need to do everything in your power to ensure that your offer is accepted. It can be disappointing to submit an offer on your dream home, only to have the offer rejected!
Right now, we are experiencing what is known as a “seller’s market.” This phrase refers to the fact that the housing inventory is low, so the sellers can be picky about the offers that are accepted. As a buyer, you need to be aware of a few things that could negatively impact your ability to buy the home that you desire. Here are a few tips when you are getting ready to submit an offer on a home:
Show the Financials to Back Up Your Offer
The seller wants to know that the deal will close, which means that you need to prove that you have the financing in place to buy the property. Even if you have the highest offer, the seller might choose another offer if there is a question about how quickly you will be able to close the deal.
So, when you are submitting the offer, make sure that you show how you will be funding the purchase. You can provide a proof of funds if you are paying with cash. Or, you can provide a pre-approval letter from your lender.
Justify the Offer Price
Your offer price needs to be backed up with justification about why you picked that price. For example, look at comparable listings and detail potential renovations that are needed. Don’t go over the top when you are pointing out the repairs that are needed. But, don’t be afraid to state the facts and show why their asking price might be too high.
Time is Money
When the real estate market is in high demand, you don’t have a lot of time to sit on your decision to submit an offer. Homes are moving fast, which means that you need to submit an offer quickly if you are interested in the property. Once you find the home that you want to buy, work with your real estate agent to send in the offer as soon as possible.
Often, the seller will come back with a counter-offer. You will need to consider the negotiated changes and then respond. This response should also be timely so that the seller can see that you have a real interest in closing the sale.
An experienced real estate team can smooth the process and use the best techniques to increase the likelihood that your offer is accepted. If you are interested in learning more about buying a home in the Atlanta area, then we invite you to contact us at DUFFY Realty: (678) 318-1700