Published August 26, 2020
4 Tricks to Crafting a Competitive Offer
Here are a few tips to make your offer stand out so you can win the bid on your next home.
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In today’s sizzling real estate market, we consistently see multiple offers on properties. That has caused buyers to wonder how they can make their offers stand out amid the sea of competition so they have a better chance of winning the home. Today I compiled a list of a few simple strategies that have helped my clients win their bidding wars over the last 15 years:
1. Shorten the contingency period on your conditions. Each offer typically comes with a financing condition and a home inspection condition. If you feel comfortable and are able to shorten it from the typical five-day period to a shorter period, this can make your offer stand out against your competition. As long as you’re comfortable, you may even decide to remove conditions altogether. You can also do a walk-through of the property with a licensed home inspector to help you feel confident about waiving or shortening conditions.
2. Have your Realtor writer a personal letter to the seller. This letter should include some background information about you and your family. This might seem like it comes out of left field, but it works. Let the seller know how many children you have, what you and your spouse do for work, what you love about their property and neighborhood, and more. This information can help build a connection between you and the seller.
3. Act quickly. Make sure that if you find a property you like that checks all the boxes for the criteria you’re searching for, your Realtor submits an offer on it as soon as possible, before anyone else has a chance to swoop in and snatch it away. Today, this is easy, given our access to e-signatures on smartphones or other devices.
4. Strengthen your deposit. A solid deposit gives security to the seller. Especially in a market where lenders have tightened up on financing, this can be a huge advantage.
I hope you found these tips helpful! If you have any questions about today’s discussion or other real estate topics, reach out to me by phone or email. I’d love to hear from you.
