How To Get Your Real Estate Offer Accepted
By Keller Williams Ortigas-27C Realty
Read on as we reveal several tips and tricks to win every real estate offer.
Welcome to the real estate arena, where bidding wars and multiple offers are a common sight. As a homebuyer, you’ve probably experienced the frustration of finding your dream home, only to lose it to a higher bidder. The competition is fierce, and the stakes are high. But don’t worry, we’ve got you covered! In this blog post, we’ll share with you some of the best tips and tricks to help you win your real estate offer game. Whether you’re a first-time homebuyer or a seasoned investor, these strategies will give you the upper hand in sealing the deal.
Get ready to take notes, because we’re about to reveal the secrets to a successful real estate offer. Don’t miss out on your dream home – read on and learn how to make it yours!
1. Partner with an experienced realtor
If you’re a homebuyer, and just found the property of your dreams, having an experienced realtor by your side is critical, especially when you’re new to the market and unfamiliar with the buying process. A real estate agent with exceptional knowledge can guide you all throughout.
They will help you negotiate the best deal possible on your behalf. Upon hiring a realtor, it would literally save your time, money, heartache and stress.
Now, if you’re in doubt to make an offer without thinking it through thoroughly, the realtor may explain some contingencies that would keep you guarded.
2. Work fast
In today’s fast paced real estate market, TIME is of the essence. When you find a property that you’re interested in, ACT QUICKLY. Delaying a few days can give another buyer the opportunity to swoop in and offer better deals.
3. Be objective
As a buyer who’s looking for a perfect home, it’s only natural to fall in love with the beauty of a property. However, it’s essential not to become emotionally attached. Yes, it is given that you want it and might think that you can’t live without it, but don’t let your emotions cloud your judgment. This behavior might lead you to make irrational decisions or offer more than the property is worth. Instead, approach the purchase as a business transaction and remain objective.
4. Know your limits
If the transaction is doing no good and applying too much pressure you can’t handle, remember that there are always other properties out there. Set a firm budget and stick to it. If your offer is not accepted, be willing to walk away, and move on to the next.
On a brighter side, even if it did not work out for you, who knows, you might land into a better one. There will always be other opportunities and properties. Take note, purchase logically.
5. Discover the seller’s motivation
If you can discover the seller’s motivation, it can help you structure your offer and close the transaction on their terms.
Are they looking to sell quickly? In financial distress? Did they get accepted to a new job in another city? Do they have kids that need to finish the school year or for construction of their new house?
Knowing the answers to these questions can help you tailor an offer that would appeal to the seller whether they need to close quickly for urgent matters or need extra time to adjust.
6. Make them name their price first
When negotiating with the seller, try to get them to name their price first. This will give you an advantage in the negotiation process, as you will have a better grasp of what the seller is willing to accept. Also, you may be thinking differently from what they are expecting. So, it’s definitely a no-no.
7. Submit multiple offers
More is better than one. Dealing with options can be more acceptable than just taking a risk without any backup plans.
Submitting multiple offers can increase your chances of getting your offer accepted. As they say, “more chances of winning”, right? For instance, you could submit an offer with a quick closing and a cash deposit, alongside a conventional offer with a longer closing period.
8. Handle the moving out process
Over time, properties cache things such as furniture, fixtures, displays, built-ins, dirt and other stuff. Removing and transferring these from one place to another requires a lot of work, energy, time-consuming, and could be quite overwhelming on the seller’s behalf.
So, if you’re dealing with a property that is cluttered and needs cleaning, you might as well take the initiative to take care of it. Make an offer to clean out the property for the seller.
This incentive will incredibly decrease their burden and make their lives a bit easier. In this way, your offer could be a lot more appealing and will show that you’re serious about the purchase.
9. Offer an escalation clause
As you enter an ultra-competitive market, it might be time to utilize some handy tips. A tip such as considering an escalation clause can be your competitive edge and help you win a bidding war. This clause allows you to automatically increase your initial offer by a specified amount over any other offers.
But take note, this clause might not ALWAYS be at your advantage. You should still be mindful as you reveal your maximum offer, the seller can counteroffer with a higher sales price.
10. Express your concerns
While it’s essential to remain professional and respectful during negotiations, don’t be afraid to express your discomfort with an offer. If you feel like you’re offering too much or not getting a fair deal, speak up.
It’s not always the seller who should be the one controlling the transaction, as they are the owner of the property. Despite a tight market on real estate, you should still know where and when to articulate your concerns for the transaction to be closed.
11. No love letters
Although home buying is like courting the seller to get a yes, keep in mind that you’re a homebuyer, not a suitor. So why waste your time writing personal letters to the seller? Plus, that’s history. We’re in the year 2023!
As you read other blogs concerning this topic, they consider writing personal letters to get their contract accepted. There are times that it could be a smooth move. However, it’s not always effective. Most sellers these days are too busy to even bother reading these letters. They prefer to keep the transaction short and strictly pure business. Therefore, it’s best to focus on making a strong and competitive offer.
12. Keep it clean and simple
A complicated offer can be confusing and off putting to the seller. Keep your offer clean and simple with all the necessary terms and conditions clearly laid out.
Now that you’ve reached the last part of this article, you’re now armed with the knowledge and tools to win the real estate offer game! We’ve covered everything from partnering with an experienced realtor to submitting multiple offers and even offering an escalation clause. By following these tips and tricks, you’ll be well on your way to securing the home of your dreams. Remember to stay objective, know your limits, and always be prepared to move quickly.
At the end of the day, the real estate market can be a tough and competitive place. While there’s no guarantee that every offer will be accepted, implementing these strategies can greatly increase your chances of success. Remember, buying a home is a significant investment, and it’s important to approach it with a clear and focused mindset.
We hope this post has been helpful and informative for you, and we wish you the best of luck in your home buying journey. May you find the perfect home and win every real estate offer game!
