Congratulations! You found your dream home and you’re ready to make an offer. Let’s create an eye-catching offer. Here are the top things you need to put in a competitive bid.
Make sure you’re pre-approved. It's “a must” in a competitive market. Sellers want to make sure you can buy their home and that the sale will close. Keep in mind, all all-cash offers are more attractive than financed. Financed offers take time and must be approved by a mortgage lender.
Do your homework. Know the neighborhood. Know the market. Get familiar with property values. inhaus is designed with this in mind and helps by providing you neighborhood and market information along with an automated estimate for each home. If you need more help, reach out to us and one of our expert, licensed professionals would be happy to help guide you.
Make your offer appealing. When there’s a lot of competition your first offer must be compelling.
Put your best foot forward. You want to present an offer that the seller is excited about. if you really want a property that has multiple bidders, figure out how much you're willing to pay and go in strong. There are no guarantees the seller will counter back, so your first offer may be your only shot.
Keeps terms of the offer simple. Sellers typically prefer a shorter escrow (30 days) as it helps them get money in their banks sooner, but if you are working with a mortgage lender ask them the length of escrow you need. We advise you to keep your inspection, loan and appraisal contingencies in place to protect yourselves. However, shortening contingency time frames helps strengthen your offer.
Be flexible. Work with the seller, such as you want to close on the 15th but they need till the 20th. Remember you both want the same things. The seller wants to sell you their home and you want to buy it.
Write an offer letter. Yes, it really does work! It creates an emotional connection with the seller and can give you a leg up. Be authentic. Let them know who you are.
Have more questions about buying a home in California? Join our Facebook Group: Professional Real Estate Advice for California Home Buyers & Sellers or reach out via email at email@example.com