Getting Outbid? Try these Strategies to Make Your Offer Stand Out and Get Accepted!!!
The housing market is hot and many buyers are getting outbid with multiple and/or over asking offers. Here are some things you can do to make your offer more attractive to the sellers and increase the chances of getting the property.
• Have Full Pre-Approval –Go the extra step by getting a true "pre-approval" that involves submitting your full application to underwriting. Your lender will collect all your financial data and submit for review, which provides proof of their ability to qualify for the loan.
• Increase the Earnest Money – Your earnest money is the deposit held in escrow, but increasing the amount you offer can show the seller you’re serious.
• Add an Escalation Clause – In a bidding war, an escalation clause is one way to automatically outbid others. The clause typically offers an amount, that you're willing to go—higher than any verifiable offer up to a specific amount. This can ensure yours is the highest offer.
• Pay the Appraisal Shortage – This is so important when you are competing and offering more than asking price, most sellers are concerned about the appraisal coming in too low, when buyers drive the price up in a bidding war. If you are willing to pay over market value, include the amount of shortage you are willing to pay.
• Remove Your Inspection Contingency – Use this option with caution and only when you're planning a large remodel or can tackle the defects found, then you can make your offer stronger by accepting the home as-is.
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