Three ways you can strengthen your offer and win in this crazy market.
We’re obviously in a seller’s market right now, so how can you help your offer win? Let’s go over three quick tips to do just that:
1. Get pre-approved. It sounds simple. Get a pre-approval with a lender everyone knows and submit it with every offer. Almost every agent will tell you to not even bother putting in an offer without a pre-approval letter, and if an agent is showing you houses without one, they probably don’t know what they’re doing.
“If a seller has a closing date that they want, appease them.”
2. Leverage your cash. If you have cash, leverage it. A lot of homes are going for over asking price in our market, and that means we’re seeing a lot of appraisal gaps. You might want to bid over asking price and write in an appraisal gap coverage so that if the home doesn’t appraise up to your offer, you’ll cover the gap up to a certain amount. If you have some extra cash, this is a great way to use it.
3. Be flexible. It may not be possible depending on your situation, but try to be flexible when you go to see the house and when you schedule inspections. If a seller has a closing date that they want, appease them. It will help you win battles in this crazy market.
If you have any other questions on how to be successful in this market or real estate in general, feel free to call or email me. I’d love to hear from you.