In a highly competitive real estate market when nobody knows you, how can you make a winning-knockout offer?
Imagine finding the ideal house at last, and after making an offer, learning that someone else had already made a bid on it.
What a disaster if you lost the house because your offer wasn’t compelling enough. It’s a terrible tragedy, I must say.
The real estate market frequently switches back and forth between being a buyer’s and seller’s market. Any market requires your real estate offer to be appealing, and there are a few methods to do this.
Making a Hard-to-Resist Offer
The first time you make a purchase offer to a seller, it must be your best. Here are some strategies for executing an impossible-to-refuse real estate offer.
• Be Sure to Put Your Best Offer on the Table First
The identical strategy will be used by every other buyer. So that the seller can decide fast, you should submit your bid first.
Your bid becomes the benchmark that all other bids must match if it is the opening offer and it is your best.
Some even go so far as to include an expiration date on the offer to encourage the seller to respond promptly.
• Deal with the Right Agent
When it comes to real estate transactions, some agents might be a little bit sluggish. Frequently, they will hold off on typing up the bid and submitting it to the seller for a day or two.
You would need a representative who is prepared to make a call with an offer virtually at the exact time that you deliver your bid.
The last thing you want to happen is to lose the home because of a sluggish agent when there are dozens of agents in the city competing to sell it.
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• Ask Questions about Why the Seller is Trying to Sell the Home
They might be seeking to relocate for work, looking for a smaller house, or perhaps because of a fatal event.
This knowledge may be advantageous to you. There is a chance that any offer will be accepted if they need to move soon.
Perhaps they want to get rid of the house so they can pay off the mortgage.
A knowledgeable agent is more likely to be aware of this information and be able to easily transmit it to you.
• Show that You Are Looking to Do Serious Business
A fantastic technique to attract their attention is to hand them an offer letter or a sizable sum of earnest money.
Even if your offer is less than some others’, the mere fact that your earnest money is more substantial may result in your being selected to purchase the property.
You might want to address that right immediately if you haven’t taken your lender’s preapproval offer further. For sellers, having cash on hand is a big draw.
