TIP: When you find your dream home write your offer immediately! Have your agent call the seller’s agent & ask if there are recent or upcoming showings & if anybody has an offer.
Submit a Larger Earnest Money Deposit
Your earnest money is used as a portion of your down payment. Increasing your earnest deposit above normal limits tells your seller you are serious about buying. This speaks volume in a multiple offer situation.
Show Sellers You Qualify
Nearly every home offer and certainly every multiple offer will include a lender letter. Stand out by asking your lender for an approval letter. This approval letter is different than a pre-qualified letter. Being a qualified buyer makes your offer a stronger one in the home seller’s eyes.
Give Your Sellers Time to Move
It’s tough selling a home and moving into another. In your offer write up a move out time that will make it easy for your sellers. Give them multiple days to move out after closing without expecting compensation.
Shorten or Waive Contingencies
You have 10 days for inspections issued by federal law but you can waive the right in writing. Of course you will get your home inspected but shorten the time period. If you’re good on your home loan you could also waive loan approval contingency.
Have Your Agent Write Your Best Offer
Never go into buying a home hoping for a negotiation period. If this is your dream home offer your best price. When going for a home with multiple offers make make your offer attractive, maybe a bit above list price. If your agent did their homework you’ll have a good understanding of what homes around are valued and sold at. Sometimes sellers intentionally set the home sales price below comparable sales to go for mulltiple offers. In this case paying a few dollars extra doesn’t necessarily mean you’re paying over the home market value.
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