Here are four more tips for getting your offer accepted in a hot market.

 

In addition to adding the “human touch” to your offer, improving your financing and contract terms are key to getting it accepted in a hot market. Here are four tips that will help you do just that:

 

1. Offer a large earnest money deposit. The benefit of this tip is that it doesn’t actually cost you more money because it’s all going toward your down payment anyway (assuming you’re buying with financing). A large earnest money deposit looks strong because it’s essentially a good faith deposit. 

 

2. Offer shorter contingencies. For example, offer to get the inspection(s) done within a week. The first step for buyers during a home purchase is to get the home inspected, so the quicker you can do this, the quicker the seller will know you want to move on with the deal. Sellers usually like to see the appraisal done early during the escrow period as well. Also, get the loan contingency completed quickly so the seller knows you can qualify to buy. 

 

    A large earnest money deposit looks strong because it’s essentially a good faith deposit.

 

3. Offer to buy without asking the seller to make repairs. Sellers usually don’t want to make any repairs to their property, so if you offer to buy the home as is even after the inspections are done, it will help a lot. Of course, if something major comes up during the inspection, you can always renegotiate, but not asking for any repairs in your initial offer will sound very favorable to the seller. 

 

4. Offer to pay for costs that are customary but not mandatory. For example, it’s customary for the seller to pay for the buyer’s home warranty (which usually costs between $500 and $600) during the purchase, but volunteering to buy your own home warranty is a great way to make your offer stand out against the competition. The same goes for any HOA transfer fees or county transfer taxes. 

 

If you’d like to know more about making your offer stand out or have any other real estate questions, don’t hesitate to reach out to me. I’m here to help.