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August
30

Making an Offer Stand Out - Buying a Home - CB Prime Properties

Whew! This market is competitive, and you may be worried that your offer will get lost in the shuffle. But there are ways to stand out from the crowd. Our real estate agents have some stellar advice to make your offer get noticed when you're ready for that dream home from Albany homes for sale

  1. Offer a bigger down payment.
    Offering a larger down payment than you need to can send a message about how serious you are. It also says you're on top of your financial obligations. Positioning yourself as someone who's in good shape financially will catch your seller's attention.

  2. Secure mortgage pre-approval.
    You need pre-approval from a lender for the amount you need to borrow for a mortgage. During a tight market, multiple offers will be dangled before the seller in what could be a relatively short time. With a pre-approved loan, you're boosting your chances of being accepted by the seller. Sellers are unlikely to take you seriously if they see possible problems with your financing. If other buyers have pre-approval letters and you don't, your chances of being accepted will be greatly diminished. Most lenders recommend you get this letter 30-60 days before shopping for a home. That means your credit will be reviewed and your debt-to-income ratio analyzed so the lender can determine if you're able to afford a mortgage.

  3. Make a competitive offer.
    Don't waste time on making low offers, hoping for a nibble, in this competitive market. Your offer should be strong enough to beat out multiple bids. So be resigned to going above the asking price. Sometimes just going a couple of thousand or so above the asking price will cement your position as a serious buyer. Be mindful that an offer above asking price doesn't have to cost you much; just align your offer to the home's value, and what you put down, and the amount you pay monthly will not change significantly.
  4. Keep contingencies to a minimum.
    Contingencies, which are beneficial to the buyer, can slow up the sale. As the National Association of Realtors points out, the fewer the contingencies, the more likely the seller is to find the offer attractive. For instance, if the sale is contingent on the buyers selling their home, the seller will want to investigate the buyer's current home, including how long it's been on the market and if its listed price seems correct.

    Divesting of seller concessions, such as appraisal, inspection, and loan contingencies can improve your chances of an offer being accepted. You can find other ways of making up for giving up these contingencies. Also, be flexible with the move-in date, and you can make your offer stand out among others. 

  5. Make an offer in cash. 
    Cash offers show the seller that you're serious and that you're in control and not at the mercy of a lender. 

  6. Your offer should be complete.
    Many potential sales don't happen because of errors. Ensure there are no missing disclosures and that all the information for the purchase agreement is in order. Is everything shipshape with your earnest money deposit? 

  7. Add an escalation clause to your offer.
    This means that when you make an offer, and a higher offer comes in, your offer will increase. However, the seller may raise the list price instead of accepting an escalation clause, or providing a counteroffer.

An experienced real estate agent can help you through the negotiations when you decide to make a home offer. Contact us today. 

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