Even in a buyer’s market, there are often multiple offers on a property. This can be a stressful and frustrating time for perspective buyers, and they should rely on their professional real estate agent to guide them through the process. The sellers evaluate the offers and decide which to accept.
Here are some tips to put your offer above the competition.
Money talks – A cash offer is a serious contender with any property.
Pre-approved guarantee – Let the sellers know you are qualified by submitting your loan pre-approval letter from the lender. A pre-approval letter from the lender confirms your employment, source of your down payment, and other aspects of your financial circumstances. Although obtaining the approval is more involved than a pre-qualification letter, it carries more weight. A strictly cash offer is a serious contender with any property.
Don’t underestimate the power of a down payment – Increase your down payment, it tells the seller you are a serious buyer. Obviously, the highest offer appeals the most to sellers. If the price is uncharacteristically low to encourage multiple offers, have your agent evaluate the comps in the area to decide on a reasonable offer.
Play nice – Find out what the sellers want and be flexible. Cater to their desired closing date or waive minimal repairs. Offer to pay closing costs and don’t ask for personal items in the home.
When listing your property, consult with your meto determine an accurate and fair price. If the local competition has a substantially lower listing price, your property will most likely remain on the market.
Curb appeal is crucial, so the facade of your home should be inviting, not alarming. Remove clutter from the yard, spruce up the landscaping and freshen up the entryway with new paint and exterior lighting. Make sure the walkway to the home is not hazardous; any cracks in the steps, pavement or concrete should be repaired.
Also, proper exterior lighting is essential, as some showings may be at night or dusk.
Don’t let the odor of smoke or pets deter buyers. If necessary, hire professional carpet cleaners before your first open house and employ scented candles or air purifiers. Buyers will be anxious to exit, rather than stay and tour a home that has offensive odors.
As buyers explore your home they shouldn’t have to visualize the space without clutter. Excess furniture, trinkets, family pictures, toys and other items tend to detract from the existing space and totally obscure any attributes of the home. Remember, everyone appreciates a clean house. Stains, fingerprints, dust and laundry will likely send buyers to the next house on their list.