There are a few crucial steps you need to take when putting an offer on a home to get an edge over the competition.
According to the CA Association of Realtors there will be multiple offers on any given property 98% of the time. You will be competing, so you need a strong agent with experience and a proven track record to help you purchase your dream home or investment property.
Here are a few great tips on how to get your offers accepted over your competition.
- Be available - when a home comes on the market you need to get out there to see within 24 hrs – you’re competing and sometimes it is a race – be available.
Write a strong offer right out of the gate – come in high and strong, if not someone else will and could potentially get the house. Don’t mess around writing a low offer hoping to save a few dollars off your monthly mortgage. Saving $8.00 a month is not worth losing the house.
Make sure the offer is signed thru Docusign. It’s neat, clean, fast and looks professional.
Now when your agent submits the offer it should include your pre-qualification letter, proof of funds, which is your deposit, down payment and a personal letter. This alone can separate you from similar offers.
Increase your earnest money deposit, you’re buying a house not a cell phone – put down a minimum of 1-3% of the purchase price. This shows the seller you are committed.
Contingency period is typically 17 – 21 days; this is the period in which you/buyer does their due diligence – inspections – loan approval – reduce this to 14 days. 14 days is plenty of time to get everything done. Why is this so important? Until you remove ALL of your contingencies in writing you can cancel the purchase agreement at any time. The sellers do not want to wait 21 days – 14 days will separate you from the competition.
The escrow period should be 30 days – there is no reason for it to go longer.
Follow my steps and your offer will be accepted. It’s easy and can make huge difference in separating you from the competition.
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