During a seller’s market houses can get snatched up before homebuyers even have time to go look at it. If you are tired of losing out to other homebuyers it is time for you to start thinking outside of the box.
When you want to make sure your offer is accepted there are a few key strategies that homebuyers can use to influence sellers.
Play to the Seller’s Needs
There are multiple reasons that people want or need to sell their house. If you can find out what that reason is, you have a major advantage over other homebuyers.
Once you know the situation the seller is in, put yourself in their shoes. This will help you determine how to be the perfect buyer they are looking for. Any way that you can show how you will make the process easy and smooth for them is going to help set you apart if there are multiple offers.
If the seller needs to sell their house quickly, have the inspection and appraisal handled as quickly as possible. Show them that you are working to make the process fast and stress-free.
If the seller wants to purchase a new house, but has to sell their current house first, offer to close quickly and then allow them to rent the house until they have closed on their new house.
Be the Highest Offer
If you are looking to purchase a house within a competitive market you will need to come to the seller with a strong offer. Oftentimes this means that you will need to pay over the asking price for a house.
If you keep losing out on houses due to multiple offer scenarios, make sure that you bring your best offer from the start. Competitive markets are often not the time to negotiate on a house that you really want.
Make Your Loan Go Smoothly
Show sellers that you mean business by having your loan taken care of. Work with a lender before you start looking for a house and make sure you get pre-approved. Keep your paperwork updated with the lender as your home search goes on. This will help to assure that your loan application process will go as smoothly and quickly as possible.
Homebuyers will want to stay in communication with your mortgage lender throughout the process. Make sure that you work with a lender that responds quickly and is easy to get in touch with. The last thing you want is to be trying to quickly move on a house and have your lender not respond to your calls and messages.
When you are trying to buy in a competitive market all of the little things matter. Look for any areas that you can go above and beyond as a buyer to impress the seller. Talk to their real estate agent and see what information you can learn about the sellers and what they might be looking for. Then look for ways to make that happen for them, whether, it is a quick sale, top dollar, or having a place to live after closing.