If you have been paying attention to my posts recently, you know that despite current outside factors, the real estate market in Whatcom and Skagit Counties remain extremely competitive! As a buyer, it is imperative that we take all steps available to us that will help a seller consider your offer over others.
1: Get Pre-Approved for your home loan! Not just pre-qualified (basic first step application form filled out). This first step is a no brainer in today’s hot housing market, but many people still don’t put this as their number one priority!?
2: Write a personal letter. Most times when people make the decision to sell, it’s not because they don’t love the house they are in, they have just outgrown it’s usefulness. They have spent countless money, energy and time turning it from a house to their home. Tell the seller what you love about the home and what it would mean to make it yours. Making a personal connection helps set you apart from others.
3: Add an Escalation Clause! With a hot market comes the possibility that you may encounter a “multiple offer” situation. The best way to stay on top of a bidding war, is with an Escalation Clause that allows you to increase your bid (up to a certain point) if someone else outbids you. I would help guide you in this process to make sure you are not over paying and staying within an approved appraisal value required by the bank.
4: Can you be flexible? If you can be flexible and open minded regarding the sellers timeline, it could make a huge impact on getting your offer approved! What do I mean by flexible? If they need to have a few extra days or weeks in the home before you move in, talk about possible delayed occupancy or rent back options!
5: Increase your earnest money to the seller. If you are able to up your earnest money deposit, it will let the seller know about the seriousness of your intention to buy, and their confidence in your offer.
One last thing to do to help you stay ahead of the competition when searching for your next home is to sign up to have new listings sent directly to your email inbox as soon as they hit the market! It is easy to do by clicking HERE
Leave a Reply