In a competitive housing market, home sellers are fielding numerous offers, especially in popular cities and neighborhoods. Whether you’re a first-time homebuyer or a seasoned property investor, it can be tough to make offer after offer with no success.
However, there are key things you can do to help ensure your time house hunting for homes is well-spent and to increase your chances of getting your offer accepted.
All-cash offer
The most effective way to increase the chances of your offer being accepted is to make it in all cash. Cash offers drastically simplify the homebuying transaction, making things easier for both parties involved.
Waive the financing contingency
A contingency is an action needing to be completed before the contract becomes valid and the sale of a property becomes final. There are numerous contingencies found in a real estate contract; however, the most standard are for inspections, appraisals and financing.
If you intend to use a mortgage loan to purchase a home, a financing contingency protects you in case you aren’t able to secure the loan in time. In other words, you’ll be off the hook for a home you can’t pay for.
In some special situations, a buyer may decide to waive the financing contingency, to signal to the seller there won’t be any delays regarding paying for the property.
Letting a seller know you’re willing to drop this contingency can make your offer more appealing than competing offers, increasing the chances of your proposal being approved.
Crafting a personal letter
Sometimes to win a bidding war, you need to get on the good side of the seller. Take the time to write them a personalized letter explaining what you love about their home and why it’s perfect for your household.
Avoid disclosing significant changes you’ll make, as this may signal to them that you don’t appreciate all their home has to offer and may undermine some of their emotional connection to the property.
Working closely with your real estate agent, you can implement these techniques and increase the chances of winning a bidding war.
About the Author
Daniel Martin
Membership:
National Association of REALTORS (NAR)
Connecticut Association of REALTORS (CAR)
Bridgeport Board of Realtors
Valley Board of Realtors
Greater Fairfield County CMLS
Connecticut CTMLS
Education:
Principals and Procedures of Real Estate
Naugatuck Valley Community College
Connecticut School of Electronics
Housatonic Community College
Achievements:
Connecticut Magazine 5 Star Realtor 2014-2023
Top Producer
Top Listing Agent
Top Selling Agent
Professional Specialty:
My experience and expertise in the home selling and buying process gives my clients an advantage in any real estate market.
*First Time Home Buyers
*Single Family Homes
*Multi-Family Homes
*Land
*New Construction
*New Residential Developments
*Condominiums
*Downsizing
*Rentals
Personal:
Lifelong Connecticut Resident
Married with 2 Children, 3 Grandchildren
Musician
Golf Enthusiast
Areas Covered:
I specialize in Fairfield and New Haven Counties. *Shelton *Trumbull *Stratford *Bridgeport *Fairfield *Milford *Danbury Beacon Falls *Brookfield *Naugatuck Valley It doesn't stop there - I can also refer to anywhere in the world! Niche Marketing My background in customer service and technology gives me a step ahead of the competition. I use every available Marketing Resource to make your home stand out.
