- Sevens Inspection Services
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- December 6, 2021
6 Tips to Get Your Offer Accepted
Finding your dream home can be difficult, especially in a seller’s market. And once you find it, finalizing the purchase might be even more stressful. From complex agreements to deposits, inspections, and appraisals, the process is complex and sometimes frustrating. Here are a few ways to help get your offer accepted.
1. Put Your Offer In Early
If you think you have found your dream home, move fast and make an offer. Some sellers and realtors set deadlines for reviewing offers. The earlier you submit your offer, the better the chance your offer will be noticed. If you wait until closer to the deadline, it may get lost with many others and you might not get your offer accepted.
2. Make A Cash Offer
Cash is king. Offering cash is a great way to get the seller of the home to notice you and get your offer accepted. Cash is appealing to a seller because it can shorten the sale time. You do not need to wait for a bank, you simply need to prove to the seller that you have the funds in order for the sale to go through. You can show proof easily with a comprehensive bank statement.
3. Put Down a Larger Deposit to Get Your Offer Accepted
Most people don’t have the cash to pay for their dream home in full. This is where increasing the deposit amount can help you get your offer accepted. A 20% down payment is considered standard, so anything more than that reduces the amount of money you need to borrow which can speed up the mortgage process. This will also give you an advantage over other buyers due to the larger sum that you have readily available.
4. Get an Experienced Realtor
An experienced and professional realtor will have written and executed hundreds of offers over the course of their career. Use this experience to your advantage to help smooth the process for both parties. An experienced realtor will also advise you on how to structure your offer for it to have the best chance at being accepted.
5. Include an Appraisal Gap Clause to Get Your Offer Accepted
One of the most common causes for real estate deals to fall through is the appraisal clause found in most financial agreements. This is when the lending bank or loan provider needs to independently appraise the property before committing to financing it. The lender will only cover what the home appraises for, and nothing more, so the buyer has to make up the difference if the home appraises for less than the asking price.
Add an appraisal gap clause to your contract. This assures the seller that you have the extra cash to pay the difference should the property come back with an appraisal that’s lower than the sale price. This is a good way to get your offer accepted, especially if there’s a bidding war for the property.
6. Offer Above the Asking Price
If you really love the home, do not be afraid to make an offer above the initial asking price. If the home is in demand and many buyers are bidding for the property, chances are the home will sell above the asking price anyway. In this case, offering more money beforehand will help you stand out to the seller and give you a really good shot at securing the home.
Sevens Property Inspections provides home inspection services to New York City. Contact us to schedule an appointment.