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Multiple Offers? How to Make Sure Yours Gets Noticed
Our real estate agents at Heritage Real Estate want to make the home-buying process as easy as it can be. Many clients have shared with us that they feel worried when they make an offer on a home that already has multiple outstanding offers. This is understandable, but it doesn't mean you're out of options!
Even if you don't have "cash in hand," you can still raise your odds of being the winning bidder.
Morgantown homes for sale are highly desirable, so they often attract attention from several buyers in a short time. In every case, somebody has to be the lucky person who comes out on top – and it can be you. The right real estate agent can help you come up with a winning strategy and make a competitive offer.
Let's look at some of the most effective ways to get your offer noticed.
- Get Preapproved for a Mortgage
Preapproval means that a mortgage lender has gone over your finances in detail and determined exactly how much funding you qualify for. The lender is fully prepared to issue your loan once you make a bid on a qualified property. This means no waiting – for you or the seller – and that can make a big difference. - Focus on Providing a Clean Offer
A clean offer has no strings attached for the seller. That is, no help with closing costs, no contingency clause that requires the sale of the buyer's home, and so on. You can go a long way to provide a clean offer, but be careful. It might be self-defeating, for example, to waive a home inspection and end up with a roof that needs replacing. - Don't Ask for Excluded Items
Excluded items are excluded for a reason: The seller has plans for them in his or her new home. Exclusions often cover big-ticket items. They can range from things like home electronics to high-end furnishings. You might feel prepared to make a worthwhile offer on these items, but it is really best to let it go. - Offer Above Asking Price
In today's market, the asking price is usually just a suggestion. A seller whose home is in a desirable location and in fair condition has good reason to expect more. There is one caveat, however: In any market, some sellers overprice their homes for sentimental reasons. Your real estate agent can advise you if a price is reasonable. - Elevate Your Earnest Money Investment
Earnest money is a "good faith" amount that the seller gets to keep if, and only if, you back out of the sale after a specified date. Otherwise, that same money is applied to your down payment. Since it benefits you in the long run, earnest money is a good investment. 1%-3% of the selling price is the usual earnest money range. - Make a Larger Down Payment
The down payment is in a very strange place for most buyers. Although it lowers the amount of interest you'll ultimately pay on a home, it is rarely eligible for financing. By increasing your down payment, you have the chance to free up more of your financing in case you need it to meet other requirements of the seller. - Offer a Month of Free Occupancy
Once you've explored all other options, consider throwing in the biggest perk of all. A month without mortgage or utilities can be highly attractive to even the most affluent sellers. That money translates into convenience since they don't need to worry about rushing to finish their move.
Contact us for personalized advice to make your home purchase easier.
Bill Porter, Broker
(304) 612-3746207 Aurora Dr
Morgantown, WV 26508
WEST VIRGINIA LICENSES BROKER WVB240300963
AGENCY 010271-00
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Office License No. 010271-00