How to Get the Home You Want AND Appeal to Sellers at the Same Time?

You’ve found your dream home. You’re financially secure and ready to take the next step in buying a house. If you’re searching for a home in a seller’s market, there’s one thing standing between you and the home of your dreams: other buyers. You may find that your perfect home is perfect for several others.

So, How do you Get the Home You Want AND Appeal to Sellers at the Same Time?

Have Your Pre-approval Letter In Hand

Get pre-approved for a mortgage before you start shopping for a home. If you’ve heard about the pre-qualification process, note that the pre-qualification is an estimate of the loan amount based on verbal confirmation of your income and other details. A pre-approval letter, on the other hand, offers a precise mortgage amount based on your W-2s, bank statements, credit score, and medical documentation. A pre-approval letter tells the seller that you’re serious about buying their home. It also means the seller that you won’t run into trouble getting a mortgage to buy the property.

Make The Highest Offer

Under no circumstances should you throw caution to the wind and ignore your budget. Bidding wars can get emotional, but you must be able to walk away, secure in the knowledge that a home that fits your budget awaits. Ask your real estate agent to contact the seller’s listing agent, who should have some key insights. Your real estate agent can also use local market data to help you strike the perfect balance between saving money and securing your home.

Write A Personal Letter

Think about the amazing memories you’ve made in your current space. Most sellers love passing their home onto a buyer who will love it as much as they did. You can increase your chances of winning a bidding war by including a personal letter to the seller with your offer. This costs nothing but can leave a lasting impression on the seller.

Offer An All-Cash Deal

If you don’t need to apply for a mortgage, your offer will usually jump to the top of the pile. The seller doesn’t need to worry about you having problems with financing. A cash sale saves time for everyone and can close much sooner because there’s no underwriting process to wait on. A cash offer is very powerful if the seller wants to sell their home as quickly as possible.

Drop The Contingencies

Sellers don’t want their homes to sit on the market forever. They also don’t want to have to re-list their home because a contingency resulted in the sale falling through. You can make your offer stronger by dropping your contingencies. Contingencies are specific conditions that must be met before the deal can be completed.

Don’t let a preventable mistake keep you from buying your dream house. Research the market, know your budget, and make sure you have all the information you need to make a winning offer. Most importantly, get pre-approved for financing. Your request will look much better to the seller with proof that you can afford the home. You can start the mortgage pre-approval process right here.