Are you ready to buy your dream home in Chattanooga or the surrounding area? Just finding a perfect house for you and your family can be a difficult task. Once you have found the ideal place, the next step is to make your offer. There are ways to make an offer and stand out from other buyers. You will be competing against multiple buyers for your dream home, and there are ways to make your offer the one that the seller will accept. Feel confident with your offer by following one of the suggestions below.
Go Above Asking Price
If you are in a multiple bid situation, you want to go above the asking price versus making a low-ball offer. Don’t let this thought overwhelm you. Going above allows you to get the seller’s attention, and they will know you are a serious buyer. You don’t have to go too much above the asking price, and sometimes it only takes $2,000-3,000 above the asking price to make a difference. Make sure your offer is aligned with the home’s value and large enough to get the seller’s attention.
A Strong Earnest Money Deposit
An earnest money deposit is the money submitted as a buyer to show the seller how committed you are to purchasing a home. It is usually required by sellers so that they are protected in case you, the buyer, back out and they have to put the house back on the market. Even if an earnest money deposit is not required, making the offer makes you look like a serious buyer and you will again stand out from other buyers.
Make A Larger Down Payment
Making a larger down payment is another way to show sellers how serious you are as a buyer and shows you are in an excellent financial situation. It also shows that you are responsible and stable when you choose to make a larger down payment than necessary. Indeed, don’t go above your means, but choose the larger down payment if you are in the position.
An escalation clause is an offer you submit to a buyer to show you are willing to increase your initial asking offer if a more prominent offer comes in. You can set the maximum price. Sometimes the seller would rather make a counteroffer or up their asking price before accepting an escalation clause. Hire a lawyer to write the escalation clause if this is an option you consider.
A cash offer shows you are serious and is also a way to expedite the buying process. Paying cash also keeps business between the buyer and the seller, leaving out financial lenders. The buyer and seller both feel more in control with cash payment. Paying with cash will give the seller the confidence they need to choose you as their buyer.
Pay Attention to Details
Making sure your offer is complete may seem too simple, but the truth is, details are often missed and result in an incomplete offer. Information about the purchase agreement may be omitted or missing disclosures. Pay attention to the details to ensure your offer is complete. If not, a seller may not bother with your offer and pay attention to those that are complete. With multiple offers, you want to make sure you have done everything you can to feel confident about your offer.
When making an offer on your dream house, you want to act fast but also make sure you are making the necessary steps for your offer to stand out. Be prepared. One way to do this is to be pre-approved for a mortgage. When you’re preapproved, you’ll know exactly how much money you have to work with, how much you can afford, and it provides you credibility.
Contact one of our real estate professionals today at CENTURY 21 Prime South if you are searching for your dream home. You will receive all the support you need and more to make your dream into reality.
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