Sellers seem to be the ones most concerned about the ways they should stage their property for sale and get a good return for it. However, we often forget that once a seller manages to make an attractive prospect out of a home, they are the ones calling the shots. This is why you need to know how to approach a seller with an offer which will stand out from all other offers they receive.
A clean offer
When you are making your offer, do not mention anything that would raise a concern in the seller with regards to your ability to make a payment. You will be a candidate number one if you are holding cash. Cash payments eliminate most issues, including the hassle with mortgages and appraisal process and cost. If you do not have the money as yet, but you will have it soon enough to close the deal in time, do not mention your plans for obtaining the money. The seller does not need to know that you are awaiting a compensation payout, or you are in the process of selling another property.
Prequalification and preapproval
These two are a way of letting the seller know that you are serious about the purchase of that specific property and that you are certainly able to do so. While a preapproval letter is slightly more favored as it is the biding, the prequalification is the second-best thing s it demonstrates that you are a good candidate which should be able to obtain the money easily. Preapprovals also mean there will be no procrastination or any issues which could arise if you had to go through the process of taking out a mortgage.
Inspections and contingency
You will come across experts and retailers who will advise you not to do a home inspection and set a minimal contingency period to show that you are really eager to buy the house. However, an important thing to consider is that the inspection may show that the property you are about to buy is not as great as you thought it to be. This might even lower your interest in it and you won’t care if someone else gets it before you do. The representatives of Talon Pest Control advise you never to omit the inspection as it can reveal structural issues which are costly to repair or even beyond repair. What you can do is be flexible, try to set a short, but a reasonable contingency period which will allow you to do the necessary inspection and negotiate the price.
A good offer and a substantial EMD
The amount you are willing to spend on the property is probably the most important aspect of your offer. If you really like the property, particularly if you do not have the cash amount, offer them more than they are asking for. This will make you stand out. Also, it is a good impression to leave an EMD (Earnest Money Deposit) which is higher than the traditional 1% to 3%. If you paid attention to the previous paragraph, your EMD will not go to waste and there is nothing for you to worry about. A large down payment on a loan could have a similar effect on the seller.
Don’t ask for extras
Stick to buying that which the seller was willing to sell in the first place. If they want to include furniture and/or appliances take them as it will land you on their good side. However, if they are not offering anything apart from the property itself, do not ask them to throw it in. Other offers may require them to give up less and still offer the same amount as you do.
Double check that your offer is not missing anything
You need to complete your offer before it gets to the seller. This discloses all the necessary information, it shows that you are reliable, responsible, and serious about it. Since selling a property can be very emotional, write a personal letter to the seller to ask them to sell you the house. Explain what it is that really attracts you to the house, how it could improve your life and the lives of your family members.
Your offer should be appealing to the seller, but it should be a good compromise between what you want and what you think they would like to hear. Remember that making a winning offer which is too good to be true could get you in a bad position.