When purchasing real estate in a fast-moving market, you may only have hours to prepare an offer after you view a home. Summer is a prime time for real estate, and things move quickly, especially if you live in a desirable city or town. If you want to land that dream home, you need to know how to make an offer that will really stand out.
#1 Include Proof Of Your Ability To Pay
When you make an offer on a home, don't just state that you are making a cash offer or that you want to finance the offer. Make sure that your offer clearly shows where the funds are coming from.
For example, if you are making a cash offer, provide a bank statement (with the bank account number removed) that proves that you have access to that amount of liquid cash. A seller is more likely to take your cash offer seriously if they see that you actually have the cash to back-up your offer.
Or, if you are financing an offer on a home, don't just say that you are pre-approved for a loan. Provide the paperwork from the bank that shows that you are pre-approved for the loan and provide paperwork that shows you have the cash needed for the down deposit on the home.
Showing your ability to pay for the home will make your offer stand out from others that just state they they have a way to pay for the home without making it clear exactly how they will go about paying for the home. It will also show that you are serious about the purchase.
#2 Have All Closing Elements Ready
Next, show the seller that you are ready to move quickly with the closing. When you put in your bid, make sure that your bid includes information about who you will use for the appraisal process, what contractors you want to come and look at the home, and the specific inspectors that you have contacted and have on-call to inspect the home that you want to purchase.
Showing that you have everyone and everything lined up that is necessary to move forward with the closing process can help your bid stand out from others. If the seller really wants to move out of the home quickly, it can demonstrate that you are also ready to move fast and have everything in place to move forward.
#3 Be Willing To Negotiate On Closing
Finally, make sure that you are willing to negotiate on closing. Don't be so set in your ways and perspective that you are not willing to move forward with the closing process unless very specific demands are met. Be willing to negotiate and compromise on the closing so that the sale can move forward quickly.
If you want to get a home in a fast moving market, make sure that you show your ability to pay in your offer, have everything lined up and ready for a quick sale and are willing to be flexible with closing terms. The more prepared and ready you are, the more appealing your offer will look to the seller.