3 Things Lots of Sellers Want From Buyers – But Won’t Ask For
Many sellers want specific things from people who offer to buy their homes, but often, they’re not able to communicate these things to prospective buyers. Sometimes, sellers won’t accept offers from buyers, even if they’re really good, because they don’t include:
- Lease-back agreements
- Contingency waivers
- Preapproval letters
Here’s a closer look at each.
What Sellers Want From Buyers: Lease-Back Agreements
Many sellers don’t want to pack up and move immediately, especially if they are still in the process of purchasing a new home (or worse, if they haven’t found one yet). The reality is that after a seller accepts an offer, they suddenly have to find a new place to live. As a home buyer yourself, you know that the process is stressful and that it takes time.
That’s where the lease-back agreement comes in. Sometimes, buyers can offer to lease a home back to the original seller for 60 to 90 days. Often, with the new owner charges the seller rent during that time.
Offering a lease-back agreement when you make an offer can take some of the stress off a seller. In the best-case scenario, it can entice a seller to accept your offer above all others, even if it’s not the highest one they receive.
Related: What happens if your home appraisal is low?
What Sellers Want From Buyers: Contingency Waivers
Sometimes sellers want to move a home quickly, and they wish that buyers would waive certain contingencies to get the job done. Though it’s not always (or even often) in your best interest to waive contingencies, sometimes it’s appropriate.
Before you read further, you need to know that your real estate agent will build contingencies (conditions that must be met for the deal to go through) into your real estate purchase contract to protect you. Some of those contingencies involve things like financing, home inspections and home appraisals. For example, if you can’t get a loan to buy the home, you’ll be able to walk away from the deal with your earnest money intact if your agent has put a financing contingency in your contract.
With that said, sometimes waiving inspections is a good idea, and it can help a seller decide to choose your offer over others. For example, if the home was built within the last few years, it may be okay to skip the home inspection – but only if you completely understand what’s at stake and you’ve discussed the option with your real estate agent.
What Sellers Want From Buyers: Preapproval Letters
When you make an offer on a home, you’re asking a seller to take it off the market for you. The seller can’t advertise it to anyone else, so if your transaction falls through, the seller has to start from scratch.
Sellers usually aren’t comfortable accepting offers that come without preapproval letters. A preapproval letter comes from your lender, and it says that the lender will give you the money to purchase the home as long as you remain eligible. Because a preapproval letter tells a seller that there’s actually someone out there who’s willing to give you the cash you need to purchase their home, they can feel more comfortable taking it off the market for you. But if you don’t include a preapproval letter with your offer, there’s a good chance the seller will skip over it entirely.
Related: How to make your offer stand out
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