How to Make Your Offer Stand Out
In the majority of bidding wars, sellers choose the highest bidder. It’s just a financial decision. However, that’s not always the case – so even if you’re not putting in the highest offer, you may have a shot at getting a seller to choose yours. You can make your offer stand out by:
- offering cash
- waiving contingencies
- being flexible on timing
Scroll down for a closer look at each.
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Tip #1 for Making Your Offer Stand Out: Offering Cash
Cash is an attractive option for many sellers because they don’t have to wait for a lender to approve a transaction. Additionally, when the buyer has cash in their bank account to purchase a home, it’s not as if a lender will be there to nix the deal. However, most people don’t have that kind of cash lying around, which takes this option off the table for many.
Related: The 7 most common mistakes sellers make when showing their homes
Tip #2 for Making Your Offer Stand Out: Waiving Contingencies
Contingencies are conditions in a real estate contract that must be met before the deal can go through. real estate agents typically build these conditions into contracts to protect their own clients. Some of the most common contingencies involve home appraisals, home inspections, and financing. For example, a home appraisal contingency says that the buyer doesn’t have to purchase the home if an appraiser says it’s worth less than what the seller is asking; likewise, a home inspection contingency says that a buyer can walk away from the deal if the home inspection uncovers issues they’re not willing to live with. Finally, a financing contingency says that a buyer isn’t on the hook to purchase a home they can’t secure financing for.
Sometimes, buyers get an advantage by waiving some of their contingencies – but doing so comes with a risk. You could be on the hook to purchase a home that isn’t the right fit for you, depending on the contingencies you’ve chosen to waive. If you’re thinking about waiving contingencies in order to make your offer stand out, you should talk to your real estate agent about what could go wrong first.
Related: The layman’s guide to private mortgage insurance
Tip #3 for Making Your Offer Stand Out: Being Flexible on Timing
Offering to be flexible with the closing date is the least-risky proposition for buyers, but it can mean a lot to sellers. Many sellers are waiting for their own purchases of new homes to go through, so being willing to put off closing (or move it up, depending on the situation) may help sellers choose your offer over others that are more rigid.
Related: How escrow protects buyers and sellers
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