Five Ways to Get Your Offer Accepted in a Seller’s Market
You’ve probably heard scary stories about house hunting in 2022. While it’s true that offers aren’t as easily accepted in this seller’s market, you shouldn’t lose hope. Crafting an acceptable offer simply takes the right strategies and a creative attitude.
Here are five ways to get your offer accepted in a seller’s market:
1. Offer the Most Money
This is the most obvious way to have an appealing offer and is the primary factor sellers look at. You may have to offer far above the asking price, which means more than $50,000 to $100,000 in some areas. For those with the money, this is the best option.
2. Offer a High Earnest Fee
You don’t have to offer the most to have a high earnest fee. The earnest fee is how much you’ll lose if you pull out of the deal after the inspection period ends. A high earnest fee says you intend to close the deal, which calms sellers’ nerves.
3. Waive the Appraisal Contingency
Like a high earnest fee, waiving the appraisal contingency shows you’ll risk paying more to close the deal. The appraisal contingency lets you walk away from buying a house if it’s valued above your offer amount. Without it, a high appraisal means you pay the difference between your offer amount and the home’s value.
4. Give Generous Leasebacks
Sellers know they must buy a house after their current home sells. Leasebacks let them rent their old home while they search for a new house. Provide longer leaseback time periods or allow sellers to stay in the home rent-free for a month. These gestures will make sellers grateful to you as they face the reality of the current market.
5. Make Creative Offer Letters
Sellers love their homes, and they want their homes to go to the right people. Offer letters show your love for the house. However, you’ll want to go beyond a typed letter. Make a video showcasing your personality, use family pictures alongside the text, or send hand-written notes attached to fruit baskets to show your passion for the home.
Lastly, don’t give up. In today’s market, a willingness to try, and try again will bring eventual success.
Are you preparing to make offers? Get pre-qualified with First Bank beforehand to pinpoint your maximum offer amount.
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