People will always be looking for homes where they could settle down with their respective families. It means there’s constant property buying and selling to meet housing needs.
So, you might’ve already found the ideal home, located in an ideal neighborhood, with all the amazing features you want and need. However, obtaining it proves to be challenging due to the fact that other potential homebuyers are looking at the same property. How will you stand out among them and ensure the seller accepts your offer? Here are some tips to help you:
Have Your Finances In Check
You need money to buy the property. That said, the seller will look at your finances to determine if you’re a viable candidate in the short and long term. Therefore, you must ensure they’re okay.
One, make sure you have a good credit score. An excellent score is ideal since it shows you can easily access a loan. It means the seller won’t have difficulty receiving payments from you. Consider shooting up your score as soon as you think of buying a home instead of doing it at the last minute. Starting early gives you time to improve your score, especially if it’s less than ideal.
Suppose you don’t want to get a loan to acquire the property. It’s important to have a stable job or source of income. It’ll convince the seller you’ll manage to pay the mortgage in the agreed intervals, without delay.
Lastly, it’ll put you at the forefront if you have a pre-approved mortgage. It shows the seller you already have the funds to buy their property. You can also make a real estate good faith deposit to convince the seller you won’t back away from the property offer, besides showing you’re serious.
Present A Higher Offer
During the property sale, the seller will have an asking price. In most cases, potential buyers will offer lower counter-offers to reduce the amount payable.
If you want to stand out, you must do the opposite. Offer a higher amount than the asking price. Doing so will put you on top of the list, increasing the seller’s chances of accepting your offer. However, as you go about this, you must be wary of your allotted resources. It shouldn’t exceed your budget, which includes the property’s maintenance costs once you buy it.
Suppose you qualify for a mortgage of £300,000, and the asking price is £250,000. Increase the offer to above the asking price, but within the funds available. In the long run, paying higher now for a long term property will save you more than if you need to move again in the future.
Minimize Highlighting Small Dislikes
When looking at a property, you might find aspects you don’t like, some minor, others, major. You’ll want to point out these to the seller’s real estate agent and make inquiries about them. Although this is recommended, there are certain details you may overlook, especially when looking at a high-demand property. These include aesthetic-related elements, like colors and window treatments. They’re things you can easily change.
Yes, your concerns might be valid, but the real estate agent will likely interpret this as a lack of surety in acquiring the property. As a result, you’ll rank at the bottom, reducing the chances of standing out amongst other buyers and getting the property.
As a buyer looking at the same property with many other buyers, any delays in making an offer can make you lose the house. Therefore, it’s important to be prompt during this process.
Since you’re looking for a place to call home, you want to be thorough, but also time-conscious. Consider making a list of must-haves and negotiables for your ideal home. As the agent shows you the property, ensure it has all the features you’re looking for. If it meets all your non-negotiables, proceed to make an offer.
Work With A Professional
Looking at a property to buy and making offers can prove challenging, especially if you don’t have the right skills. You might fail to stand out because of not asking the right questions or you simply lack confidence. In such cases, it’s best to hire a professional real estate agent.
The agent has the skills to make offers and negotiate on your behalf. For one, their excellent communication skills are a huge plus; they can effortlessly sway the seller into choosing your offer with their deep know-how and convincing power.
In addition, the professional will give you expert advice on how to best handle the process and the right questions to ask, from finances to closing the deal. Such queries may include:
- Why is the property being sold?
- Is the property’s structural integrity intact?
- When was the property built?
- What’s the property’s average maintenance cost?
By asking such questions, you’ll know more about the property. The answers you’ll get will help you make an informed buying decision.
One way of standing out in a crowd is to connect with the leader, in this case, the seller. You can do this by developing an emotional connection with them.
As you make an offer, include a letter to the seller, explaining why you think you’re the best buyer for their home. You could highlight the property’s best features and why they’re perfect in your eyes.
Discuss why you think it’s the best property to raise your family. Point out a garden or lawn where your children can play under the sun, etc. It’ll also be an added advantage to tell them they can trust you to take care of their previous home to maintain its character.
With such details, you’ll develop rapport with the seller, which might result in their putting you at the top of their consideration. Getting personal convinces the seller that their home is in the right hands.
This article has established the need to stand out as you aim to buy a property that meets all your needs, but happens to be in high demand. By following the tips discussed above, you’ll increase the chances of the property’s seller accepting your buying offer.