For those looking to buy a home, be prepared for multiple offers! This week I had 3 buyers have their purchase agreements accepted – all were part of multiple offers. I know realtors that have have 4-6 offers on their listings! How do you get your offer accepted in this situation? Be prepared!!
It seems like most of my buyers have been part of multiple offers lately – it can be very frustrating if you find a home you love and you lose it in multiple offers. You never really know if a slightly higher offer would have made a difference or not. I do know you need to be preapproved and be ready to submit your best offer. Talk to your loan officer and decide what program you have to do. Can you do a conventional mortgage or do you need FHA or VA financing? Can you put more down? Would it be better to put less down and pay your closing costs? Do you need the seller to contribute towards your closing costs?
All of these are different things you can do to help make your offer stronger. If you have the ability to use conventional financing, it may help your offer. FHA and VA appraisals worry some agents/sellers – especially if they think there might be work orders on the home. If you can put more down, it can make your offer look stronger to a seller. If you need the seller to contribute towards closing costs, remember that lowers what the seller will net from the sale of his home. You may want to increase your offer if you are asking for seller paid closing costs.
Some agents will ask the buyer to write a letter to the sellers telling them why they want the house. That can help sway a seller towards you if he likes your letter. Some agents feel it will personalize your offer.
Make sure your mortgage is ready to go. Make sure your lender has paystubs, tax returns, bank statements and anything else they may have asked for. There are times I get phone calls from the listing agent and it's great when I can say that I have everything I need from the buyer. They are ready to go! It may mean the difference you whether or not you get the home you want!
Leslie Vanderwerf, NMLS ID#335509, American Mortgage & Equity Consultants – Email – Website
