The housing market in North Texas is extremely competitive right now. Many times there are multiple offer situations within the first few days of a home hitting the market. As a buyer, this can be extremely frustrating as you lose out on offer after offer but there are a few things you can do to help make your offer more attractive to the seller.
1. Offer Cash – If you have the means, offering cash can sometimes make your offer more attractive. The seller gets their money regardless of whether you pay cash or finance but a cash offer can usually close faster. It also eliminates the potential for issues with the lender and there is no appraisal requirement. Submit your offer with proof of funds so the seller knows you’re serious.
2. Get Preapproved – If you can’t pay cash, a preapproval is the next best thing. This is a good idea any time you begin shopping for a home, but it is a must in the current market. Sellers want to know that an offer is solid and likely won’t run into any snags along the way. A preapproval can help them feel at ease. Being preapproved for a mortgage loan doesn’t obligate you to borrow the money, but the lender must stand behind its written loan commitment unless something changes with your situation. Keep in mind that conventional loans are often preferred because they are more streamlined and aren’t subject to the government approvals that FHA and VA loans are.
3. Make Your Best Offer – In a competitive market, there is no room for haggling. Another potential buyer is probably offering list price and yet another may be offering more than list. Figure out what you are willing and able to pay and make that your offer. Be prepared to offer over list price with no contingencies. If you hold out for negotiation, you may lose out on the house of your dreams.
4. Be Flexible – While most sales close within 30 to 45 days, a seller may need extra time for their new residence to be ready. If you can be flexible on the closing date, it might help you win against another potential buyer with a more rigid timeline.
5. Write a Heartfelt Letter to the Seller – It is becoming more and more common for potential buyers to send a handwritten note to the seller describing their love for the home and why it is a great fit for their family. Some even include a family photo to tug at the heartstrings of the seller. And it often works. Selling a home can be a very emotional event and making that personal connection to your family can make your offer seem a lot more attractive. Most sellers want to know that their home is going to someone who will love it just as much as they have.
If you’re looking to buy a home, call us at 817-330-9235 today. We’ll help you find your dream home and get your best offer submitted.