When the real estate market gets tough and you’ve found a home that you absolutely love, then it might be time to take some drastic actions in order to secure it. I have three things that you can do to improve your chances of buying your dream home.
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Make your offer ‘sharp’: In Utah, putting down 1% or more in earnest money will make your offer more sincere, especially in a competitive environment. A seller needs to know that you’re serious about buying, and this is how you prove it to them.
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Find out what seller’s moving time frame. Sometimes a quick close seems like an obvious plus to a buyer, but what if the seller needs more time to move out? Consider writing an offer that allows a seller a short interim occupancy agreement that allows the seller to stay an extra week after settlement to help them get moved and eliminate the short term moving stress.
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Don’t get pre-qualified, get pre-approved: A pre-approval is what you need to stand out as a buyer, and with new TRID rules it’s actually the only designation you can have as a buyer. If you’re pre-approved, you’re on par with a cash buyer.
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Keep short time frames on contingencies: Make the inspection and due diligence periods the acceptable length. It usually takes 14 days to complete the inspections and 21 days for the financial paperwork to be completed.
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Write a personal letter to the seller: Explain to them why you should be their #1 choice. Tell them about your family and how much you admire the home. Pull on their heart strings a little bit and you could become their #1 choice. Then, have your agent make an offer in person to the seller and their listing agent. This is a powerful move, and it puts more gravity on your offer. It’s an old school tactic, but sometimes it does the trick.
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Ask your agent to present the offer in person. Going along with the emotional connections a seller has with a buyer, it’s much easier to represent you as a buyer when your agent is willing to meet the listing agent and the sellers on their turf. A little communication from your agent directly to the sellers can go a very long way in making a win-win relationship happen.
I have found these techniques to be very useful when the situation calls for it. If you have any further questions, please don’t hesitate to contact me.
I would love the opportunity to find you your dream home!