What Are 6 Ways to Strengthen Your Offer?

Buyers need every edge they can get in this hot market; here’s our advice.

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We’re firmly situated in a seller’s market right now, and competition among buyers is fierce. Inventory is low and bidding wars abound, so how can you make your offer stronger than the next buyer’s? Here are six critical tips to remember:
1. Make a larger-than-normal earnest money deposit. This proves to the seller that you’re serious about purchasing the home and ready to move the transaction along. You can also include a nonrefundable portion so that the seller would be able to keep something if the deal were to fall through for whatever reason.
2. Send your pre-qualification letter. This will show that you’re not just leisurely exploring the housing market, you’re a vetted buyer who’s done their homework.
3. Settle on a date that works best for the seller. Usually, you’d try to find a closing date that works best for you, but given how quickly properties are flying off of the market right now, you need to do the opposite. The seller may need a longer close because their new home is still being built, or they might be itching to close as soon as possible. Whatever the case, do what you can to make their life easier.
"In today’s market, there’s simply
no place for lowball offers."
4. Waive inspections. Now, this step is situational; depending on the type of home, you may not feel comfortable doing this, but in any case, waiving inspections will always make your offer a lot stronger.
5. Tell the seller why their home is perfect for you. Oftentimes, we will have buyers send in a video of their family or write a thoughtful letter to better introduce themselves and explain all of the things that they love about the home. This is a great way to create a human connection and make the seller feel proud of their property.
6. Write your best offer up front. In today’s market, there’s simply no place for lowball offers. You might need to slip in an escalation clause, which states that your official offer is for X dollars but you’re to go Y dollars above the next highest offer up to a certain total of Z dollars. We’re seeing most listings sell at or above list price, so you can expect to write an offer that’s above asking—especially if you’re in a multiple-offer situation.
If you have further questions about the home-buying process or any real estate needs we can help with, don’t hesitate to reach out via phone or email. We’re always here to help!