Are you ready to pull the trigger and find a home that’s perfect for you and your family? With a market that is expected to trend in the favor of the seller throughout the year, due to overall low inventory, offering the asking price without much else most likely won’t be enough. If you’re unsure what else you can do to make your offer stand out among the rest, you’re in luck! There are quite a few things you can do to prepare yourself to make an offer that stands out both initially and during a potential bidding war. The best way to get started? Read these trusted steps and make sure you have a realtor who you can trust and knows the ins and outs of quality offers, such as Rob Washburn!
First thing’s first – all of your finances must be in order.
- If you haven’t yet, the first thing you need to do to ensure your offer even gets looked at is to get pre-approved. Not only should this be done before you start looking at homes, but it should also be done before you communicate with any potential realtor. This can’t be recommended enough because if you do find yourself in a bidding war with any other potential buyer, you can be assured your offer will be ignored if you don’t already have that pre-approval.
- Trust your realtor! It’s crucial that you choose a realtor with a vast knowledge of the current market and the area so you can rest assured that they are trustworthy. That way, you know that they fully understand where you should start with an offer. In this market especially, you won’t want to start with an offer at the top of your budget. If the house is worth it, it is almost guaranteed that you’ll find yourself in some kind of bidding war. If/when this occurs, you’ll want to make sure you have left yourself money to up your offer and keep it competitive. An expert realtor can sit down with you before you make an initial offer and write up a couple of different contracts that have increasing amounts. That way, you’ll be prepared and ready to act quickly when needed.
- Keep money that you’ve been saving aside in the chance that you need to increase the earnest money amount. Showing a willingness to up the earnest money is encouraging to sellers and can give them more confidence with your offer over the rest.
Include as few contingencies as possible.
- This is often referred to as a “clean offer” and is very attractive to sellers. Waiving some of the major (or even all, if possible) contingencies will make your offer very difficult to say no to. Once you have seen and toured the home, sit down with your realtor and ask them if there are any contingencies you can feel comfortable leaving out.
Don’t be afraid to get a little personal with the seller.
- It never hurts to include a personal letter to the seller with your offer that lets them know about your family and why you love their home. Including features such as their ideal schools and neighborhoods help to make an emotional connection as well as painting a picture of your children growing up and making memories there. If you’re able to meet the owners at any point, go for it! With all of the offers they’re sure to receive, it will only benefit you to let them put a face to your name.
Make sure you prepare yourself for counteroffers from the seller.
- Throughout the process, it’s important to remember that counteroffers happen and that they’re completely normal! This is another reason why it’s so important to trust your realtor because they will navigate you through this step and help give you peace of mind. Also, while it might be tempting to offer a significant amount more than the original amount you offered, your realtor will help you keep in mind the actual maximum amount you can afford, and how you should wager that. Your trusted realtor has your fiduciary success as their number 1 priority.
- There are many reasons why a seller could, and most likely will, counter what seems to be an outstanding offer. The reasons for doing so could vary from not wanting to pay for repairs found during an inspection or they aren’t satisfied with the offer amount. Either way, if the home becomes less appealing to you as the counter offers continue, that’s ok! You don’t have to accept them and your family can continue the search with the help of your realtor.
Practice patience.
- Ultimately, patience throughout the process is necessary for both your well-being and your ability to think rationally. Give the sellers time to go through offers and remember that if they have given buyers a deadline for their decision, they have the right to wait until then to reach out. If you don’t hear sooner than this, don’t panic!
When all is said and done, what’s most important is that you and your family feel comfortable and at peace with whatever outcome lies ahead. If you found your dream home, make sure you can rest your head at the end of the night knowing you spent a reasonable amount within your budget! You never want to spread your finances too thin, which tends to be easy to do in this market. Remember, there will be other houses and your realtor will guide you through the competition. No matter where you end up, your family is what will make your new house a home!
Are you ready to find your dream home in Council Bluffs or Omaha this year? Reach out to Rob, the area’s most trusted realtor, on Facebook or through our website!