6 Tips for Getting Your Offer Accepted on a House

One of the only downsides of finding the perfect home is there’s no guarantee the seller will accept your offer. The good news is there are ways to strengthen your offer to increase the chances of it being accepted — even when several other buyers are interested. Here are some tips to bear in mind.

1. Explain Your Situation

Instead of being just another buyer placing an offer on the home, become a person to the seller. Write a letter explaining why you want to buy this particular house. The owner most likely has a connection with the home and wants it to go to someone who will enjoy living in it. If another buyer is bidding the same as you, explaining what the house will mean to you could be enough to push you to the top of the list.

2. Receive Support from an Realtor

There’s a reason so many buyers and sellers choose to work with a realtor: it’s effective. A realtor can do a lot for you, such as giving you advice on how to improve your offer for a particular property. For instance, your realtor will know how long the house has been on the market and whether the price has decreased.

3. Offer Earnest Money

Depositing earnest money will show the seller that the property is your top choice. It makes it clear that you’re not placing offers on other houses and gives the seller confidence the sale will go through. Earnest money should be at least 1% of the total purchase price, but 3% or more will help your offer become more compelling. Bear in mind you can only use this tactic if you’re certain you will purchase the house if the seller accepts the offer. If you change your mind, you’ll lose the earnest money.

4. Gain Pre-Approval

Another way to show you’re serious about purchasing a home is to gain pre-approval for a mortgage. This gives the seller evidence you’ll be able to afford the home and that you already have the necessary funding available from the lender. Make sure you include proof of the pre-approval with your offer.

5. Have an Escalation Clause

If inventory is low where you’re looking to buy a home, you may end up in a bidding war. To simplify things, decide what is the maximum you’re willing to offer and add it to an escalation clause. This will state you are willing to outbid any offer up to this maximum. Make sure you have the amount pre-approved or are able to meet it with your own funds.

6. Meet the Seller’s Needs

Find out what the seller wants or needs in addition to more money. For example, it may help if you’re willing to wait to move into the house for a few weeks or the seller may want to close the sale as soon as possible.

Improve your chances of finding the perfect home by viewing plenty of real estate. Fort Saskatchewan listings are available through Damon Bunting Real Estate Group. Contact us for support finding the ideal home for you and to make an offer the seller won’t be able to refuse.