In a tight real estate market, a desirable property gets a lot of attention.
If you want yours to be the best looking offer on the block, here are eight ideas to dress it up.
1 Make the right money offer. There’s no way to put lipstick on a pig in real estate. The right offer is first and foremost the right money offer. That doesn’t mean it has to be the highest. Other factors might come into play, but it should be in the right financial neighborhood.
Your agent will compare sales prices and values of similar homes in the area and come up with a starting point. If not find a new one.
2 Money talks; pay cash if you can.
Sellers love cash deals because they are less likely to fall through. If you are competing with an investor, you might find yourself up against a cash offer. If you can stack your offer with some cash, you reassure the seller that the deal will go smoothly and financing will be easier.
3 Make your offer clean and easy. Give the sellers a chance to get their price (or as close to it as you can manage) with little effort. Resist asking for improvements that cost the seller money and time.
4 Sweeten the deal by offering to cover closing costs.
5 Give the sellers their choice of closing dates. If you want the property, stay flexible.
6 Offer to let the seller choose a move-in day, if you can. If they need to remain in the house for a month after closing, offer to rent back after the closing, which means they will be your temporary tenant.
7 Show you are a serious buyer with a stack of earnest money. If you have to back out of the offer for any reason allowed by the contract or state law, you’ll get your money back.
8 Share the love! If you love the house and can see your family in every nook and cranny, tell that to the sellers in a letter.
Remember that selling a house is an emotional thing. Even when people want to sell, they still have a lot of love, memories and dreams left in their home and their neighborhood. You might tell them what features of the home will especially work for your family.
Sharing the love is not only for competitive situations. If the sellers love your family and want to see you in the house, they might just be able to wait until you get a buyer and iron out other details that delay a deal.