Tips For Making A Winning Bid On A Home

Real Estate Blog

If you are hoping to buy a home in a seller's market, you might have some stiff competition. Setting yourself apart from the crowd when it comes of your offer is key. Here are four tips that will help you make the winning offer on your dream home.

1. Talk Up the Owner or the Seller's Agent

Before you put anything in writing, try to get a minute chatting up either the seller or real estate agent onsite. Whether this is at an open house or during a one-on-one walk-through, remember to stay positive and talk about things in the home. Try to reach some sort of common ground with the agent or seller. This might not always be possible, but if they remember you in a positive light, your offer will stand out.

2. Keep Your Offer Realistic

If you really love a specific home, makes sure to go over all of the local statistics and read through all disclosures given on the home with your realtor. If the asking price is fair, don't low ball your offer. If the asking price may be below market value, offering a bit more might help set your offer apart. Work with your realtor to decide on an offer price that will still be in the ballpark of the expected appraisal amount.

3. Write a Personal Letter

If you didn't get a chance to talk up the seller or realtor, make sure to include a personalized cover letter that can make your offer stronger. This letter can include things that would sell you as a person, such as working for a good cause or a starting-out family. Make sure to go on and explain why the home would be a perfect fit for you if you can.

4. Motivate the Owners

If there is anything that you can glean from a walk-through or in discussing a home that might be a roadblock for the sellers, see if you can help. If owners are living in the home and are having trouble finding their next house, negotiate a 30 or 60 day move-out contingency if you can to give them more time. If they might have outside cats or a chicken coop they cannot take with them, offer to take these pets on when you move in.

Finding your dream home can be tough and having your offer accepted over other bids might feel impossible. You don't have to be an investor or pay in cash to have your offer accepted. Remember, the seller is a person too and most likely wants someone to live in their home that loves it as much as they do.

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