How to Get Your Offer Accepted
Filed under: Real Estate Market
It is challenge to get an offer accepted in today’s competitive real estate market. So today, I want to talk a little about the things you can do to get your offer accepted right now.
Addressing an Appraisal Shortage
One of the most powerful things I’m seeing with buyers is to deal with an appraisal shortage upfront. For example, if a buyer knows that there is a chance the home may not appraise, then the buyer can communicate with the seller that they will pay the difference in the appraisal shortage (up to a set amount).
Or, in some cases, people offer to pay the entire appraisal shortage. This strategy ensures the seller gets the price they are asking, and it gives the buyer an advantage over other offers.
Rent-Back Options
Another potential challenge the seller is going to have is a rent-back situation. As a buyer, you can make your offer more competitive by helping to seller solve this problem. If the seller is in the same market and they have to buy another house, then they are going to need time after the deal closes. If you are the buyer, offer a 2- or 4-week rent-back.
Some aggressive buyers are offering to let the seller stay in the property for 30 to 45 days at no charge. I look it as offering a few extra thousand dollars to sweeten the deal. Either way, it makes the seller’s life easier, and in turn helps them choose your offer over other offers they are considering.
Contingency Periods
Finally, you can tighten up the contingency periods if you can complete the home inspection within a few days after the offer is accepted. For example, do a 7-day inspection contingency. If your lender can get the loan underwritten faster than normal, perhaps you do a 2-week contingency to ensure you have all the approvals you need in the contingency timeline.
Even though the market is competitive, it’s possible to find a great home for your family. If you need help with buying or selling a home, then my team is here to assist. Contact us to learn more about Temecula real estate: call, text, or email me at (951) 473-0390 or [email protected].