Question By: If you're worried about losing your dream home in a multiple-offer situation, here are seven tips that can help make your offer stand out above the competition.
1. Show proof that you can afford the home
If you want to look like a serious buyer, the first thing you need to do is show the seller that you can actually close on the home.
2. Put your money where your mouth is
If you haven't gone through the homebuying process before, an earnest deposit is money that you submit to the seller along with your offer to show that you're serious about buying the home.
3. Offer to close quickly
If you're planning to obtain a mortgage, getting preapproved can certainly speed up the process, but your lender may still require a certain amount of time — say, 30 days — to close.
4. Don't take forever to inspect
Standard due diligence (inspection) periods vary — in my local market, a 10-day period is standard — but you can make your offer stronger by speeding up the process.
5. Think about your contingencies
It's typically not a great idea to waive the financing contingency unless you'd be willing to pay cash (or lose your earnest deposit) if something goes wrong in the mortgage approval process.
6. Make your first offer your strongest
If you find the perfect home for you, or you live in a hot real estate market where most inventory sells within just a few days of being listed, it's not the time to try to score a bargain or lowball the sellers.
7. Show the sellers why you are the best buyer for their home
As a final thought, if you've done all the other things on the list but are worried about losing the deal simply because your real estate market is on fire, it could help to make your offer personal.
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