How To Produce The Best Home Offer
Tags: knowledge broker, knowledge broker real estate, toronto real estate, newmarket real estate, new homes, new condos, best home offer, create a home offer
In a seller’s market, buyers tend to have a hard time feeling seen. With multiple buyers looking at the same property some feel discouraged to even make an offer knowing that it might not get accepted. What buyers often forget is that there comes a time when the final sale price is not the deal-breaker. If a seller receives multiple offers paying similar sale prices, they start to look at what else they offer has. In that case, as the buyer, you need to know how to write the best home offer ever, and here are 6 tips to get you started.
#1 Attach A Preapproval Letter
Showing a seller that you have been pre-approved by a bank is a big plus. It shows them that you are a serious buyer who is already qualified for a mortgage with a committed bank.
#2 Put Down A Large Deposit
If you can put down a large deposit do it! Providing a seller with a higher than average deposit shows that you are willing to put a lot on the line for this home. The larger the deposit the larger the impression.
#3 Don’t Shoot Low
In a buyer’s market, where there are more homes for sale than buyers, you might get away with low balling your offer. In a seller’s market, do not try this in the house of your dreams. If a house has multiple offers, low offers will not even be considered.
#4 Provide Short Inspection Periods
If you are putting conditions in your offer, require them in the shortest amount of time possible. We advise you to speak to your real estate agent more about this before you proceed because some conditions are harder to meet in only a few days.
#5 Offer A Flexible Closing Day
Depending on the time of year some sellers might be motivated more by a quick closing day than a high offer. By offering a flexible closing day you tell the sellers that you are ready to move at their speed.
#6 Write A “Love Letter”
The last thing you should provide in your offer is what we call a “love letter”. A love letter should include why you love the house and how owning this property will change your life. For example, if you grew up on the same street the house is on, write that in the note. Appeal to the seller’s emotional side and your offer will likely do very well.
Just remember when writing an offer to think realistically and from the perspective of the seller. Do not make an offer you cannot fulfil but try and put as much on the table as you possibly can. To really succeed work with a real estate agent who knows how to appeal to the seller. An assertive agent will be your best resource when writing your final offer.
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JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
249 Avenue Road • Newmarket, ON L3Y 1N8