It may come as a surprise to many home buyers that, in certain markets, homes for sale are attracting multiple offers. This is especially true in larger cities with homes priced under $200,000. Not only are you competing against buyers who want the house as a place to live, but you could also be competing against buyers who want the home as a rental investment. So what can you do if it’s a house you really love?
While the surest bet would be to offer a lot more money than the seller’s asking price, that’s not something I’d recommend. But here are some tips that might just help.
- Try including a hand-written letter with your offer telling them why you’ll make their house a home and what’s unique about your situation. Also, note features about the home that you can tell the owner put a lot of work – and love – into. An emotional appeal, especially when your offer is very similar to other offers being submitted, could just do the trick.
- Find out how soon the sellers need to move. If they are in a hurry, offer them a quick closing period. Likewise, if they need to stay longer, be flexible and offer to close at a much later date.
- If you can swing it, consider offering the seller a larger deposit (known as earnest money). This shows you are serious.
Any finally, in all cases, never make an offer until you’re fully approved by a mortgage lender. In today’s real estate market, buyers who aren’t pre-approved aren’t considered serious buyers. Being pre-approved also reduces last minute surprises on your end that could kill a deal on that beautiful new house when you least expect it.
To apply for pre-approval for an NC Home Advantage Mortgage™ with down payment assistance, contact one of our Preferred Loan Officers.
