How to Get Your Offer Accepted in a Competitive MarketPosted on May 18, 2021
You’ve found it. Your dream home. It’s perfect in every way imaginable, and you’re ready to put in an offer. It’s a sure thing, right? Not so fast. A seller’s market, like the Denver metro currently is, means that there are more buyers shopping than there are homes available. It may also mean that your full-price offer just isn’t going to cut it by itself. So, after a stressful house-hunt, what can you do to ensure you walk away with the home of your dreams? These tips might help put your offer on the top of the stack:
Make Your Offer Squeaky Clean
In order to present the cleanest offer, you’ll want to avoid putting in one that’s contingent on the sale of another property or has other financial constraints. Avoiding seller concessions (things that a buyer asks for outside of the offer price, such as help with closing costs), can also be helpful.
#Protip: If possible, get your loan fully underwritten before presenting an offer. This means you’ll complete the entire loan process with your lender before making an offer on any home. Then, when you find a home worthy of your offer, you can confidently put down your loan contingency with little to no risk.
Another option would be to forgo the loan contingency altogether by paying in cash. It’s not as scary as it sounds. Here at Team Lassen, we specialize in helping our clients with cash transactions, so if the idea of securing a property without a mortgage appeals to you, don’t hesitate to reach out!
Avoid Personal Property
Did you find yourself falling in love with the amazing dining room chandelier listed in the exclusions? Whatever you do, DON’T ask for it. Want the sellers to throw in that awesome lawn furniture? Skip it. Chances are, your offer could be very similar in price to another offer that isn’t asking for personal property. Asking for excluded items (especially things that might be sentimental to the sellers) might weaken your offer.
This is not the market for making low offers and hoping a desperate seller will bite. Here in Denver, chances are that you will find yourself in a multiple-bid situation, and you’ll need to make your offer strong enough to beat out the competition. If you really want the house, you might need to go above the asking price.
Don’t allow this to scare you too much: There’s a way to do it properly without putting yourself in a financial bind. Sometimes, even a small amount over will be enough to sway the odds in your favor. Plus, it shows the seller that you’re serious.
It’s important to talk with your agent so that you know that your above-asking price offer is aligned to the home’s value. The last thing you want is to find out your dream home doesn’t appraise for what you offered to pay for it.
Winning a bidding war without going belly-up can be tricky business. Luckily, here at Team Lassen, we’re experts in helping our clients put in competitive offers that are more likely to seal the deal without putting them in uncomfortable financial positions. Questions? We’re here to help!