Q: Which 7 Tips Should All Buyers Remember?
Remember these seven tips if you want to win the home of your dreams.
As a buyer, if you want to win the home you desire in our highly competitive San Diego market, there are seven tips you must remember.
1. When writing an offer, put down a large earnest money deposit. It’s customary to put down 1% to 3% of the overall purchase price, but that’s going toward your down payment and closing costs, so you might as well use a bigger number and show the seller you’re serious about buying.
2. Have your Realtor call the other agent and find out what the seller wants. If they want a quick close or need more time to move out of the house, try to accommodate them. Every seller wants the highest price, but there are other things on a 13-page offer that you can use to your advantage.
3. Play nice. Don’t ask for a bunch of crazy things in your initial offer. Get it accepted first before making any requests.
Don’t be left with the regret of losing out on your dream house because you wouldn’t adjust your price by $5,000 or $10,000.
4. Show the seller that you’ll take care of the house. A home sale is an emotional process, especially if the seller has been in the home for a long time. Oftentimes, they prefer to sell to someone they’re confident will take care of the home. A good way to show the seller you care is by writing them a letter along with your offer that details how much you love the home and how you’ll take care of it. My team and I also prepare videos for our buyer clients so they can mention on camera all the things they’d say in the letter.
5. Shorten your contingencies. When buying a house, you have a contingency period to do inspections. Here in California, you’re normally allowed 17 days to get your inspections done. Sellers will want a buyer who can get their inspections done quickly because if the buyer decides to back out of the deal, they won’t want to have their house off the market for 17 days.
Also, if you have a contingent property (i.e., a home you need to sell as well), sell it first. If sellers have to choose between multiple offers and yours is contingent on selling another property, it’s going to the bottom of the pile. A contingency offer doubles the potential issues that make a deal fall apart.
6. Write your best offer. Obviously, you want to get the best deal, but are you buying an investment or a place to raise your children? At the end of the day, a $10,000 difference in price only affects your mortgage payment by about $50 per month. Don’t be left with the regret of losing out on your dream house because you wouldn’t adjust your price by $5,000 or $10,000.
7. Work with an experienced agent who knows what they’re doing. Real estate is a small community, and the seller’s agent will want to work with an experienced buyer’s agent. Who your agent is will affect the chances of your offer getting accepted, so interview multiple agents and find out who can best represent you.
If you’d like to know more about getting your offer accepted or have any real estate questions at all, don’t hesitate to reach out to me. Happy house hunting!