Because multiple-offer situations are so common, it’s important to make your offer stand out from the beginning to increase your chances of getting your dream home.
Watch this video for tips to make your offer stand out, and read below for more information.
While pre-qualifying for a mortgage gives you a general idea of how much mortgage you can afford, the process is not as in-depth or official as getting pre-approved. The pre-approval process involves extensive documentation and analysis of your financial history and qualifications. Pre-approval documentation lets sellers know you’re serious about your offer, and that you have the financing in place in order to purchase their home. Pre-approval puts you one step above the competition.
Include Deposit with Offer
A small percentage of your down payment can be made as an earnest deposit to show the seller your offer is in good faith. Writing this deposit check shows the seller your interest level and willingness to follow through with the purchase. The check is placed in an escrow account until the closing is successfully completed. And earnest deposit isn’t a necessity, but it makes your offer stand out in a competitive market.
Make an As-Is Offer
Another way to appeal to a seller is by making an as-is purchase offer. This means if the home needs repairs or has any issues, the seller won’t be responsible for the associated costs before the deal goes through. This could be risky based on how extensive the repairs might turn out to be, so decide how important your potential new home is to you before taking this step.
Submit a 17-day Contingency
Even though you want to appeal to a home’s sellers with the most favorable offer, it’s risky to entice them with a contingency period of less than the 17-day standard. This time frame allows you to get your financial documentation in order and complete the necessary inspections. This contingency period gives you a buffer in case there are significant issues found during inspection that cause you to second-guess your decision.
Buying a home in a multiple-offer situation can be stressful, but with the right strategy, and with The Adler Home Team, you can be successful!
About the Adler Home Team
When looking to buy or sell in Northern New Jersey, you may rely on The Adler Home Team and their intimate knowledge of the distinct communities throughout the region.Jeff & Debby Adler continue to lead with contribution and have served over 1,100 families in their 20 year experience in Northern New Jersey. Through their combined efforts, this team of eleven professionals is very diligent in serving a full array of clients from first time buyers to those seeking their expertise in Residential, Condos, Townhomes,Luxury, New Construction,Relocation, Short Sales, Foreclosures and Rental Properties.By accessing the very best in technology, current market data and creative marketing applications, The Adler Home Team takes every measure to ensure that their clients are educated and provided with the critical insights that meet their specific requirements. They teach, lecture and train at the national level on negotiation skills, marketing and team building. The Adler Home Team is most proud and thankful for their strong referral business that confirms their talents, creativity, professionalism, diligence, knowledge, and outstanding integrity. The Adlers look forward to forming a partnership with their clients to help them reach their goals and make smart business decisions. So, when it comes time for you, a friend, or a family member to make a move, trust the Adler Home Team to win for you. Google View all posts by The Adler Home Team →
Author:Jeff Adler Phone: 201-819-3309 Dated: October 12th 2015 Views: 564 About Jeff: When looking to buy or sell in Northern New Jersey, you can rely on The Adler Home Team and their in...
View our latest blog posts in your RSS reader. Click here to access.
When you are putting your home on the market, you will likely be look
"Hi, my name is Kim and my husband and I used Jeff and Debby Adler from The Adler Home Team to sell our home in Midland Park and to purchase our home in Waldwick, NJ. We loved working with the Adlers. They were really attentive to our needs and were always there when we called them. They always were available to show us homes and that is something that is really important when looking for a Real Estate Agent. We would highly recommend Jeff and Debby Adler from The Adler Home Team."