If you’re home hunting in a competitive market, you’ve probably had the heartbreaking experience of losing out on the perfect house. It can be incredibly frustrating to find out the seller rejected your offer in favor of another buyer. How can you do your best to make sure it doesn’t happen again?
When a seller entertains multiple offers, it’s essential to understand that many different factors are in play. If you’re an all-cash buyer, you tend to have an advantage, as cash removes potential financing roadblocks. But if you’re like most people, paying cash for a house isn’t an option. What do you do then to make your offer competitive?
First and foremost, make sure you have 100% of your financial house in order. When you are financially prepared, you have pre-qualification for a mortgage as well as proof of funds. Being organized and ready to go will help give you a small edge from the start. Also, be sure you work with an agent who is highly responsive to requests. Sellers don’t need to wait around for agents to provide necessary information when multiple offers are landing in their inbox.
Beyond these factors, there’s another way to boost your offer’s profile: Personalize it.
While most sellers want to go with someone who will pay the most for their home, you should never discount the emotional dynamic to the home selling and buying experience. Though sellers are ready to move on, they often want to feel like their home is going to someone who genuinely appreciates it and needs it.
Work with your agent to craft a personal letter as to why you love the seller’s home. What features do you love? How will this home help you personally, professionally, or with your family needs? Include a photo of yourself and your family. Putting a human face on the offer can transform your offer from one more name in a pile of numbers into a genuine person worthy of living in the seller’s home. Have pets and kids? Bring them into the picture!
Tips to Keep in Mind While Writing Your Letter
- Build a Connection: Look for a connection that you and the seller share. This connection could be being in the same line of work or noticing a hunting sign. Build on that connection.
- Keep it Short: Don’t write a novel. Share your point, build a connection, and add a few reasons why you’re the best buyer.
- Leave Out Remodeling Plans: If you plan on remodeling, be mindful of the seller’s protectiveness over their home. While they are selling their house, they still have emotional attachments to different areas of their home. They may not be fond of knowing that you want to destroy parts of it.
Have your agent personally deliver the offer. Most of the offers are going to be electronically transferred, dumped into a crowded email inbox. An electronic offer can be convenient, whereas delivering a beautifully prepared package complete with a personalized letter and picture can impact the seller.
I will go the extra mile in helping you attain your dream home. Get in contact with me today: 928-830-6976