Once you've finally found the perfect home in the best neighborhood nothing can bring you down, right? Well, unfortunately a bidding war or uptick in demand can wind up causing a few problems for interested buyers. And if a home is absolutely perfect, the interest in the property can spike even more. If this is the case, it's important to know exactly how to navigate through this situation and increase your chances of getting the home you wanted all along.
Write a letter to the sellers
Humanizing your offer is one way you can help increase your chances of landing the perfect home. Trulia, an online real estate company, indicated writing down exactly why you love the seller's home and why you are the perfect future owner can help you stand out from a sea of other bidders.
Ensure your note is sincere and truly reflects why you feel you should be the owner of the property. Forcing it or not putting enough effort into the letter will render this technique useless.
Being involved in the purchase of a high-demand home or stuck in the middle of a bidding war means it will likely be very quick and your offer will be judged immediately. Staying organized and having all necessary documents and paperwork ready is crucial, according to Realtor.com.
"Have a clean, correct, and easily legible offer packet, with a pre-approval letter or proof of funds," said Sepehr Niakin, a broker who owns CondoBlackBook.com.
Make your best offer
You might only have one chance to make an offer on a home that everyone loves. Ensure it is the highest you are able to pay and that it is as appealing as it can be. For example, if you learn the seller has already purchased another home, they are likely looking for an easy deal. Cater to these needs and offer a quick closing. Likewise, if the sellers have not yet found another option, add in a lease-back offer which allows them to continue living in the home until they purchase a new one.
Putting your best foot forward will leave you feeling satisfied with the final results even if your offer isn't accepted by the seller. You won't be stuck wondering if you could have gotten the house if you had made your highest offer.
Pre-approval is key
While these techniques are all great ways to help improve your chances of winning the home of your dreams, being pre-approved is an especially effective way to appeal to a seller. This demonstrates you will be able to afford the home and the offer you have made.
Head to a lender before looking for homes. This is also a great way to know how much you can afford before deciding to head to open houses and browse available listings on the market.
Don't let a highly demanded house scare you away from your dream home. With proper preparation you can ensure you land the perfect property.