Making an offer on the home of your dreams is an exciting experience! But if you want to close the deal, you have to make sure that what you bring to the table is distinct. Luckily, you can do a few things to ensure that your offer stands out from all the other bids. Explore some of your options in this quick guide.
Come With a Clean Offer
If you’re trying to figure out how to make your home offer irresistible to sellers, coming to the table with no-contingency or “clean offer” is an excellent place to start. These types of proposals are not contingent on the sale of other properties, nor do they have any financial constraints attached to them. Further, a clean offer will typically involve the buyer opting out of traditional contingencies, such as:
They’re also typically free of seller concessions—like assistance with closing costs. When sellers have a long list of bids before them, offering to make their lives easier is an effective way to compete with other buyers.
But be mindful; using this strategy will make it difficult for you to back out of a contract should you change your mind. So think it through before you make any final decisions.
Offer Above the Asking Price
Another excellent way to set yourself apart from other buyers is by offering above the asking price for the home you want to purchase. This is an incredibly worthwhile strategy if you’re competing with an all-cash offer. After all, there are likely multiple bids.
So being willing to pay more than the market price is an excellent way to compete and highlight your desire to buy. And if you’re afraid that you can’t afford too much over asking, don’t worry. Sometimes all it takes is a few extra grand to close the deal on the home of your dreams.
Put Down More Earnest Money
Putting down more earnest money is another excellent way to show your competitors how to make a home offer irresistible to sellers. If you’re unaware, the earnest money is a sum of cash that a buyer will give to a real estate broker to show interest in making an offer on a home.
The broker will hold on to this money, and later on, they can put the cash toward your down payment and closing costs. The standard for earnest money is typically 1-3 percent of a home’s purchase price. So if you’re willing to put more down, it could show sellers that you’re serious about buying the home.
This is especially true when you consider that you can’t get your earnest money back. Once the broker puts it into an escrow account, they’re allowed to hold onto it should you decide to back out of your offer.