How to Stand Out When Writing an Offer

When a new listing hits the market, it is commonplace for there to be a rush of interested buyers that results in multiple offers. Especially in this current hot market, listings do not last long and we can’t stress enough how important it is for buyers to speak with their lender and have your pre-approval in hand BEFORE you make an appointment to see a property. Chances are you will need to put together the offer quickly to compete with other buyers or even timelines for offer submissions from the seller.

Here’s a few more suggestions you may consider utilizing:

• One more time, get pre-approved and have a copy of the pre-approval readily available.
• If paying in cash have an up-to-date proof of funds, preferably from your banking institution.
• Have the lender phone and/or email the listing agent to expand on the pre-approval letter.
• Increasing the amount of Earnest Money offered.
• Acknowledge flexibility on closing and/or occupancy dates.
• Eliminate any unnecessary contingencies.
• Waive the appraisal and have proof of funds to meet the difference in the purchase price.
• Avoid concessions like asking the seller to pay the buyer’s closing costs or points.
• Avoid including additional personal property beyond what is offer with the sale.
• Purchase “as is” with right of quick inspection to cancel contract of condition is unacceptable.
• Shorten time frames on necessary contingencies.
• Consider bridge financing to be able to pay cash.
• Write a personal note to the seller explaining why you like and want their home, please remember some sellers request these to not be submitted on occasion.
• Escalation clause…. offer to pay $X,000 more than the highest acceptable offer up to a limit.
• If you physically sign the offer, use a contrasting color ink to add a personal touch. If using electronic signing and you are able change the font and color.
• Make your best offer first, they may not make a counteroffer.

Your real estate agent and lender will be a great resource prior to making an offer on a home. They will advise you financially on what you can afford to offer, whether or not certain offer conditions are allowed, and the best approach for writing an offer even before you step foot in a home for sale. You won’t regret getting fully prepared when it comes time to make an offer.