Are you ready to enter the San Diego real estate market and buy a home? Although there are thousands of available listings on the market on any given day, you might be surprised to discover that competition for certain homes can be fierce. Many listings receive multiple offers the first day that they’re live, so if you’re going to be the one who wins the right to purchase the home you’ll need to stand out. In today’s blog post we’ll share a few ways that you can ensure that your offer to buy a home is at the top of the stack.
Preparing to Make a Great Offer
If you feel that you’ve found the right home there are a few steps you can take to fully prepare yourself before you table your offer. If you’re going to require financing, getting a pre-approval letter from your lender is highly recommended as this assures the seller that there is no chance you’ll be declined. You can also be proactive and line up your appraisal and home inspection vendors ahead of time which can also speed the process up.
What Terms Are Important to the Seller?
If the seller has multiple offers on the table, it will be important to be as accommodating as possible to their needs. Find out what terms are important to them and if necessary be prepared to make a few compromises to get the purchase agreement signed.
Sweeten the Deal with a Large Deposit and Escalators
One way to catch the buyer’s attention is to signal that you’re willing to place a large amount of ‘earnest money’ on deposit for the home. If you can spare the cash up front, aim for five to ten percent of the purchase price. You’ll need to make your down payment soon enough anyway, so this is a reasonable way to close the seller on accepting your bid. You can also build escalators into your offer if you’re willing to pay more – just be sure to get evidence that the seller is receiving other offers.
Avoid Unnecessary Delays and Complications
If you’re fully prepared for the buying process you shouldn’t be the cause of any unnecessary delays or complications that can sour the deal. After you’ve placed your earnest money in escrow and signed the purchase agreement you’ll have a certain length of time to get your responsibilities taken care of. Try to be as efficient as possible in order to move the deal along.
Note that while you don’t want to be the source of any delays you also don’t want to try to rush the seller along. Some individuals have been in their homes for decades and they don’t want to feel like they’re being rushed out.
Buying a piece of real estate is a major transaction that you shouldn’t face alone. When you’re ready to buy a home, contact the Whissel Realty team at (619) 618-7997 or by email and we’ll consult with you to determine your needs and arrange viewings of homes that fit them perfectly. We look forward to the opportunity to represent you as your buying agent.