If you’re home hunting in a competitive market, you’ve probably had the heartbreaking experience of losing out on a place you thought you would make your own. It can be frustrating and demoralizing to find out your offer was rejected 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 important to understand that many different factors are in play. If you’re an all-cash buyer you tend to have an advantage, as potential financing roadblocks are taken off the table. But if you’re like most people, paying cash for a house simply isn’t an option. What then?
First and foremost, make sure you have 100% of your financial house in order. This means 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 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 as though their home is going to someone who genuinely appreciates it and needs it. Here’s how to make your offer personal:
- 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/or 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!
- Have your agent personally deliver the offer. A lot of offers are going to be electronically transferred, dumped into a crowded email inbox. While an electronic offer can be convenient, delivering a beautifully prepared package complete with the personalized letter and picture makes an impact.
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