Tips for Getting Your Offer Accepted in a Seller's Market
In a seller's market, standing out from other buyers is crucial to getting your offer accepted. Start by getting pre-approved for a mortgage to show sellers you're serious and financially prepared. Make a clean, competitive offer with as few contingencies as possible. Although it can be a great thing to consider offering above the asking price if you can afford it, not all listings are priced with the same strategy. The listing may be on the high end of the pricing spectrum, or priced very low. We can help by having expert knowledge of the area, valuations on various housing developments, and the cost and value added by various upgrades. Also be mindful of potential appraisal issues. A larger earnest money deposit can demonstrate your commitment. Flexible closing dates that accommodate the seller's needs can be appealing. If possible, consider waiving certain contingencies, but be aware of the risks involved. A personal letter to the seller explaining why you love the home can sometimes make a difference. Lastly, working with our experience and local knowledge, we can guide you through the process and help craft a compelling offer strategy.
- When you need to work on your credit. Maybe your credit score is just starting to recover, but you need more time to pay down debts for a couple of years. With rent-to-own, you could start investing in a home while you bring up your score.
- You’re close, but not quite ready to secure a mortgage. You might have a good job with a significantly bigger salary, but you haven’t been there long enough for a lender to consider it a stable source of income. Or maybe you’re self-employed and you’re still building a reliable track record. Rent-to-own allows time to build personal wealth and financial credibility while working toward your homeownership goals.
- When you know you’re going to buy when the lease expires. If you’re not ready to buy when the lease expires, then you will lose any rent credit, i.e. investment, you’ve put into the home.
