While having your home offer accepted gives you a spark of hope, the process can be psychologically and financially draining without the correct information.
Buying a home is a significant milestone and a lifetime achievement. This is mainly because the process requires you to undergo rigorous bidding and have top-notch negotiation skills. Additionally, the real estate market is competitive, so you’ll need to go the extra mile to be the best buyer amidst the competition.
While having your home offer accepted gives you a spark of hope, without the correct information, the process can be psychologically and financially draining. Below we share with you time-tested tips to help you make a winning offer on your dream home.
Secure Your Pre-Approval
Not having a mortgage pre-approval when negotiating with the home seller can drastically reduce your chances of getting the house. How? Well, the seller might have already received numerous offers but will only sell to the buyer whose financing is secured. So make sure you get your pre-qualification letter from your lender to stand out from other prospects.
Make Your Earnest Offer
Earnest money is the offer you make to your seller as a good faith deposit to show you are serious and ready to buy their home. Most sellers request an earnest offer as it makes them feel that their interests are protected. This is because they receive 1-3% of the buying price in an event where the buyer changes their mind about the purchase. Therefore, making your earnest offer raises your credibility and increases your chances of getting your dream home.
Limit Your Contingencies
Contingencies are provisions for possible future issues, and they must be factored in before closing on the sale. While they are made to protect you as a buyer, you need to be smart to ensure they are not a turn-off to your seller. The more contingencies you have, the less the chances of your offer being accepted. Try to scrape off unnecessary contingencies and stick to those you think are crucial.
Build a Rapport with Your Seller
It is no secret; a seller receives multiple competitive offers. And your offer needs to have an emotional, personalized connection to win the heart of your seller. Do some background checks about the seller and their house, and use the gathered information to connect. For example, you could tell them why you want to be the next owner of their home. Share with them why you love their yard or their neighborhood. This, paired with a competitive financial offer, will make them remember you when it’s time to choose their ideal buyer.
We Offer the Best Mortgage Deals In St. Louis
Are you looking to buy a home in St. Louis, Missouri? Contact the Better Rate Mortgage team for assistance. We have incredible mortgage offers, and our pre-approval processes are quick and smooth. Contact us and let us help you secure the home of your dream.