The moment you decide to purchase your forever home will probably be one you’ll cherish for a very long time. Now, when it comes down to making an offer on a house, you should prepare for some cutthroat bidding.
With the real estate market in Seattle being higher than the national average, bidding wars are more common than usual. Future homeowners will go the extra mile to lock in the house of their dreams, no matter what. So, how do you make your offer stand out from other bids?
Well, we geared up on some expert insight and pro tips to share with you, so stick around.
Put Down a Deposit They Can’t Refuse
Put in a sizable earnest money deposit that’ll make a statement. Earnest money is a deposit made in good faith that shows the potential buyer as a serious candidate.
Once the seller accepts your offer, the money you assigned as a deposit will be deposited into an escrow account. To put in an effort to seal the deal on the home you love, make a sizable deposit. In general, the earnest money is usually in the range of 3% of the Offer Price. But, those who mean business make a deposit of 5% or more.
Partner Up With an Agent to Run the Show
Before you put your money on the table, find a real estate agent that knows the area, the neighborhood, or even the listing agent, if necessary. With a good real estate agent on your side, you can close the deal on the home you love hassle-free.
A good agent understands your budget and can offer the most bang for your buck. Reliable agents should lead the way and answer any questions you might have. Plus, your agent is your negotiator, so choose wisely.
Your Agent should also be an experienced agent with solid relationships in the broker community. When the Listing Broker of the forever home has prior experience with your Agent, that can give you a leg up on the competition.
Include an Escalation Clause
An escalation clause is an addendum to offers that states the potential buyer is open to raising the bar on their offer should there be higher offers from another prospect. In other words, you are telling the seller you are willing to pay more if someone else is getting close to outbidding you.
An escalation clause allows you to set a limit on what you’re willing to pay, so the seller has a clear idea of how much they can expect to receive out of your offer.
Hand-write a Cover Letter to Go With the Offer
This might seem unnecessary for a home purchase, but believe us when we say buyers will stretch their limits to get the key to the home they love. Start with a strong opening and avoid sounding too generic.
Write about why you love the home they’re selling and why they should consider your offer. Keep things light and friendly — 300-400 words should be enough to convey the right message.
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