You’ve found your dream home- congrats! Something ideal for you and your family’s needs and preferences, and you’re willing to pay the asking price. It’s a sure thing, right? Not so fast! What stands between you and your dream house is other homebuyers. So, what can you do to land that ideal home you’ve searched for high and low? Keep reading to learn how to make your home offer attractive in Tampa, FL!
- Showing the seller that you’re preapproved can assure them there’s one less roadblock to closing.
- Your real estate agent understands what can make your home offer attractive- enlist them and tap into their skills!
- Waiving contingencies can make your home offer attractive but can also be risky too- so ensure you understand what you’re getting into with your offer if you do.
Consider a Larger Earnest Money Deposit
Earnest money is the good faith deposit that indicates that you’re serious about buying a home. Once you make an offer on a home, your buyer’s agent will submit a contract to the seller and their listing agent. That’ll include your earnest money deposit check. Typically, the average earnest money deposit that first-time homebuyers make is 6%, while repeat buyers make a deposit of 12% on average. To stand out from other homebuyers, you should strive to make a larger-than-average deposit, which can boost your odds. Sellers are more inclined to choose a homebuyer who isn’t afraid to commit serious funds upfront.
Essential Note: Your real estate agent can help you decide how much earnest money suits your situation and the current market.
Gather Information About the Seller
Before putting together your offer on a home, you might want to determine the seller’s needs and preferences. Of course, each seller will have considerations for a homebuyer, but one thing is the same: they’re looking to get the best offer for their home. As such, your best bet is getting ahead of the seller’s needs in your home offer. For instance, the seller might need to stay in the house for some time after closing or want to leave some appliances behind (for free or at a price). If you’re open to such negotiations, say that in your home offer.
Note: The best way to get this intel is to have your buyer’s agent call the seller’s agent before making the offer. Learn what the seller is looking for, then tailor your offer to make it as attractive as possible.
Include Your Preapproval Letter
Including a preapproval letter in your home offer indicates that a lender has vetted you and your financing is likely to come through. That can give the home seller confidence that you can follow through on your home offer. In addition, preapproval shows that the lender has confidence that you can secure financing for the house you’re interested in buying. The letter will entail the loan type, the offer price, the loan amount, the interest date, and the date your offer expires. The letter could also state the amount you offered for the house or the total amount you’re qualified to borrow.
Waive Contingencies- But Be Cautious!
A home offer should include a few standard contingencies- conditions that need to be met before the deal closes. For instance, it’s wise to make your offer contingent on a home inspection and your ability to get financing within the specified timeline. You may also want to include an appraisal contingency- if the home appraisal value is below the purchase price, the lender can’t move forward with your mortgage.
A general rule is that contingencies are obstacles to successful closings- so keep them to a minimum. However, whatever you do, don’t waive the inspection contingency. If you waive inspection and later discover a significant defect in the house, you may lose the earnest money if you walk away from the deal.
Be Flexible with Your Timeline
Each home seller has a timeline for the home sale. The more you can accommodate their timeframe, the more attractive your home offer will appear. Here are a few ways you can be flexible with time frames:
Get the Home Inspection Quickly
Getting the home inspection quickly after the seller accepts the offer will help speed the closing process- if that’s what the seller’s looking for. If you can get the inspection within a week after the offer is accepted, the seller will have confidence that you’re moving swiftly.
Close When the Seller Wants
The typical home closes within 30-45 days. But the seller might want to move the date back or up, depending on their timeline. Note that to close faster, you need to communicate your timeline to your lender and verify with them that they can make it happen.
Pro Tip: Find a Good Agent That Understands the Market
A crucial aspect of making a successful offer is finding a skilled real estate agent familiar with your neighborhood. A seasoned real estate agent can make or break your home buying experience. You need someone who knows what homes are within your budgetary limits and can help navigate the whole process. A buyer’s agent can help you find a home that meets your needs and know how much it should cost. That’d be helpful when making an offer on a house. The agent will guide you on the best price based on comparable sales in the neighborhood.
Make Your Home Offer Attractive!
There’s much to consider when navigating the housing market and placing an offer on the house. It’s crucial to act quickly when you find your dream home while also taking the necessary measures to ensure your offer stands out. Showing the home seller you’re a serious homebuyer willing to go the extra mile can make your offer more attractive. For more practical insights on how to make your home offer attractive, consult our real estate experts in Tampa, FL. We’ll guide you through the home buying process to ensure you get the most out of the real estate transaction.