Wednesday, September 16, 2020 / by Vanessa Saunders
But there are things buyers can do to get a seller to choose their offer over others, and they’re not all about price. Price is not always the most important factor, but do not offer less than listing price. Realize you may need to offer more than the amount the seller is asking. Keep in mind that in a seller’s market, you won’t get the kind of deal you would if the tables were turned.
Below are four other ways to catch a seller’s attention.
Bump up your down payment.
A larger earnest money deposit might look very attractive to a seller. It shows you have money to spend and are serious about your offer. Ask your agent’s advice on the deposit; then consider doubling or tripling that amount. You're going to pay it anyway at closing.
Don't ask for favors.
This is not the time to ask the seller to give you the refrigerator or washer and dryer, part with fixtures, or paint the front door.
Be flexible with possession dates.
If it is customary for the seller to move at closing, give the seller a few extra days to move. Another buyer probably won't think of this maneuver, and the seller will look more kindly upon an offer that lets them move at leisure.
Have your Pre-Approval and Proof of Funds in hand.
If your pre approval letter is from an out-of-area broker or lender, get a local pre-approval instead. Match your pre approval letter to your sales price and date it the same day as your offer.
You still may lose a bidding war against all cash deals or any of a number of possible other strategies, but submitting a good offer never hurts in a market like this.