Getting Outbid? Strategies to Make Your Offer Stand Out and Get Accepted

 

In today’s market with record low interest rates and low inventory, many homebuyers are finding the competitive environment challenging. With multiple buyers competing for properties, even terrific offers are often being outbid.

 

Fortunately, there are some things you can do to make your offer more attractive to the sellers and increase the chances of getting the property.

 

A step beyond pre-qualification, a pre-approval involves submitting your full application to underwriting. Your lender will collect all your financial data and submit it for review. This is stronger than a pre-qualification because a pre-approval requires the buyer to provide the proof of their ability to qualify for the loan.

 

In a bidding war, it can be difficult to know what to offer because you want to outbid the competition without going too high. An escalation clause is one way to automatically outbid the others. The clause typically offers an amount—$1,000 for example—higher than any other offer up to a specific amount. This can ensure yours is the highest offer.

 

This option can be tricky, but if you are planning a large remodel or are willing to tackle any defects found, then you can make your offer stronger by accepting the home as-is.

 

In this fast-moving, competitive real estate market, it’s important to make your offer stand out from the crowd. These strategies are great ways to demonstrate to the sellers that you’re serious about buying their home, increasing the chance of having your offer accepted.