Standing out in the hyper housing market can seem impossible but when you get creative with your offers, you may be able to buy the house of your dreams. You may not have the budget to offer pizza for life, but you can write a letter explaining why you would be the best buyer for the home, and maybe more of these ideas.
Get Pre-Approved. Always, no matter the market, get pre-approved by a reputable lender and have the letter ready for when you make an offer. In a hyper housing market, consider getting approved for more than you want to spend as this may be attractive to Sellers.
Be quick to make an offer. If you see a home you like a lot, make an offer. It gives you the most time for the Seller to consider you as their Buyer and demonstrates strong interest. Make sure it has what you need and you’re not just making an offer because of emotion or because of the lack of inventory in the market.
I heard the story of a buyer who looked at many homes and made offers on many homes. When his offer was accepted, he wasn’t even sure if his home had one or two bathrooms. He may need to add a bathroom and that was definitely not in his budget. The lesson? Know the house before making the offer as it can save you hassle later.
Tilt to Sellers advantage when possible. It’s not often that Buyers need to bend to the Seller but it is today in Gilbert and Queen Creek! Offer a shortened due diligence period from 10 days to 7 or even 5 to move the process along faster. Offer to pay for your home warranty; this is typically a seller expense so it may give you an advantage over a Buyer with a similar offer to yours.
Ask the Seller what is important to them. Do they want a young family to grow up in the home? Do they want or need to be out of their home by a certain date? What are their biggest concerns about selling their home? The more you ask, the more you know about the Seller and can tailor a letter to them.
Write a personalized note. It used to be less common to write a letter to the Seller but in this Gilbert housing market, it is much more commonplace. The more personalized you can make it, the better. While a letter isn’t cold hard cash, it can make the difference in getting you the house you desire.
Be flexible, when possible. If you don’t need the Seller to cover closing costs or the first year of the home warranty, then don’t ask for it. If you choose to make an offer without an inspection, know that you will be responsible for any and all work that needs to be done, even if it could have been taken care of by the Seller. Offer a shorter closing timeline of 15 or 21 days, rather than 30 days. The more you can work with the Seller to give them what they want, the better.