House hunting will take you on a ride. There are parts of the process that you find you love. There are inevitable frustrations along the way. Because of that, when you do find a house you’re seriously willing to buy, you want to make sure your offer goes over well.
Otherwise, you might lose to another bidder, and then you get to start all over again. These tips are pretty simple, and they’ll help you up your bidding game quite a bit.
Start Early
The more you do before your first offer, the better off you’ll be. This journey starts with researching the market. You need an idea of what you want out of your home, what that costs, and how different neighborhoods will impact that cost.
It’s all about getting a good feel for the local market. That feel will inform your initial offer and help it bear impact on the seller.
Of course, market research is only the beginning. If you’re pre-approved for your mortgage, you come on much stronger than anyone who isn’t. This means you have already explored cost-saving options like buy down mortgages and federal loan programs. You can use those savings to make a better offer.
This idea extends to all kinds of paperwork. If your insurance is ready to go, you’ve locked down an appraisal/inspection and all of your ducks are in a row, you can make a compelling offer. You aren’t just offering a competitive price; you can close faster than anyone else.
Start With Your Best Offer
This might counter ancient negotiation rules, but it really is a better way to shop for a home. If you make your best offer from the start, you skip negotiations. This saves time and money for both parties. All of the lowball bids will be ignored in favor of your fair offer.
Conversely, if a better offer already exists, you don’t have to play the bidding game. You can move on, and this will protect you from overpaying and developing some classic buyer’s remorse.
Make It Personal
Sellers are people too. While they’ll naturally want to get the best deal they can, many sellers will be affected by a personal touch. If you hand write a letter and explain your grand plans for the house, it helps to make a connection. They’ll remember you when they go through offers. It won’t always be enough to beat out a higher bid, but it will make a difference.
This isn’t about telling sob stories or manipulating sellers. It’s about making an honest, genuine connection with a person. If your bid wins, you’re going to have something significant in common with the seller. You can build on that.
In the end, there are no guarantees when you make a bid. If it’s a good home, other people are likely to want it too. One of your most precious tools in house hunting is patience. If you’re prepared for a long hunt, you can go the extra mile every time. When you do win your bid, the patience you showed will ensure that you’re getting the house that can be your new home.
