Are you looking for tips in getting your offer accepted when buying a house? Consider this scenario. After months of searching, you’ve finally found your dream home, the one that checks all your boxes. So you make an offer, one that is reasonable and in line with market value. But then, to your disappointment, the seller rejects your offer. This scenario is more common than you might think in today’s seller’s market where inventory is low and demand high. There are, however, some things you can do to vastly improve the chances of your offer being accepted. Check out these 3 tips for getting your offer accepted when buying a house in Greater Cincinnati.
1. Get Pre-approved and Provide Proof
Maybe the best way to show sellers that you are in fact a serious buyer they should consider is to get pre-approved and then show proof of your pre-approval with your offer. Getting pre-approved for a mortgage lets sellers know that you can actually get the financing you need for buying a house in Greater Cincinnati.
Here’s how the pre-approval process typically goes:
- You complete and submit a pre-approval application to your lender.
- A loan officer reviews your application – your financials, credit score, and credit report – and submits the application to the underwriting team for pre-approval.
- Your lender then lets you know whether (or not) you qualify for a mortgage.
- Your lender then issues you a pre-approval letter that states the maximum amount you’re qualified to borrow.
Then, when you make an offer, submit your pre-approval letter with the offer. This lets the seller know that your funding is in place and ready to go, as well as giving you more negotiating leverage. It can also expedite closing because your lender already has most of your financial information.
2. Offer a Larger Earnest Money Deposit
Another tactic for getting your offer accepted when buying a house inGreater Cincinnati involves the amount of the earnest money deposit. When you offer more earnest money, you’re showing a seller that you actually have skin in the game. It’s an indication that you’re less likely to make offers on multiple homes and back out after the seller takes the home off the market.
Earnest money isn’t always required, but it’s common, and the usual amount is around 1% to 3% of the purchase price. If you offer more than that, then your offer will stand out in a competitive market. You’ll be perceived as a serious buyer with the intent of going through with the deal.
There is one caveat, though. If you do offer a larger earnest money deposit, make sure that you are serious about buying the house. If you change your mind and back out of the deal (except for contingencies in the purchase agreement), you could wind up losing that earnest money. So be sure to consult a Greater Cincinnati agent at (513) 813-6293 before committing your cash.
3. Make Your Offer as “Clean” as You Can
The “cleaner” your offer is, the better will be your chances of getting your offer accepted when buying a house in Greater Cincinnati. Making a clean offer simply means including no or very few contingencies in the offer. This will make your offer much more attractive to the seller and can help you beat out the competition.
But you do need to be careful when using this strategy because contingencies are for your protection as a buyer, especially in the case of, say, an inspection contingency. Still, there are ways to protect yourself, such as, for example, getting your loan fully underwritten or having the seller provide inspection reports from reputable companies. To discover more about this, contact a Greater Cincinnati agent at (513) 813-6293.
And Use a Good Greater Cincinnati Agent When Buying a House
If you’re buying a home or Cincinnati area property Team Sztanyo has the experience you need to help make the buying process easier, less time consuming, and we’re on your side to help make sure you get the best deal while we worry about all of the details.
Either way, countless local home owners and investors trust Team Sztanyo to help them wade through the real estate buying and selling process while keeping more cash in your pocket and helping you save the time and headache of working with less experienced brokers.
If you have questions like: Do sellers usually wait to accept offers? What two things should you do before you make an offer on a house? When you call our hotline, you’ll be connected with our real estate expert who will listen to the specifics of your situation before making recommendations and answering any questions you have.
Finally (and perhaps most important), be sure to use an experienced local agent. A Greater Cincinnati agent will know the local market well and exactly what it takes to get an offer accepted. Your agent can perform a comparative market analysis to determine what you should offer in a specific neighborhood. So if you want to get your offer accepted when buying a house in Greater Cincinnati, be sure to contact us today at (513) 813-6293.