Outsmart other buyers with these surprisingly underutilized tips
- Do your homework before making an offer—have your finances sorted out and make sure you know how much the home is worth
- Establishing a friendly rapport with the seller can greatly help your chances
- If it comes down to price, Home Savi can help!
We know how stressful buying a home can be, and we’ve got your back! Here are a few simple tips to help you make a great offer and successfully close on your dream home.
Organize your personal finances
Know your seller
It's important to find out why the seller is selling. Next time you visit the home, be sure to ask the listing agent why the current owners are putting the home up for sale.
If they've accepted a new job in another city and are in a rush to move, they may accept a lower offer. Do they already have another home purchase lined up? If not, they may take their time selling and wait for the best offer possible.
Pay attention to the home's value
It’s as easy as visiting a site like Zillow, Trulia or Realtor.com! Check to see if the home is priced at or below market value. There are many online tools available, such as Zillow, which you can use to compare the home to other homes for sale in the area, but know that online estimates are not always accurate.
If it's priced at or below market value, a lower offer probably won’t be accepted, and you should avoid low-balling. This may give the seller a negative opinion of you and hurt your chances of securing the home if you later choose to up your offer price.
If the home is priced above market value and has been on the market for a while, consider a lower offer.
Use public records
Online public records can help you find out if the home has already been on the market and at what price. Has the price dropped? All of this is important information when deciding what offer to make.
Figure out what your priorities are before the negotiation. Don’t get hung up on every little thing, because you can’t have it all. You shouldn’t be afraid to ask for what you want, but also remember that the fewer contingencies you have, the more likely you are to close the deal successfully.
Once you come to an agreement on the terms of the offer, make sure to get them in writing and have them documented in your contract.
Add a personal touch
It doesn’t hurt to establish a personal connection with the seller. Make sure they know why the home is a good fit for you, but be careful not to act overly enthusiastic as this may compromise your ability to negotiate a lower price.
Also, consider attaching a personal letter to your offer. Some people want to know that their home is being passed on to a family that will love it just as much as they did!
Home Savi can help!
All Home Savi offers are professionally presented and double-checked for completeness, qualities greatly valued by listing agents.
Our contracts are also set up to put you in control of your savings. One easy way to make your offer stand out, especially in a competitive market, would be to use them to increase your offer price. Essentially, this could allow you to increase your offer price by 3% and outbid competing offers. For example, on a $500,000 home with multiple offers on the table for that asking price, you could offer $515,000 without actually paying more than someone offering $500,000 through an agent.
If it sounds like Home Savi would put you at a huge advantage, it's because that's precisely what it does.
Photo credit: Frank Jakobi