Summer is traditionally a busy time for buyers and sellers. This year has been no
exception\u2014and with lower interest rates, many homebuyers are finding the
competitive environment challenging. With multiple buyers competing for
properties, even terrific offers are often being outbid.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
\u2022 Have Full Pre-Approval \u2013 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 for review. This is stronger than a
pre-qualification; a pre-approval requires the buyer to provide the proof of
their ability to qualify for the loan.
\u2022 Increase the Earnest Money \u2013 Earnest money is the deposit held in escrow.
While the contract will dictate how monies are disbursed in the event of a
cancellation, increasing the amount offered can show the seller you\u2019re
serious.
\u2022 Add an Escalation Clause \u2013 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\u2014$1,000 for example\u2014higher than
any verifiable offer up to a specific amount. This can ensure yours is the
highest offer.
\u2022 Pay any Appraisal Shortage \u2013 When offering more than asking price, sellers
become concerned about the appraisal coming in too low. If you are willing
to pay over market value, include the amount of shortage you are willing to
pay.
\u2022 Remove Inspection Contingency \u2013 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.<\/p>\n\n\n\n
In this fast-moving, competitive real estate market, it\u2019s important to make your
offer stand out from the crowd. These strategies are great ways to demonstrate
to the sellers that you\u2019re serious about buying their home, increasing the chance
of having your offer accepted.<\/p>\n","protected":false},"excerpt":{"rendered":"
Summer is traditionally a busy time for buyers and sellers. This year has been noexception\u2014and with lower interest rates, many homebuyers are finding thecompetitive environment challenging. With multiple buyers competing forproperties, even terrific offers are often being outbid. Fortunately, there are some things you can do to make your offer more attractiveto the sellers and … » Learn More about Getting Outbid? Strategies to Make Your Offer Stand Out and Get Accepted<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":131,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-130","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-real-estate","8":"entry"},"featured_image_src":"https:\/\/charlottehomesandliving.com\/wp-content\/uploads\/2020\/10\/outbid.jpg","featured_image_src_square":"https:\/\/charlottehomesandliving.com\/wp-content\/uploads\/2020\/10\/outbid.jpg","author_info":{"display_name":"Michelle de Carvalho","author_link":"https:\/\/charlottehomesandliving.com\/?author=1"},"_links":{"self":[{"href":"https:\/\/charlottehomesandliving.com\/index.php?rest_route=\/wp\/v2\/posts\/130","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/charlottehomesandliving.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/charlottehomesandliving.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/charlottehomesandliving.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/charlottehomesandliving.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=130"}],"version-history":[{"count":0,"href":"https:\/\/charlottehomesandliving.com\/index.php?rest_route=\/wp\/v2\/posts\/130\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/charlottehomesandliving.com\/index.php?rest_route=\/wp\/v2\/media\/131"}],"wp:attachment":[{"href":"https:\/\/charlottehomesandliving.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/charlottehomesandliving.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/charlottehomesandliving.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}