The Huntsville Alabama real estate market is experiencing a shortage of available homes on the market. This means there are more buyers competing to purchase the same homes which can lead to multiple offer scenarios. While this is great news for the home sellers, it makes finding the right home difficult for buyers. While having the highest offer price may seem like the only factor, there are several other factors that can shift the outcome in your favor. Once you know there are multiple offers, start by deciding the maximum price you are comfortable with. Then use the 5 tips below that will help your offer stand out, but don't cost extra.
Tip 1: Get a pre-approval
You have heard the saying "cash is king". Having the ability to pay cash for your home purchase is the holy grail. However, if you are like most Huntsville home buyers, you will be financing your home purchase. To make your offer stand out, go ahead and get a pre-approval from a lender and submit a pre-approval letter with your offer. Having the pre-approval in place lets the seller know you are financially able to afford the home.
Tip 2: Perform a pre-inspection
The majority of offers in the Huntsville area include provision for inspections. This allows a period of time for the purchaser to inspect the property and ask for repairs or even cancel the contract. Inspect the property before submitting a final offer. If no deficiencies are found, everyone wins. However, if problems are found, adjust your offer accordingly or ask for repairs or credits up front. Removing the inspection period reduces uncertainty for the seller and lets them know you are serious about closing.
Tip 3: Offer higher earnest deposit
Offering a higher earnest deposit ultimately doesn't cost extra, but it can show the seller that you are serious about the purchase.
Tip 4: Have the best terms
Having the best offer terms can also put you ahead of the competition. Satisfy as many contingencies in advance that you can, and remove others you are comfortable with. Ask what matters most to the seller. Do they need time to find a new home, or would they prefer a quick close. Is there anything else that would make this a smooth transition for the sellers.
Tip 5: Write a personal letter
Sometimes, the seller wants to know their home will be cared for when they pass it on. Make your offer more personal by including letter about yourself and how much you love the home. Write compliments about the home and let them know that you will continue to care for it as they have.
So there you have it, 5 tips to improve your offer even if your offer isn't the highest. If you are considering purchasing a new home, give us a call to set up your free buyer consultation.