Over the last year, the real estate market has been so heated that homes often get off the market in days. Even houses that require significant repairs are shattering price records, making it easy to become discouraged if you are looking to buy right now. Do not give up, though. Having your offer approved does not always mean coming in with the biggest bag of money. It is about anticipating what the seller’s objectives are and drafting an offer that checks all their boxes. Here are some key tips to help you get your offer accepted.
Obtain Pre-Approval
In the current competitive Brenham real estate market, numerous sellers will not even consider an offer from a potential buyer who has yet to obtain a mortgage pre-approval. Unless you plan to place an all-cash offer, you must visit your mortgage lender and obtain pre-approval before you begin browsing luxury homes in Brenham.
Make a Clean Offer
Offers for homes for sale in Brenham should look slightly different than in a buyer’s market. Due to the strong competition, you should often place your offer at or above the listing price.
Besides, your offer should not have typical contingencies, such as those based on the outcomes of an inspection or appraisal, securing financing, and selling your current house. However, it is important to be smart about it to ensure that you do not open yourself to costly risks. For instance, you should not waive contingencies like neglecting the results of a home inspection, as it can result in costly expenses down the road.
Increase Your Earnest Money
To demonstrate you are a good-faith buyer, you should place a “deposit” on Brenham homes for sale, known as earnest money. Generally, buyers should put down up to 3% of the home’s price in earnest money. If the seller accepts your offer, this money is added to your down payment. If your offer is rejected, you will get a refund.
If you wish to increase your likelihood of having your offer accepted, consider raising this amount. Consult your real estate agent about how much money to consider increasing to make your offer competitive.
Do Not Request for Favors
Buyers do not have strong negotiating power in a hot market. If you request favors, such as changing the closing date, most sellers will likely pass on your offer. Be flexible when drafting your offer by doing whatever your agent recommends to demonstrate to the seller that there will be no complexities working with you if they accept your offer.
Make a Cash Offer
If you must not secure financing when buying a home in Brenham, your offer will be more competitive over buyers who require a mortgage. Sellers desire to finalize their home sale fast and are drawn to cash offers.
A cash offer may also help you avoid the additional charges and interest associated with a mortgage. If you do not have the money to pay for the house in cash, explore other means to obtain it, like securing a private loan from a relative or friend or cashing out your retirement fund.
Buying a Home in Brenham? Consult The Lindi Camaron Team
The tips highlighted above can help increase the likelihood of having your offer accepted. Nonetheless, nothing beats the advice and insights you can receive from working with an experienced Brenham real estate agent. The local experts at The Lindi Camaron Team are aware of the local trends and can help you with everything you need throughout the home buying process, from arranging house tours to handling paperwork. If you are ready to get started on your home search, talk to one of the agents today.
