How can you show flexibility and urgency in your offer?

Buying your first home can be an exciting and nerve-wracking experience. You want to find the perfect property, but you also have to compete with other buyers in a hot market. How can you show flexibility and urgency in your offer without overpaying or compromising your needs? Here are some tips to help you make a strong offer as a first-time home buyer.

1 Know your budget and priorities

Before you start looking for homes, you need to know how much you can afford and what features are important to you. Get pre-approved for a mortgage, so you have a clear idea of your borrowing power and monthly payments. Also, make a list of your must-haves and deal-breakers, such as location, size, condition, and amenities. This will help you narrow down your options and focus on the homes that meet your criteria.

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2 Work with a local agent

A local real estate agent can be your best ally in the home buying process. They can help you find the right properties, negotiate the best terms, and guide you through the paperwork and inspections. Look for an agent who has experience working with first-time buyers and knows the market well. They can advise you on how to make a competitive offer based on the current conditions and the seller's expectations.

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3 Be flexible on contingencies and closing date

Contingencies are clauses in the contract that allow you to back out of the deal if certain conditions are not met, such as financing, appraisal, or inspection. While contingencies protect your interests, they can also make your offer less appealing to the seller, who may prefer a faster and smoother transaction. To show flexibility and urgency, you may want to limit or waive some contingencies, such as inspection or appraisal, or offer to pay for them yourself. However, be aware of the risks involved and consult with your agent before making any decisions. Similarly, you may want to be flexible on the closing date and accommodate the seller's preferences, whether they need more time or want to move quickly.

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4 Write a personal letter

One way to stand out from other buyers and connect with the seller is to write a personal letter expressing your interest and appreciation for the home. You can tell them why you love the home, how it fits your lifestyle and needs, and what your plans are for the future. You can also mention any commonalities or compliments you have for the seller, such as their taste, hobbies, or pets. A personal letter can show that you are serious and sincere about buying the home and that you will take good care of it.

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Matene Okoye

Licensed Realtor & Associate Broker at Sold 100 Real Estate, Inc., A Boutique Real Estate Brokerage
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Buyer love letters are illegal in certain states and I haven’t seen many lately. Buyer agents can include details about their clients in the offer email or cover sheet.

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5 Offer a fair and realistic price

The most important factor in making a strong offer is the price. You want to offer a fair and realistic price that reflects the market value and the condition of the home. You don't want to overpay and risk losing money or having trouble with financing or appraisal. You also don't want to lowball and offend the seller or lose out to a higher bidder. To determine the right price, you need to do your research and compare similar homes that have sold recently in the area. You can also ask your agent for their opinion and guidance based on their expertise and knowledge of the market.

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Lynne Schlosser

Licensed Realtor brokered by EXP West Haven, CT.
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In a sellers market where there are multiple offers I advise my buyers to offer the absolute most they can afford so that in the event they don’t get the house, they are ok knowing they lost it by even a penny. I suggest an escalation clause with a cap with proof of the last highest offer.

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6 Be ready to act fast and communicate well

In a competitive market, time is of the essence. You need to be ready to act fast and communicate well with your agent and the seller. If you find a home you like, don't hesitate to make an offer as soon as possible. You may also want to include an escalation clause, which allows you to increase your offer if there are multiple bids. You should also respond promptly to any counteroffers, questions, or requests from the seller. By being proactive and responsive, you can show that you are motivated and committed to buying the home.

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Matene Okoye

Licensed Realtor & Associate Broker at Sold 100 Real Estate, Inc., A Boutique Real Estate Brokerage
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One thing I’ve found helpful is to be available during the offer writing and presentation process. Sometimes the sellers will send a counter offer to multiple buyers and could chose a buyer based on the first person who responds to their terms.

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How can you show flexibility and urgency in your offer?

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1 Know your budget and priorities

2 Work with a local agent

3 Be flexible on contingencies and closing date

4 Write a personal letter

5 Offer a fair and realistic price

6 Be ready to act fast and communicate well

Working with First-Time Home Buyers

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