Maine Homebuyers, Here Are 6 Ways to Help Get Your Offer Accepted on a Home
You are likely aware, especially if you're in the market to buy a home, that the buyer's market has been tricky over the last few years. Although interest rates are higher and there are less buyers out there, inventory remains low, keeping it a seller's market... for now.
You may be thinking, "Well, don't I just have to put in the highest bid?" The answer to that is absolutely not. At the end of the day, that is usually the most important factor, but there are things you can do to sweeten the deal even more, especially if your offer is similar to another... and some of them won't even cost you any money out of pocket.
1. Waiving Inspections
Although this is not advised, especially on older homes, it will likely heighten your chances of getting the home you want under contract. Inspections are done to check systems, safety, and general functionality of the home to make sure everything is up to par. Your offer could be thousands of dollars under the highest offer, and the seller's seeing that you are fine to take their home as is and willing to wave inspections could help to land you the home.
2. Being Flexible on the Closing Date
Oftentimes, sellers are in a hurry to move. For example, a new job comes up or a family member is ill and needs care. However, the situation could be the exact opposite, where the seller needs a little extra time before they are able to move into their new home. Offering flexibility on the closing date could be a huge factor in your offer getting accepted.
3. Not Asking for More Than What is Offered
When a home is listed, it usually comes with the traditional appliances such as the refrigerator and the range, but that's not always the case. It's important that you and your realtor confirm that they are staying. However, items like the washer & dryer are often NOT included. If they aren't listed and neither is that hot tub that you love, you may want to steer away from asking for it.
4. Increase Your Earnest Money Deposit
Earnest money is essentially the deposit that is put down to show that you are interested in the home. If the deal does not end up closing, whether it be for inspection or financing purchases, that money is returned to you. However, increasing your earnest money deposit will show the sellers that you are that much more interested in their home and they make take you more seriously, especially if another offer is very close to yours.
5. Work With a Polite and Communicative Realtor
This one speaks more volume than you may think. You want your realtor to be aggressive...to a point. Getting you the best price and terms are important, but having a realtor that is rude or bad at communication could get your offer declined, especially if the seller agent has worked with them before and relays that information to the sellers.
6. Offer Cash
Yes, this is not an option for most, I get it. But, this might be the biggest game changer. Offering cash means that there is nothing getting in the way of you purchasing the home once you're under contract. Mortgage lenders are essential in the real estate however they will usually require appraisals to make sure they aren't lending more more money than the home is worth. There are also several other things that are looked at during the underwriting process that could require additional things to be done on the side of the buyer and/or seller and if certain criteria can't be met, it can knock a deal out of contract. Bottom line here, cash is always king.
LOOK: Maine's Most Expensive Airbnb Will Cost You 40k Per Week
Gallery Credit: Joey
Maine Waterfront Home For Sale Also Has a Stunning Airbnb Cabin
Gallery Credit: Cindy Campbell