5 Secrets To Get Your Home Offer Accepted Fast
Are you trying to buy a house, but find it to be competitive and sometimes frustrating? Let’s dig into the nuggets of what an agent should do to get your offer accepted. These five tips are key to understanding and finding a good agent to be on your team. With the right expert to guide you, you can minimize the frustration and shorten the process.
SECRET #1: START RESEARCH EARLY
As soon as you think you are interested in a property, study disclosures, ask questions of the listing agent and spend at least two days before offers are due, to write a complete and thorough offer. Not only does the preparation guide you to make a researched and thorough offer, but the communication is a key building block to differentiating you in the eyes of the listing agent!
SECRET #2: ASK QUESTIONS
Your agent should be calling the listing agent to ask details about when the offers are due and what details the seller is looking for. Does the seller have special requests? Sellers have little things that maybe are not critical to the sale, but that could be making their life a lot easier and therefore your offer more attractive.
For example, the seller has some odd materials in the backyard, and they have moved away already. Sellers and listing agents would rather not deal with the hassle of getting that removed. If you offer to handle this hassle, that could be one little thing that makes the seller want to work with you, since it will make the process easier for them.
Your agent should also ask the sellers’ expectations including price and terms. Also ask details about the reports and disclosures that you need clarification on. Set the scene with the listing agent that you're being thorough and really understanding the property and doing your best effort as this will lead them to believe there will be less surprises and requests during escrow.
SECRET #3: BUILDING RAPPORT WITH THE LISTING AGENT
I’ve already hinted toward this in points one and two; it is important to the listing agent that the buyer's agent works hard to do their job. Listing agents know how valuable a good buyer’s agent is to work with through escrow so your buyer’s agent should be demonstrating this from the first contact. The listing agent has great influence to advise the seller so you want to be on the top of the listing agent’s recommendations.
The purpose of a buyer's agent is to guide the buyer through each step to make sure they're performing to the contract. So, if the buyer's agent is not being thorough or professional, the listing agent will prefer to work with someone else. In today’s competitive San Jose real estate market, sellers and listing agents have options of who to work with, so don’t give up this opportunity.
Can you see in a competitive market, how the communication of your buyer's agent to the listing agent is going to be really important? Teamwork, in the entire process is critical.
One great way to build rapport with the listing agent is for the buyer’s agent to touch base with them often. Check in on the number of offers they expect, explain your prep process, talk about the lender plus pre-approval process and mention small parts of the offer without revealing price or anything too competitive. You want to keep the listing agent engaged and communication open.
SECRET #4: MAKE A CLEAN PRESENTATION OF YOUR OFFER
The most clearly written and presented offer will be easiest to present to the seller. Some of the secrets you may find valuable from Theresa Wellman’s 16+ years of experience in real estate is making sure that your offer is simple and clear for the seller to understand. Your agent should also put together a cover letter about the offer highlights, details about you the buyer and the agent’s experience. The goal is for the seller to understand that you’re a strong and committed buyer.
Second build your financing portfolio. The lender should reach out directly to show they are part of the team. Also add a summary of your proof of funds so it is easy for the listing agent to understand and review.
Unfortunately, many buyer's agents don't take the time to write down details and summarize it for the listing agent.
Remember, the more thorough, clean and professional your offer comes across, the better impression its going to make on the listing agent and the more likely they're going to want to work with you.
SECRET #5: COMMUNICATION
Communication from the buyer’s agent to the listing agent and the lender is very valuable.
After the previous steps, your buyer’s agent has built rapport, but next utilize that rapport to reach out to the listing agent for more details. “Hey, how does our offer look versus the competition? My clients are really motivated. Can we possibly change our offer before you meet the seller?” If your buyers agent is able to get that information you will have an opportunity to act and get your offer accepted!
Theresa Wellman has helped many satisfied clients buy and sell homes in Almaden Valley, Cambrian, Blossom Valley, and other neighborhoods in San Jose. She provides expert guidance for home buyers/sellers, including important information about local school districts for families with kids. If you’re looking for a new home, check the free homebuyer resources on her site or DOWNLOAD 7 NO COST TIPS to increase your offer's VALUE for free!
When meeting with clients, here at Homeowner Experience, we always make sure that you really understand the process that we're going to. We're going to go over all the different steps that we do to help you prepare an offer and make it stand out amongst competition. And even if there's no competition, those steps are really important to make the process smoother and to be able to negotiate better.