Every offer-writing situation is unique. No two homes and no two home sellers are alike! A great offer must be tailored to the moment: How long the house has been on the market, how much buyer competition there is, how rare a house “like this one” is, and ultimately, how deeply you want the home. After writing hundreds of offers for buyers, and presenting hundreds of offers to sellers, it’s evident that the following offer components are important, no matter what:
- A strong purchase price
- A pre-approval letter, or proof of cash funds
- A closing date that works well for the sellers
- As few contingencies as possible, within reason
- Inclusion of addendums that work to the seller’s benefit
- Inclusion of an escalation clause if the seller’s agent will work with one
- Strong earnest money: 1-5% of the purchase price
- An offer to include a personal letter
- Additional elements, that mean your agent knows how to think outside the box: Perhaps the sellers haven’t moved out yet, and they’d like to keep some of the appliances. Or perhaps you offer to let them leave personal property behind. Perhaps, if your finances allow, you offer to pay for some of the seller’s closing costs, thereby decreasing the chances of a low appraisal. There are many optional strategies that can make your offer stand out above others, in a multiple-offer situation!