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6 Tips For Home Buyers to Get an Offer Accepted

With record interest rates and sales prices, an additional $8,000 federal tax credit for first-time home buyers and $6,500 for repeat buyers, and you have the necessary ingredients for multiple offers. 

Tips For Home Buyers on How to Get Your Offer Accepted

In case you’re not sure what a multiple offer is: this happens when home buyers submit bids for the same home and end up competing for it, therefore creating a bidding war in some cases, in the end only one bidder will get the property.

There’s a lot of competition out there at the moment for home buyers.So keep in mind these following tips:

1.Buy a Lower Priced Home: Just one reason to look at property below your means is that you will have money in reserve to bid up if you have to.

2.Get Competent Advice: Find a REALTOR who can explain how competitive a market it really is, and where you fit with it, and who are able to prepare you for the process and perhaps potential disappointments.

3.Short Sales: This process can be very tedious and lengthy. Short Sale acceptance can run anywhere from 2 weeks to 6 months. Negotiating short sales can be difficult, so make sure your agent has experience in this process. Consider whether you have the patience to hang with the offer.

4.Don’t Low Ball: Don’t make offers far below asking price, you will be wasting everyones time. Some home buyers think if the listing price is $450,000 they can offer $375,000. That is not the case. Consult with your realtor on comparable properties sold in the area and submit a strong realistic offer.

5.Bank Owned Property: You will more than likely be competing with investors. Make your offer as attractive as possible. This might entail offering a large down payment, not asking for closing cost assistance or agreeing to a shorter time line.

6.Investor Competition: Again you may be competing with investors who are submitting all cash offers, and contingency free. Be prepared to put in your very best offer