Finally, you’ve found the perfect home but you’ve heard horror stories about multiple offers, incompetent real estate agents, and burst balloons of hope. Even in a strong seller’s market, a home buyer can write a great offer as a home buyer by following these steps and strategies.
Hire Professionals To Write a Great Offer
Choose the Right Realtor (Me!)
A strong agent writes a strong offer. Partnering with a trusted and experienced real estate agent who is committed to representing you in the purchase is a first step. I provide my home buyers with valuable insights, guide them through the process, and help them craft a strong offer.
Choose the Right Lender
Determining your budget and getting pre-approved is essential to presenting a strong offer. Before making an offer, assess your financial situation and obtain a mortgage pre-approval from a reputable lender. This demonstrates to sellers that you are a serious and qualified buyer. I can give you referrals to trustworthy mortgage loan officers, or you can ask friends and family for references. It’s always a good idea to check the Tulsa Better Business Bureau to make sure you choose a good lending institution.
Write a Great Offer By Considering the Seller’s Needs
Try to understand the motivations of the seller. Are they looking for a quick sale, or do they have specific contingencies or preferences? Tailor your offer to address the seller’s wants and needs while not compromising your own.
Price and Earnest Money
Based on market research and how much you want the house, offer a price that is both fair and competitive. If there are multiple offers, consider making your offer slightly above the asking price to stand out, however, ensure that aligns with your budget and the property’s value. Ask your agent about whether acceleration clauses (e.g. offer $2,000 more than the highest viable offer) are common practice in your area.
A larger earnest money deposit demonstrates your commitment and financial capacity to close the deal. It shows the seller that you are serious about purchasing the property.
If you’re paying cash the seller must believe that you can close on a home purchase. A serious cash offer includes a solid and verifiable proof-of-funds letter.
Contingencies and Timeline
While it’s common to include contingencies to protect your interests, being flexible with timelines or conditions can make your offer more appealing. I always work with the listing agent to determine which contingencies are necessary and which ones can be adjusted.
If possible, offer a closing timeline that meets the seller’s needs. Some sellers might want a quick close, while others need more time to move into their next home. If your agent can’t reach the listing agent before you write your offer, your agent can write “flexible closing date” into your offer to uncover the seller’s needs.
Be Strategic, Responsive, and Available
Be prepared to respond quickly to any communication or counteroffers from the seller. Being prompt and accessible shows your dedication and willingness to work towards a successful transaction.
Lori Cain, REALTOR®, Serving Midtown and the greater Tulsa, OK area. Call 918-852-
