Make Your Offer Irresistible: Friday Facts June 21, 2013

From an article, “Making an irresistible home offer” in Kiplinger’s Personal Finance, there are several noteworthy points:

  • Be preapproved.  Although this isn’t a loan guarantee, it shows the seller that the buyer’s income and credit have been verified as qualifying for a mortgage of a certain amount.
  • Don’t lowball.  Use the sales prices of comparable nearby properties to formulate a good offer.  In a competitive market you often don’t get a second chance.
  • Add earnest money.  The extra deposit can show sellers how serious you are.
  • Keep contingencies to a minimum.  Although sellers prefer no contingencies, buyers must protect their interests.  Reasonable contingencies include financing, inspections and satisfactory appraisal.
  • Write a letter.  Personal love letters about the home and why the buyers want it can tip the balance.
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