3 Key Tactics to Get an Accepted Offer in a Seller’s Market

 
 

If you’re house hunting, you probably know the struggle is real: inventory is low, and homes are flying off the shelves—often at prices that’ll make your eyes water. And the ones that linger? Well, they might need a little TLC, which isn’t always what you signed up for. Am I right?

Don’t fret – there are some effective strategies to make your offer stand out in a crowded market.

Consider my clients and their recent experience. They’re now in contract on a jaw-dropping architectural gem that’s a hop, skip, and jump from town and the train. But here’s the thing: they were up against twelve other offers, including some all-cash bids. Yet, they still landed the deal. How, you ask? Let’s break down the magic formula for getting your dream home when the competition is fierce.

1. Do Your Homework: Be Decisive, Organized, and Ready to Roll

  • Knowledge is power. Get educated on the market by looking at a variety of homes in person and get detailed market analyses from your Realtor.

  • You’ll want to be super clear on your budget—so get pre-approved for that mortgage upfront. This way you can move forward quickly and decisively when the right home hits the market.

PRO TIP: Having your lender kick off the underwriting process can give you a serious edge AND greater peace of mind if you want to consider removing your mortgage contingency to strengthen your offer.

  • Have your down payment funds liquid and ready to wire from a U.S. account.

  • If you’re going the all-cash route, make sure your proof of funds is locked and loaded.

2. Relationships Matter

Here’s the deal: sellers want a good price, but they also want a smooth transaction. If life throws a curveball, they’d prefer to work with buyers who are organized and easy to deal with.

Now, let’s talk about the listing agent. All else equal, they’ll want to partner with someone who’s experienced, straightforward, and efficient. I firmly believe you can be a tough-as-nails negotiator, while remaining respectful and pleasant to deal with. 

3. Nail Every Component of Your Offer

Alright, let’s get into the nitty-gritty of your offer. Here’s what you need:

  • Price: Know the market inside and out with your Realtor’s help. Ask yourself, “What’s this place worth to me? How long do I plan to stay?” Remember, buying a home isn’t just about numbers; it’s about finding the perfect spot for you and your family.

  • Financial Terms: Are you financing or going all cash? Typically, you’ll need to wire 10% of the price to the seller’s attorney when you sign the contract. So, make sure those funds are liquid, in a US account, and ready to roll.

  • Contingencies: Think about whether you want a mortgage or appraisal contingency. These are your safety nets as a buyer. However, in a bidding war, some buyers choose to waive contingencies to make their offer more enticing. Weigh your options carefully.

  • The Inspection: Have your Realtor set up a home inspection proactively while preparing your offer and conduct the inspection ASAP after your offer is accepted, before signing the contract. In a competitive situation, try not to obsess over every little flaw during the inspection since the seller has other interested buyers waiting in the wings. All homes need continuous maintenance and that’s part of home ownership. If a substantive issue comes up during the inspection, like a structural or environmental issue, address it and come to an agreement with the sellers before contracts are signed.

  • Timing: Flexibility can be your secret weapon! If the seller needs a little extra time or wants to close quickly because they’ve found their next dream home, showing that you can adapt can make your offer stand out.

PRO TIP: Show that you’re ready to move forward towards a fully executed contract efficiently (without any unnecessary risks). Make sure your real estate attorney is ready to move forward and has experience in the local market. This will be invaluable. Your Realtor will have a list of trusted attorneys within the area.

Wrapping Up

Navigating a seller's market can feel like you're on a rollercoaster ride, but with these tactics in your back pocket, you're set to take on the challenge. Remember, it’s not just about throwing numbers at a wall and hoping they stick; it’s about being strategic and presenting a well-rounded offer that sellers can’t resist. So gear up, stay positive, and get ready to secure that dream home!

 
Valerie Otto