If you’re looking to buy a home here in Memphis, you might have to compete against other offers for a home you like.
For starters, remember that no other buyers know what the offers are, so you don’t have to worry about your offer being revealed. However, you can do a few things to make your offer better.
First, put down as much earnest money as possible. This speaks volumes to the seller about your interest level in the home and that you can follow through with the loan process. Putting down a small amount means you don’t have any skin in the game, and the seller might not see your offer as worth it at that point.
Secondly, show the seller that you are qualified for a home loan. Get fully pre-approved for a loan instead of just getting pre-qualified, which carries less weight. An offer with a pre-approval is akin to a cash offer for a seller.
You can also give the seller extra time to move. Call the listing agent and ask them what’s important to their seller, because it’s not always all about money. For example, I recently worked with a seller who needed to rent the house back for a couple months after closing because they have a handicapped child. There are many situations going on in people’s lives, and accommodating them can help you win the home.
Finally, add a personal touch by writing a letter telling the seller why you love the home. Also be aware of what you’re willing to pay for the home.
If you have any questions about multiple offer situations when buying a home, give us a call or send us an email soon. We’d be more than happy to help!