Is Your Property Bid Low? Use These Tips To Sweeten It

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When a property seller receives offers from potential buyers, it isn't definite that they will accept the highest offer. However, if you suspect that your bid is relatively low compared to others, you need to make it more "attractive" in other areas. Here are three ways in which to sweeten your low property bid:

Make Your Earnest Money Sizable Enough

The earnest money signals to the seller that you are serious about buying their property. Sellers (and their real estate agents) use it to weed out "jokers" who aren't interested in their properties or who, for one reason or the other, cannot afford the properties. Imagine what statement you will be sending to the seller by providing a big earnest money. It clearly shows that you are interested in the property and aren't likely to renege on your offer.  Only do this, however, if you are certain you will be buying the property; otherwise, you may lose the deposit if you withdraw from the purchase.

Offer to Work within the Seller's Timetable

Put yourself in the seller's shoes; wouldn't it be great to get a buyer who could work within your timetable? Now use this knowledge to make your bid attractive; offer to work within the seller's timetable.  If they want to close the deal as soon as possible, offer them that opportunity. However, working within the seller's timetable doesn't always mean closing the deal and moving into your new house as soon as possible; that is a terrible assumption. There are some sellers who would like to take their time moving out of their current homes.

For example, a seller may prefer to remain in their current house for some time. In such a case, you can arrange for a "lease-back" arrangement where the seller remains in "their" house, which is technically your house now, for some time after closing the deal.  During this period, they will be paying you rent and must maintain the house to ensure you get it in the condition it was in when you closed the sale.

Get Mortgage Preapproval

Lastly, you can also sweeten your offer by getting your mortgage preapproved. As explained earlier, there is nothing more disconcerting to a seller than going through the early stages of a sale and having the deal fall through at the last minute. To avoid that happening on account of you not getting your mortgage approved, you need to get preapproved for your mortgage. That way the seller knows that they are dealing with a potential buyer who knows what they want and has the money to buy it. The seller may be more inclined to consider such an offer over a relatively higher one that can fall through at any minute.

For more information, contact real estate agents who know about homes or vacation homes for sale.


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