I'm often asked by first time buyers, "How do we write an offer that a seller will accept?".  It's a great question.  In a buyer's market like we're experiencing today, that usually means the buyer wants to get the home for considerably less than asking price.  A couple of years ago when multiple offers were common, the challenge was to simply be the winning bidder.

Once my buyers identify a home to buy, I always begin by preparing my market analysis of the home's value.  It is important to understand this value range, regardless of the asking price, so that my buyers can submit a quality offer at a justifiable price. 

While price is the key component of most offers, there are many other factors that sellers take into consideration when determining whether to accept, counter, or reject an offer.  Most sellers' greatest concern today is knowing that an accepted offer will result in a successful sale.  Some easy ways to assure sellers of this are to point out that as first time buyers, your offer is not contingent upon the sale of another home.  Also make sure that you are pre-approved for your financing and have your agent communicate this to the seller.  Currently, with the upheaval in lending, this is of great concern to sellers and their agents.  Also demonstrate that you are willing to complete your investigations of the property, remove contingencies & close escrow quickly (if your agent has determined this is important to the seller) by shortening the customary time frames to do so. 

It is beneficial for buyers to be as flexible as possible, especially if offering a price the sellers may view as low.  For example, an offer is stronger when the buyers are willing to allow a rent back to the seller, be flexible on the close of escrow date or express a willingness to not ask the sellers to make lots of repairs.  Look at any offer you are submitting from the ‘big picture' standpoint of ‘are you getting a good deal on a home you'll love owning?'.

A great offer should also be accompanied by a great cover letter.  The cover letter should point out the benefits of the overall offer as well as the qualities of the buyers themselves.