9 Tips To Help Your Mason Ohio Home Purchase Offer Succeed
You've found THE ONE. That Mason home that you want to call HOME for the next chapter of your life. What's next? What can you do to improve the chances of your offer being accepted?
- Don't delay writing the offer. When I'm working with buyers, I've got access to a contract. We can fill it out ASAP. But thinking about it overnight opens the door for other offers to appear and complicate your chances, or even worse, for another offer to be ACCEPTED while you're still thinking about it.
- Be preapproved! Don't START your financial approval process AFTER you find the perfect home. Two (or more) offers similar in terms, one with a preapproval letter and one not, which one do you think the seller likes? And ideally, be preapproved by someone known to area agents.
- Your loan type matters. Cash trumps financing. And for financing, Conventional beats FHA, VA & USDA in the seller's eyes because there's more chance for complication or repair demands.
- What's important to the seller? Of course price is typically king, but closing and occupancy dates might be really important too! We'll give the listing agent a call when we're writing an offer. Assuming they answer the phone immediately, we can inquire if there are other offers (or expected...take with a grain of salt), or if there are critical terms to the seller. If possible, use that information to structure the purchase offer.
- Remember what you're buying. We're negotiating the sale of a home, NOT a yard sale. We've received offers asking for everything in the garage, items of personal furniture and more. Couple that with a low offer price and you're just begging for trouble.
- Be serious with your offer price. Do you REALLY want this home? Then start with a fair offer and don't go straight for the steal. And if you're competing for a REALLY hot property, list price may not be enough. Fortunately for Cincinnati area home buyers above list is NOT the norm, but it does sometimes apply.
- If you're going to ask for closing cost assistance, increase your offer accordingly. Sellers are concerned about their NET PRICE. Don't offer $190,000 for a $200,000 home AND ask for $5k in closing cost assistance as part of the offer. That's NOT a $190,000 offer, that's a $185,000 offer as far as the seller is concerned.
- Keep it simple. The more you complicate the offer with contingencies, the tougher it's going to be to get accepted. Still have to sell your home? Asking for something special? Demanding a room be painted? The more that stands between you and having the deal done, the more likely the seller is to decline and wait for a "clean" offer.
- Earnest Money. While technically not required, it's the local custom. Make your check significant enough to show the seller you're serious. A little skin in the game so they know you're not just going to walk away from the deal without any loss.
There's more to the offer than just filling out the contract, knowing what to ask for and what not is one of the perks of having an experienced buyer's agent guiding you. And knowing how to negotiate after that initial offer is another perk.
So are you ready to home shop? Call Bill at 513-520-5305.
Serving Warren County area home buyers and sellers,
Liz and Bill aka BLiz