Competition is the word on the minds of home buyers in Southern California right now as low mortgage interest rates and all-cash buyers are making the Real Estate market more competitive than ever before.
If you plan on submitting an offer on a home in the coming days or weeks this article will provide you with real tips you can use to make your offer more competitive.
Before you submit your offer to the owner, sit down and write them a letter which covers why you love their home and want to live there.
Since most homeowners are sentimental about their homes, writing a letter to the homeowners is an effective way to make your offer stand out because you will be able to connect with them and make the owner feel confident that you will love their home just as much as they have.
#2 – Consider a Quicker Inspection
Consider waiving the inspection contingency and letting the homeowner know you will accept the home “as is” or find a home inspection company that can inspect the home in as little as 5 days.
#3 – Get Pre-Approved For a Mortgage Loan
Although it’s common practice to get pre-qualified for a mortgage loan these days before you start house hunting, you could consider getting pre-approved for a mortgage instead.
Pre-approval is different than pre-qualification because it locks in your financing and shows a homeowner that you have your financing “locked in” and there’s no question about you being able to purchase their home.
#4 – Escalate Your Offer
You know that it’s a competitive Real Estate market out there, especially in Orange County, so why submit an offer on a home that’s $5,000 lower than the asking price?
Why not consider starting out with your best offer, then add an escalation clause which will increase your offer by $2,000 (or whatever amount you choose) over other offers which have been submitted on the home?
To learn more tips you can use to submit a positive offer on a home, or to view Orange County homes for sale, contact Fred Sed & Associates today by calling us at (949) 272-0125.