When Buying A Home…What Makes A Good Offer:

 



When Buying A Home…What Makes A Good Offer:



When it comes to buying a home in Washington, making a compelling offer is crucial. In a competitive real estate market, it’s important to understand that a good offer is not solely about the highest price or being the first to make an offer. There are multiple factors that can influence the seller's decision. Here are three key aspects to consider when crafting a strong offer:

1. It’s More Than Price

While offering a competitive price is very important, it’s not the only factor that sellers consider. As buyers agents, it’s incumbent upon us to ask the listing agent/owner, what’s important to them. It could be flexible timeline. It could be trying to offload existing furniture to ease the move. It could be wanting to find someone to care after a specific thing the property has like gardens or historical architecture. Other key items could be:

Contingencies: Contingencies are conditions that must be met for the sale to proceed. Common contingencies include financing, home inspections, and appraisals. By minimizing contingencies, you can make your offer more attractive to the seller. For example, if you’re confident in your financing, waiving the financing contingency might make your offer more appealing. As buyer agents, we prefer our clients not waive their contingencies “protections”, in case things happen outside their control. But waiving them can motivate a seller to accept their offer.

Earnest Money Deposit: An earnest money deposit (EMD) shows the seller that you are serious about purchasing the property. A larger EMD can signal your commitment and financial stability, making your offer more attractive. It also provides some assurance to the seller that you won’t back out of the deal without a legitimate reason.

Closing Date: Flexibility with the closing date can be a significant advantage. If the seller needs to close quickly or, conversely, needs more time to find a new home, aligning your offer with their timeline can make a big difference. Being accommodating to the seller’s needs shows your willingness to make the transaction as smooth as possible.

2. It’s More Than Being First

In a competitive market, being the first to make an offer doesn’t always guarantee success. Here’s why:

Quality Over Speed: Sellers often prioritize the quality of the offer over the speed of its submission. A well-prepared, thoughtful offer that addresses the seller’s needs and preferences can outshine a hastily made offer that might be higher in price but lacks other important elements. A good listing agent can sniff out a poorly written offer by an agent who is rushing to get it in. As the great John Wooden once said, “be quick, but don’t hurry”. 

Personal Touch: While speed is important, adding a personal touch can make your offer memorable. This could involve your agent providing quick and honest feedback. Or maybe leaving a thank you note. People appreciate when others go the extra mile when it’s not expected.

Professional Presentation: Working with a knowledgeable real estate agent can help ensure your offer is professionally presented. A well-organized and comprehensive offer package, including a pre-approval letter from your lender and proof of funds for the down payment, can convey seriousness and preparedness. Listing agents love receiving a complete offer from start to finish. It communicates the level of detail they might expect throughout a closing process with you.

3. It’s More Than a Love Letter

Although writing a heartfelt letter to the seller can add a personal touch, it’s important to focus on the tangible aspects of your offer. Here’s why:

Fair Housing Laws: In some regions, including personal letters can inadvertently lead to discrimination, violating fair housing laws. Instead of relying solely on emotional appeal, concentrate on making your offer strong through financial and logistical terms.

Financial Strength: Providing evidence of your financial stability, such as a pre-approval letter or proof of funds, can reassure the seller of your ability to close the deal. Sellers want to feel confident that the transaction will proceed smoothly without financial hiccups.

Inspection and Appraisal Flexibility: Being flexible with inspection and appraisal timelines can also be advantageous. If you’re willing to accommodate the seller’s schedule or expedite these processes, it can demonstrate your commitment to closing the deal promptly.

Making a good offer for a home involves a blend of financial, logistical, and personal elements. By focusing on more than just the price, being thoughtful and strategic rather than simply quick, and emphasizing tangible strengths over emotional appeals, you can craft an offer that stands out in a competitive market. Remember, a well-rounded offer that aligns with the seller’s needs and showcases your seriousness and preparedness can make all the difference in securing your dream home



Location: Tacoma, WA, USA

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