Single Family Homes: How to Get Your Offer Accepted
Single-family homes are the most popular real estate investment, for those who want single-family homes to live in and those who want them for investment purposes alike. This means if you're a potential home buyer looking at single-family home listings, you have to have a strategy so your offer gets accepted the first time.
There's no guarantee that your offer will the highest, and you're not privy to that information when you put an offer on a property you're interested in. However, your real estate agent can help you draw up an appealing offer that a home seller might not be able to refuse, even in a competitive market.
Here are things you can do to help get your offer accepted when you want to buy a single-family home. Your real estate agent will help you draw your offer up for the seller to consider.
1. Consider a larger earnest money amount
Earnest money is the money you include with your offer, usually in the form of a money order, cashier's check, or personal check with your name on it. Earnest money is the money you put up front to buy the home to back up your offer and show the seller you're serious about following through with their property purchase.
Don't worry—the earnest money is only cashed if your offer is accepted and all other stipulations revolving around your purchasing the home have been completed. The amount comes out of the final sale price of the home, so make your earnest offer as impressive as you can to increase seller attention and get your offer accepted.
2. Consider making things easier for the seller
If you see a single-family home for sale you love, then make things as easy on the seller as possible in your offer. Sellers might be more tempted to take offers on their single-family homes if the offers have fewer stipulations, even if they aren't the highest ones. Consider eliminating the inspection as a stipulation for purchase, or buying the home as-is even if there are minor inspection red flags that come up during inspection.
There are other ways you can make buying single-family homes easier on the seller, such as paying cash for a home or covering a majority of closing costs. Your real estate agent will help you pick the best offer arrangement for your budget and situation so you can feel protected as a buyer while still being competitive in your home purchasing endeavor.
