Tips For Getting Your Offer Accepted In Santa Clarita
You have made the decision to find a home. You’ve located an area you want to live in, found an agent to represent you, and are writing offers. The only speed bump: you keep getting beat out by other home buyers. In an Sellers market, where there is low inventory, but many buyers, this can be a reoccurring problem. It can be very frustrating, even more so when time is of the essence. Below are some tips to help you get your offer accepted when buying a home in Santa Clarita.
Make a positive impression on the Seller
For many Sellers, especially sellers who have lived in their home for many years, it’s can be a very emotional process. Even if you have the strongest and highest offer, you might still lose out because the seller personally liked another buyer more. When setting up an appointment, be sure to keep it. Understandably, life happens, so if you must cancel, offer an alternative showing time to convey your interest. When you visiting the property, if the Seller is home, be sure to be kind and keep negative comments to yourself. You can speak freely with your agent if you are alone, or after your appointment is over. A Seller’s home can be an emotional subject, and remembering that all people have different preferences in decor and lifestyle. A negative remark about the paint color may deter a Seller from accepting your offer because it happens to be their favorite color. When the showing is complete, write a Thank You letter. When submitting your offer, include a personalized letter about your family, explaining why you love the home, and how you intend to love it has much as they have.
Offer a higher EMD
The earnest money deposit (EMD) shows the seller how serious a buyer is in the property. If the deal goes through, the earnest money deposit will go toward your down payment. Typically the earnest money deposit is one to three percent, but if you can pay more, it might help you win the bid. If the seller accepts your offer, and for whatever reason you were to break the contract, you could lose your deposit. The higher the EMD the more serious a seller will take your offer.
Write a “clean” offer
When writing an you want to make it as attractive to the seller as possible. Do not include a lot of contingencies. Remember, contingencies are in place to protect you as a buyer, and your deposit. Waiving your contingencies mean that you are contractually obligated to fulfill your end, even if you find concerning items in your inspections, or the bank cannot provide you with adequate financing. In some cases, if you are an cash investor, and intend to rehab the property regardless of the findings, waiving your contingencies will not be of much concern.
Offer a shortened contingency period
Typically most buyers keep their contingencies in place. But, if you would like to make it more attractive you can offer shortened time periods for them. For example, a typical home inspection period is 17 days. You can make your offer more attractive by offering a shortened inspection contingency period of 10 days instead. If you would like to offer a shortened appraisal contingency ask your lender to order it the day your offer is accepted. When offering a shortened loan contingency, make sure to speak with your lender upfront and get your automated underwriting (AU) approval. This essentially tells the lender that offering you a loan is low risk.
Buying a home can be a tricky process, but not impossible. Consider these tips when buying a home in Santa Clarita. If you are in the market for your first home, to relocate, or to upgrade you can contact us here, or give us a call at 661- 373- 2374.