The current market is very hot and multiple offers are common for available homes. As a buyer, how to do you make your offer the best?
To start with, you should be prepared. I suggest you meet with your lender well before you find the right house. This is because if you find the right house in our current market and then visit the lender, more than likely there will be other offers on that house.
How can you make your offer stronger than the others if you do find yourself in a multiple offer situation? There are a few things you can do.
First, you should have the letter from your lender that says you are pre-approved ready to present to sellers.
Also, consider adding additional earnest money to your offer. Here in Arizona, earnest money is traditionally between 1% to 2% of the purchase price.
You can also accommodate the seller’s ideal closing date.
Finally, try to minimize the number of contingencies you’ll have in the purchase contract.
We can talk through all of these in detail if you are a buyer and are interested in writing a contract in our current market. If you have any additional questions, please feel free to contact me by phone or email. I look forward to speaking with you soon.