What makes an offer competitive?
Buying in a hot market? Here are ways to get your offer accepted if you're competing against multiple offers.
1. Be faster.
- Sign up for alerts to get emails or push notifications when new listings match your search criteria.
- Don’t wait for an open house. Visit listings as soon as possible.
- Have your financial documentation and loan pre-approval ready to go.
- Put in early offers (called "pre-emptive" offers) on good properties before others see them.
- Write an offer letter. It may feel strange baring your soul, but it's effective.
- Pay for some of the seller's closing costs.
- Ensure that your offer is clean and well-packaged.
- If you can, make an all-cash offer. They're more attractive than loans, which take time and must be approved by a lender.
- Faster timelines and removal of contingencies help, but come with their own pitfalls.
- Start with your best and final price, and make that known in the offer.
3. Search counterintuitively.
- Find inventory that’s distressed, and fix it up yourself.
- Make lower offers on homes that have been sitting on the market for a while.
- Look at land, new construction & alternative property types.
- Search for FSBO (for sale by owner) properties, auction.com and go to home auctions.
- Look at criteria outside your typical searches.