Beyond being pre-approved for a loan, what can a buyer do to stand out and have an edge in getting their offer accepted, especially in multiple offer situations?
The number one key is knowing who the seller is. If the property is owned by an individual or family, there are often more emotions involved in selling than when a property is bank or investor owned.
If the owner is a bank or investor, those types of sellers are looking for the least hassle and best bottom line, so use fewer and shorter contingency periods for inspections, financing, appraisals and closing dates.
If an individual or family owns the house, the best way to have an edge is to write a genuine and heartfelt letter to the seller about why you will enjoy the home and love living in it. Be specific as to your unique family situation and why the house would be special and how you would lovingly take care of it. If you can include a photo of your family in the letter, then even better. If your offer is low, it is a good idea to mention why, such as your budget is tight or the house needs updating or the comparable sales support your offer. This love letter to the seller should be included as part of your offer.
Another tip to use as a buyer is to offer a flexible range of closing dates and let the seller choose which date works best for them.
Knowing how to have an edge as a home buyer can make or break a deal.