Buying A House? Here’s How You Can Make Sure Your Offer Gets Accepted. 

Buying A House? Here’s How You Can Make Sure Your Offer Gets Accepted. 

You’ve found the home of your dreams at a price you can afford, discussed the options with your family, and decided to make an offer. It’s a done deal, right?

Unfortunately, no. Even if your offer matches (or exceeds) the asking price, the seller could still reject your offer for a number of reasons. They could be unhappy with the terms and details of your offer, for example — or you could simply get outbid by a more eager buyer.

Having an offer rejected can be both emotionally frustrating and financially damaging, which is why ensuring that your offer has a good shot at getting accepted is so important. This is especially true in seller’s markets, when there are lots of buyers to choose from, but it holds true regardless of economic conditions. Here are a few tips that can help improve your odds.

1. Make a clean offer. Most offers contain at least a few contingencies. A few common examples of this include the sale of another property, a homeowners’ association review, septic/well inspection, appraisal contingency, and a lead based paint inspection. The fewer contingencies you include in your offer, the more committed you appear as a buyer — which can influence the way that the seller weighs your offer against any other offers they may receive.

1. Put down a strong EMD. The more earnest money you put down, the clearer it becomes that you are a serious and financially stable buyer, which makes you a more favorable choice.

1. Make a larger-than-required down payment. A large down payment on your loan works in a similar way as putting down a strong earnest money deposit.

1. Consider waving inspection. Generally speaking, you are entitled to a home inspection as a buyer. Waving this can make you a more tempting prospect for any sellers — but, of course, it also puts you at risk of purchasing a home that has serious problems. All the same, if you are extremely intent on getting the home, or if you plan to remodel/repair extensively already, then waving inspection may be a worthwhile strategy.

1. Offer a month of occupancy. Sellers generally do not receive payment for a month or longer after closing a deal on their home. Offering an upfront payment of one month’s rent can be a big help for sellers, and may tip the scales in your favor.

1. Offer above asking price. This one is a no-brainer: more money equals a more tempting offer.

1. Utilize an escalation clause. An escalation clause states that, if your offer is outbid, you automatically offer to match/exceed that offer. This is a good way to stay competitive without dramatically overbidding.

1. Make sure your offer is complete. This is another no-brainer, but it’s easy to miss a detail such as forgetting to authorize an EMD or failing to turn in all the correct paperwork — and the lost time and lost appearance of professionalism can have a negative impact on your odds of getting the house.

If you are in the market for a home in the Central Virginia area, we encourage you to check out our listings here at Blue Marble Properties! Happy hunting, and good luck!