As inventory continues to decrease, it's important to put your best foot forward with your initial offer.
If you want to write a compelling offer, keep these three steps in mind:
Decide on the right price
Real estate markets are localized, so the sale price of a home across town may have little to do with what a home in another area of town is worth. You can determine the right price by finding out how the property compares to similar homes nearby, what Texas REALTORS® call “comps.” Comps are an important part of determining price because they reflect neighborhood conditions. Y.
Show sellers you’re serious
Hitting the sellers’ perfect price does not guarantee they will accept your offer. Homeowners will consider the amount of earnest money in the proposed contract as well. A higher number shows a higher level of sincerity about the purchase and may place your offer above others. Keep the total cost of Seller concessions in mind. If you don't need the cash to close for title fees, HOA transfer fees, survey, and loan fees (AKA closing costs)...don't ask for them!
Be flexible
Some sellers may have a strong preference for when they close on the sale. If you can meet their timeline, your offer gains strength. And when you can help it, stay away from contingencies, or make them as moderate as you can. Why? Put yourself in the seller’s shoes. A slightly lower offer may be more attractive than a higher offer that’s contingent on the buyers needing to sell their own home.
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