Let’s face it, with not many homes for sale in the Conejo Valley, it’s competitive out there for the good ones. If you love the home, chances are other people do too. How can you submit an offer that’s going to be attractive for the seller to accept over all the others? It’s very important is that you submit a very clean purchase agreement. What does that mean? It means giving the seller the terms that the seller is looking for. Yes, that include a fair price for the property but it is also more than that.
Terms can make a difference
Hopefully, your agent will talk with the listing agent to find out what is the seller wants in the transaction. For example, how long of a time period until close of escrow? Where are they going? What’s important to the seller? Remember, it’s not always price, sometimes it’s terms. Sometimes they might be looking for a home and want a longer escrow period to give them time to find their next house. Sometimes they might want a short escrow period with an option to rent-back. It’s really important that you find out what’s important to the seller so you can put that in your offer, if possible.
Make sure your finances are in good order.
Talk with a lender and get a pre-approval letter, if you will need a mortgage loan to purchase the home. Make sure it’s not a pre-qualified letter; it needs to be an actual pre-approval letter stating that a lender has looked at your credit score, looked at your finances, gone through preliminary underwriting and you are approved for a mortgage. This does mean you will need to submit your W-2s or your tax records. Also, submit your proof of funds for the down payment.
Write a letter to the seller explaining why you, as a buyer, love this home. Who is your family? Why do you love that home? What do you like about it? Sometimes, a seller really wants to sell the home to a young family, or to a young couple, or to somebody retiring. You never know what the emotional pull is and your story might have an emotional pull for the seller. So it’s really nice to add a little personal touch. Include a photo and provide some personal touches about yourself.
Keep it short and sweet
It’s important is make sure to have short timelines because a seller doesn’t want to take their home off the market for a long time while you’re hemming and hawing and debating about the house. They want to know that you’re all in and you are committed to buying the house. Get your inspection done quickly after the offer is accepted. Get an appraisal value for the home in a timely fashion. You want to get all the critical information you need, early and upfront, so you can make an informed purchase. You’re going to stick to the timelines outlined in the purchase agreement and be accountable to your timelines.