Consider this scenario. After months of searching, you’ve finally found your dream home, the one that checks all your boxes. So you make an offer, one that is reasonable and in line with market value. But then, to your disappointment, the seller rejects your offer. This scenario is more common than you might think in today’s seller’s market where inventory is low and demand high. There are, however, some things you can do to vastly improve the chances of your offer being accepted. Check out these 3 tips for getting your offer accepted when buying a house in Riverside.
1. Get Pre-approved and Provide Proof
Maybe the best way to show sellers that you are in fact a serious buyer they should consider is to get pre-approved and then show proof of your pre-approval with your offer. Getting pre-approved for a mortgage lets sellers know that you can actually get the financing you need for buying a house in Riverside.
Here’s how the pre-approval process typically goes:
- You complete and submit a pre-approval application to your lender.
- A loan officer reviews your application – your financials, credit score, and credit report – and submits the application to the underwriting team for pre-approval.
- Your lender then lets you know whether (or not) you qualify for a mortgage.
- Your lender then issues you a pre-approval letter that states the maximum amount you’re qualified to borrow.
Then, when you make an offer, submit your pre-approval letter with the offer. This lets the seller know that your funding is in place and ready to go, as well as giving you more negotiating leverage. It can also expedite closing because your lender already has most of your financial information.
2. Offer a Larger Earnest Money Deposit
Another tactic for getting your offer accepted when buying a house inRiverside involves the amount of the earnest money deposit. When you offer more earnest money, you’re showing a seller that you actually have skin in the game. It’s an indication that you’re less likely to make offers on multiple homes and back out after the seller takes the home off the market.
Earnest money isn’t always required, but it’s common, and the usual amount is around 1% to 3% of the purchase price. If you offer more than that, then your offer will stand out in a competitive market. You’ll be perceived as a serious buyer with the intent of going through with the deal.
There is one caveat, though. If you do offer a larger earnest money deposit, make sure that you are serious about buying the house. If you change your mind and back out of the deal (except for contingencies in the purchase agreement), you could wind up losing that earnest money. So be sure to consult a Riverside agent at (866) 593 7012 before committing your cash.
3. Make Your Offer as “Clean” as You Can
The “cleaner” your offer is, the better will be your chances of getting your offer accepted when buying a house in Riverside. Making a clean offer simply means including no or very few contingencies in the offer. This will make your offer much more attractive to the seller and can help you beat out the competition.
But you do need to be careful when using this strategy because contingencies are for your protection as a buyer, especially in the case of, say, an inspection contingency. Still, there are ways to protect yourself, such as, for example, getting your loan fully underwritten or having the seller provide inspection reports from reputable companies. To discover more about this, contact a Riverside agent at (866) 593 7012.
And Use a Good Riverside Agent When Buying a House
Finally (and perhaps most important), be sure to use an experienced local agent. A Riverside agent will know the local market well and exactly what it takes to get an offer accepted. Your agent can perform a comparative market analysis to determine what you should offer in a specific neighborhood. So if you want to get your offer accepted when buying a house in Riverside, be sure to contact us today at (866) 593 7012.