You’ve found the home of your dreams and are about ready to make an offer. In a seller’s market like Scottsdale, buyers like you need to be more conscious about what to put in the offer if you want to win the bid. Sometimes outbidding the competition means coming in with a compelling combination rather than having the highest bid.
Consider these other aspects of the sale to craft a compelling purchase offer that is likely to be accepted:
Cash payments are ideal
Sellers prefer cash offers over those backed by mortgage loans because of greater security, fewer closing costs, and a more streamlined sales process. With a cash offer, sellers don’t have to worry about a buyer’s financing not going through and stalling the sale.
This is especially true for luxury properties. A cash offer has the additional benefit of greater privacy, which is often important to both the buyer and seller. Cash offers also carry more weight during negotiations.
Keep it simple
Sellers are looking for something straightforward. If you can’t offer them the ease of cash payment, then keep your purchase offer as simple as possible. Don’t nitpick every little detail and avoid adding too many clauses to your offer.
Do add some protections for yourself like asking for specific repairs or placing safety nets in the contract, but remember to keep things within reason.
Be flexible with contingencies
Also, be a little flexible with contingencies and time frames. Figure out what the seller wants vis-à-vis what you’re willing to offer and write your purchase offer accordingly. If the seller needs a quick sale, for instance, getting the inspection done quickly and promising an expeditious close is sure to get your purchase offer noticed.
Think outside the box. A purchase offer isn’t just about how much money you can put up, but also the circumstances around the sale.
Put down an earnest money deposit
Putting down earnest money is a sign of goodwill. It’s a common practice when buying a luxury property; it shows sellers that you’re serious about your purchase and has the means to finance it. Like the down payment, it’s held in escrow and is released after the sale goes through.
In Arizona, earnest money deposits are usually 1% of the property value. If you want to make your offer stand out, a significant earnest money deposit is a good idea.
Write an offer letter
If you want to make your offer unique, write a personal letter to the seller. Buying a home is more than just a business transaction, it’s a life-changing decision. Reminding the seller of the emotional aspect of the sale can make you a more sympathetic buyer. In the letter, including how getting the home will impact your life and how it will make it better.
Writing a compelling purchase offer is easy with the help of the best Scottsdale real estate agents. At Aeris House Properties, our goal is to help you go above and beyond your real estate goals. Start your home buying journey with us! Contact our team today by calling 602.466.9771 . You can also reach us by sending an email to info(at)aerishouse(dotted)com.