In a market where there are more buyers than homes available for sale, it can be next to impossible to have your purchase offer result in a home purchase. So, if you’re serious about buying, you need to be a bit crafty when it comes to finding a home in a sellers’ market.
What’s the secret? Find a motivated seller. A seller whose situation requires immediate action: relocation for work, death in the family/estate sale, divorce, financial issues, a property that has been on the market for a long while, or a complicated fixer-upper.
- Keep in mind the advantages of finding motivated sellers:
- They want to sell their home immediately.
- They want to move out or move on as soon as possible.
- They will quickly respond to all offers.
Appeal to the needs of a motivated seller:
- Your purchase offer must be accompanied by a mortgage pre-approval letter so there are no financing hiccups.
- Be flexible on closing date—settling early if they want to get out fast or waiting if they need to stay put for a bit longer.
- Have your inspectors lined up and ready to go once that purchase offer is signed.
- Respond to sellers’ agent’s questions promptly.
- Show you’re serious with a larger earnest deposit.
- Include a personal letter stating why the home appeals to you.