If you are a frustrated Home Buyer who has been submitting offers that go nowhere, here are my 4 tips to get your real estate offer accepted by a seller.
We get asked quite often by both buyers and sellers “What are you going to do differently to represent me, than my last agent?” And honestly, it’s probably one of my favorite questions, because it allows me to really explain how my team operates on behalf of our clients and with the client’s best interest at the forefront throughout the entire buying and selling process. My 4 tips below highlight just how we are different, and share insight as to what you should be doing to make sure your real estate offers get accepted.
1. Tell the seller that you are interested in the property.
This isn’t poker.
A lot of times buyers get the misconception that not showing all your cards is the best way to approach a seller. I find that approach is not the best way to go about beginning negotiations.Don’t be afraid to let the seller or listing agent know how much you want the home. For some reason some buyers are coached by their agent to curb their enthusiasm as they believe it somehow places them at a disadvantage.
You should let the sellers know that you have interest in the home.
Let them know that you will be submitting them an offer.
Get the seller emotionally invested in you, and in your family. When I’m the listing agent representing the seller, and I see how much a family wants the home for their children versus say, an investor, who is purchasing it purely for profit, I and my seller client become more emotionally invested in the family. Now, the caveat here, is that being emotionally invested doesn’t mean emotionally blinded. A seller isn’t going to take $50,000-$100,000 less just because they like your family, so be prepared to come in with a strong offer. BUT when all things are equal, getting the seller as emotionally invested as possible could be the determining factor in getting an offer accepted or not.
Instruct your agent to send a message to the listing agent or seller advising them that you want it.
2. Have your agent call the other agent
A lot of times agents just submit offers to listing agents without even giving them a call. Your agent should be calling the seller’s agent and asking “What would the BEST OFFER look like to your seller(s)?”
Sometimes it’s not just the price that you have to look at when your determining factors of presenting an offer. Sometimes it’s the act of sale date, the inspection period, offering the seller a rent back option is attractive to the seller.
Have your agent get on the phone with the other agent and find out what it would take to make the offer a “win-win” for both parties involved. An open conversation will help you present the best offer possible and be the most attractive to the seller.
3. Always present an offer package.
Now what should be included in this offer package? Here is what I ALWAYS include in my client’s OFFER PACKAGE to get the seller’s emotionally invested:
- A COLOR PHOTO of the buyer(s). Preferably one where the buyer is smiling. Sending a somber photo doesn’t work out so well, and please-no selfies. Family photos work best. I’ve even used photos of single individuals with their pets-all smiles though.
- A SHORT BIOGRAPHY of the buyer, including WHY the home is a perfect fit for, him/her/them. Remember, acting disinterested, doesn’t inspire consideration.
- PROOF OF FUNDS (POF) letter that is dated within the last 30 days. I can’t tell you how many times I’ve gotten offers with proof of funds that are older than 60 days old. The message this sends is that
- the buyer may not have these funds available anymore.
- the buyer has been working with the same agent for 60 days or longer submitting offers to no avail.
- The PRE-APPROVAL letter from a Bank, Lender, Mortgage Broker with CONTACT information for the lender vouching for the buyer’s financial ability to complete the transaction. Why any agent would send a pre-approval letter without the contact information of the lender prominently displayed is beyond me. This, whether true or untrue, sends a message that the buyers agent doesn’t want the listing agent to communicate with the lender. An immediate faux pas.
- A COPY OF THE DEPOSIT CHECK already written out to the broker or title company, who will be holding the escrow funds during the contract period.
- A NOTE WITH THE OFFER THAT INSPECTIONS ARE SCHEDULED FOR “X” DATE. I always include a note with my client’s offer that states inspections have already been lined up and are set to occur on this date and at this specified time, instructing the seller’s agent to let us know if the contract is a “go”. This sends a clear message to the seller that not only are you serious about purchasing their home, but you have already started the process to make sure the loan goes through and everything closes on time.
4. Have your lender call the seller’s agent.
Remember the lender has a financial interest in getting the buyer’s offer accepted. Why would you not use them as a resource?
My lenders know to call the listing agent, advise them of the incoming offer, and vouch for the buyers ability to close. In other words-SELL THEM on OUR client.
If the agent representing you isn’t going through all these steps to get your offer accepted-FIRE THEM.
That’s right. FIRE THEM.
Your agent is there to represent you to the best of their ability and if they are not doing these things, give us a call at 504-509-4771 or complete the form below and we can show you what we do a little differently.