Help make our offer better

2 Replies

My husband and I submitted an offer on a single family house with an accessory dwelling unit studio in outer Los Angeles area. We submitted our offer site unseen (no pictures online-just google streetview). Our offer was 50k over asking the day it posted to MLS. We attended 2 of the 3 open houses. Selling agent said the seller liked us and sounded hopeful. Within hours of the offer deadline, higher offers came in. Seller will likely proceed with counter offers. What options do we have to make our offer more attractive without a higher purchase price? We have 15% down but will need to finance the rest of the loan. Any advice helps!

You could increase your earnest money (10% instead of the typical 1%) or make a "cash" offer.  Cash in this sense not being actual cash but basically guaranteeing your loan will go through (so only do this if you are very confident in your loan).  When you write a cash offer you are waiving your mortgage contingency.

You could also consider writing the seller a letter and maybe including a picture to make your offer a little more personable.

Higher Deposit, call your lender and see how soon they can get the loan done (14 day loan contingency instead of 21 days). Anything under 30 day escrow helps (shoot for 21 days,) shorten your inspection contingency (7 days instead of 17) You said you had been to 2 of the 3 open houses. If you feel that the house is in good condition and your comfortable enough you can waive the inspection contingency all together.

Hope this helps.

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