Winning the Bid: 10 Expert Tips to Get Your Real Estate Offer Accepted

In today's competitive real estate market, it can be tough to get your offer accepted on a property that you love. With limited inventory and high demand, many buyers are finding themselves in multiple offer situations. As a real estate agent, I have seen firsthand how frustrating it can be for buyers to lose out on a home they love. But fear not; there are steps you can take to increase your chances of getting your offer accepted. Here are nine tips to help you get an accepted offer in a competitive real estate market.

1. 1. Get pre-approved for a mortgage first.

Before you start your home search, it's important to get pre-approved for a mortgage. This will give you a better idea of what you can afford and will also show sellers that you are serious and able to obtain financing. Having a pre-approval letter from a lender can make your offer more attractive to sellers and can give you an advantage over other buyers who are not pre-approved. If you are writing an offer without pre-approval, it is much harder to get an offer accepted.

1. 2. Be flexible with your closing date

If possible, be flexible with your closing date. This can be a major selling point for sellers who are looking for a quick and easy transaction. If you can accommodate the seller's timeline, they may be more likely to accept your offer over others.

1. 3. Make a strong initial offer

In a competitive market, you may need to make a strong initial offer to be considered. Work with your agent to determine a fair offer price based on comparable sales in the area. You want to make sure your offer is strong enough to stand out but not so high that you overpay for the property.

1. 4. Keep contingencies to a minimum

Contingencies are conditions that must be met before a sale can be completed. While some contingencies are necessary, too many can make your offer less attractive to sellers. Consider which contingencies are most important to you and try to limit them as much as possible.

1. 5. Include an escalation clause.

An escalation clause is a clause in your offer that allows you to increase your offer price if another buyer submits a higher offer. This can be a powerful tool in a multiple offer situation and can help you stay competitive without overpaying for the property.

1. 6. Write a Letter / Explain why you are a great buyer

In addition to your offer, consider writing a personal letter to the seller. This can be a great way to connect with the seller on a personal level and can help them see you as more than just another buyer. In your letter, share why you like the property. If you are an investor, share that you own multiple properties and have bought in the area before.

1. 7. Work with an experienced agent

An experienced real estate agent can be a valuable asset in a competitive market. They can help you navigate the process and can provide you with valuable insights and advice. Look for an agent who has experience in your target market and who has a track record of success.

1. 8. Be prepared to negotiate

Even if your initial offer is accepted, be prepared to negotiate. The seller may counter your offer with different terms or a higher price. Work with your agent to determine your best course of action and be willing to compromise if necessary.

9. Earnest Money

Earnest money in a real estate transaction refers to a sum of money that a buyer puts down as a deposit to show their seriousness or "good faith" in wanting to purchase the property. The earnest money deposit is typically made after the buyer and seller have reached an agreement on the terms of the sale, but before the sale is finalized.

A typically earnest money amount is 1-2% of the purchase price. However, if you are able to put more earnest money down, this show a act of good faith to the seller and helps to get your offer accepted.

1. 10. Stay patient and persistent

Finally, remember that the home buying process can be unpredictable and may take longer than you expect. Stay patient and persistent, and don't give up on your dream home. If one offer falls through, there will be other opportunities. Keep working with your agent and stay focused on your goals.

In conclusion, getting an accepted offer in a competitive real estate market can be challenging, but it's not impossible. By following these 9 tips, you can increase your chances of success and find the home of your dreams. Remember to work with an experienced agent, be flexible and patient, and stay persistent in your search. Good luck!