How to Get Your Offer Accepted

Buying an Austin Home? Search all Homes for Sale

Selling an Austin Home? Check out our FREE Home Value Report

Since Austin is one of the most competitive buyer environments in the country, it's quite common to see multiple contracts offered on a single property. This can make life stressful for buyers, who find themselves forced to bring their highest and best offers to the table in order to win a multiple offer situation. Today, we want to share a few tips to ensure you don't miss out on the home of your dreams.

The first and most important thing is to be ready to submit an offer. In Austin, if you do not have a pre-approval or a funds verification letter to prove you have cash in hand to purchase, a seller will not acknowledge your offer, much less consider accepting it. Having your pre-approval letter in hand while aggressively looking for a home is the most important thing you can do when buying in Austin.

If you find yourself in a multiple offer situation, upping the option money is something that can sweeten the deal for the seller. When you do this, option money is given to the seller upfront for what we call the option period; often, for seven days it's $150, but making it $500-$1,000 can make the offer more attractive. Another option is offering a greater amount of earnest money, which is held in escrow once the contract is executed. You will only get that money back if you terminate within the option period or some other outlet in the contract. This allows the sellers to see on paper that you're highly motivated and that you're serious about buying the house and less likely to terminate the contract.

Giving the seller the choice of the closing date is another way to make your offer stand out. If you're not in a situation where you need to move into a home in the next 30 days as soon as the loan is process, it will benefit you to be flexible with your timetables. Let the seller choose their close date, or if the seller prefers, close as soon as possible.

Writing a personal letter to the seller is a great way to grab their attention. Explain what you love about the home, why you're moving, where you're from, and what you plan to do with the home. This humanizes your offer, as you become more than just a name on a piece of paper.

Lastly, you need to be patient when buying in a competitive market. Ultimately, in this market, everything is in the seller's hands. Submit the strongest offer you can and relax the best you can; pestering the seller's agent is only going to make you look anxious and desperate, two qualities you don't want sellers to pick up on.

If you have any questions about making the most of this competitive marketplace, please don't hesitate to contact us. We would love to help you find success in this difficult buying environment!

Increase your chances of winning in multiple offer situations with a pre-approval letter

There are many great Austin area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Value Report so you know what buyers will pay for your home in today's market. You may also call me at (512) 590-0850 for a FREE home buying or selling consultation to answer any of your real estate questions.

The Importance of a Pre-approval Letter in the Buying Process
 

Today we would like to touch on just how important it is to have a pre-approval letter when you're in the process of buying a home here in Austin.

The first thing you want to do if you're buying a home with financing is to visit a lender. It's extremely important to figure out how much you can afford to spend on a home before you go out and look for one to purchase. In fact, most sellers here in Austin will not even consider your offer if you aren't already pre-approved for a mortgage loan.

You should also know that there is a difference between pre-approval and pre-qualification. When you're pre-approved you have your credit checked and your assets verified. A pre-qualification is simply when you call a lender and speak on the phone about getting a loan - your credit is not checked and your financials are not looked at. You always want to be pre-approved, not pre-qualified, because a pre-qualification really does not mean a whole lot in the eyes of the seller.

As far as loans go, there are a few different programs you can choose from. FHA loans have a limit of about $300,000 with 3.5% down. Conventional loans require 5% down, and VA loans do not even require a down payment. Only about 25% of the transactions I do here in Austin involve cash, so it's very important to have your financing set up straight.

We have many preferred lenders that we work with, so please let us know if you would like us to put you in touch with one.

With that being said, please let me know if you need assistance buying, selling, or getting financing for a home here in Austin.

We look forward to speaking with you!

How to Win in a Multiple Offer Situation

 There are many great Austin area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Value Report so you know what buyers will pay for your home in today's market. You may also call me at (512) 590-0850 for a FREE home buying or selling consultation to answer any of your real estate questions.

3 Tips for my Austin Buyers in Multiple Offer Situations
A lot of my clients in Austin are probably aware that multiple offer situations are becoming common- we deal with this situation almost daily at my firm! I have three pieces of advice for you that should help you in situations like these:

1. Have an aggressive and knowledgeable buyer's agent on your side: We have had 2 different listings this year that had over 20 offers on them! You will need an experienced agent who can write a good offer and negotiate to put you in the best position possible. 
2. Make sure your agent knows what the sellers want: What are their goals? When do they want to move out? If you ask the right questions, you can get that information out of a listing agent. Listing agents usually like this, and they can tell that you're serious about purchasing a home. Opening up a dialogue always helps.
3. Altering your contract: You can alter your contract in order to please the seller. Arrange a closing period that works best for them and a move-in date that they prefer. If you're already pre-approved for a loan, you may not need to have a financing addendum.

If you're losing out on multiple offers, I urge you to come and see what I can do for you to get the home that you desire.

As always, if you have any questions or would like any assistance finding real estate in Austin, then please do not hesitate to contact me. I would be more than willing to help you.