Searching for a new home can be thrilling and tiring, in equal measure. Throughout your journey as a buyer, there’s no feeling quite like the one you get close to the end — when you finally discover the property that you truly want to call home.
As your real estate search draws to a close, it’s time to take the next big step: putting in an offer.
When you submit a formal offer, you and your real estate team provide a written form that details your proposed purchase price and terms, including any contingencies and an expected closing date. You’ll also include a preapproval letter, supporting your offered price. Once you submit your offer, the seller may accept, decline, or suggest a counter-offer, leading to negotiations. When both parties come to an agreement on pricing and terms, you’ll sign the updated purchase agreement and go under contract.
Putting in an offer is an incredibly important piece of the homebuying puzzle, and it helps to go into this key step with confidence. How can you put yourself in the best possible position to make an offer on your dream home? And what does it take to put in an offer that sticks? Here are three tried-and-true ideas that can help your offer stand out:
1.) Have a Preapproval in Hand
Getting preapproved for a mortgage loan is one of the most important steps buyers can take on their real estate journey. It’s a crucial way to streamline the buying process, at every step of the way.
Early on, having a preapproval in hand can allow buyers to focus their search with their real estate agent, and spend more time looking at homes that will be in their price range.
Just as importantly? When you’ve found the home you want to make an offer on, having a preapproval on file can make it easier to move forward and seal the deal.
If you’re already preapproved for a loan, you and your real estate team can jump into action more quickly when you’re ready to make that offer. Getting your offer in to the seller ahead of other buyers’ can make all the difference in getting it accepted. Similarly, having a preapproval offers leverage to buyers, communicating that you are serious and capable of purchasing the home. It can also help your offer stand out in a multiple bid situation, demonstrating to a seller that you can easily attain financing and move the transaction forward.
In short? Getting preapproved can empower you to make an offer more confidently and more swiftly. It tells the seller that you can afford their property, and puts you in a stronger negotiating position.
Want to get the preapproval process started? That’s where Key Mortgage Services Inc. comes in. Key Mortgage is your one-stop shop for receiving a preapproval and ultimately securing your loan — seamlessly, and with the best possible terms.
2.) Add a Personal Touch
There are all sorts of sellers out there. Some want to get rid of their property as quickly as possible, for the best possible price. Others are more sentimental, and want to make sure that their home will go to someone who loves it as much as they did, or who promises to preserve its most unique features.
For buyers, it helps to do a little bit of research. Consider the seller’s motivations, and ask your agent if they have insights. From there, you can structure an offer in a way that will appeal to them. This might mean finding just the right price point, limiting or waiving contingencies, or working out a closing timeline that suits the seller’s schedule. In some cases, you could offer a unique perk to sweeten the deal, such as a rent-back agreement.
Similarly, it may help to put in a personal letter along with your offer. Writing a personal letter can help showcase why you’re interested in the seller’s home, and why you’re the right person to get it. What do you love about the home? What are your plans for the future? This emotional appeal can help your offer stand out, and may help sway the seller in your direction.
3.) Work With a Knowledgeable Agent
Creating a successful offer means finding the right asking price — and knowing how to negotiate. For buyers, an experienced local real estate broker is an important partner, one who has the knowledge it takes to craft and present a successful offer, and make communication easier along the way.
The Chicagoland real estate market is ever-changing. Determining an offer price is going to depend on any number of unique factors, including local market trends. A broker can help analyze data for recent comparable sales, look ahead to market forecasts for the area, and help gauge the level of competition that may be out there for the listing.
Your agent can also do what it takes to help you get the best price possible. Working with sellers and their teams can be tricky — unless you’ve got a master in the art of negotiating on your side. That’s where your Baird & Warner agent comes in. Baird & Warner agents are highly trained negotiators who will work closely with you to develop an offer strategy. Then, once the deal is sealed, they’ll coordinate with your loan officer, attorney, and all other parties to make the closing process easier.
Shouldn’t Buying a Home Be Easier?
At Baird & Warner, our agents are hyperlocal experts who know just what it takes to help make the dream of home ownership easier — from the day you start envisioning your dream home, to the day you’re handed the keys. With thousands of agents in 28 convenient offices located all around Chicagoland, it’s never been easier to start bringing your biggest real estate dreams to life.
Whatever you’re looking for in a home, your local Baird & Warner agent can help you find it. Meditation room? Ample space for all your vinyl? A chicken coop? We get you, and we’ll help put you in the space that will truly work for you, while making the process go more smoothly at every step of the way.
And with our signature “One Company” approach, Baird & Warner can help streamline every step of the buying process, with mortgage and title services all readily available under one roof. From buying to selling to financing, easier has been a part of our DNA since 1855.