In most real estate markets across the country, inventory remains fairly low and buyer competition pretty keen. And with few houses and lots of buyers, you typically have to make your offer stand out above the others to get it accepted and get the home you want. Multiple offers and bidding wars are still fairly common, so you need to find ways – other than offering a lot more money than the other buyers – to get your offer noticed. Read on to discover 3 things you can do to get your offer noticed in the Oklahoma City real estate market.
1. Limit the Contingencies
An effective way to get your offer noticed in the Oklahoma City real estate market (and in any market, really) is by limiting the number of contingencies in your offer. As a general rule, the fewer demands you make as a buyer (that is, contingencies), the better the odds are that your offer will be noticed and accepted. The fewer contingencies you have in your offer, the more attractive it will be to sellers.
Contingencies come in many forms, from the sale contingency to financing contingency to appraisal contingency. And some of them you can probably do without and still remain pretty safe as a buyer.
“It’s typically not a great idea,” according to industry experts, “to waive the financing contingency unless you’d be willing to pay cash (or lose your earnest deposit) if something goes wrong in the mortgage approval process. However, you might be able to boost your offer’s strength by getting rid of the appraisal contingency. Basically, if you do this, you’re agreeing to come out of pocket for the difference if the home doesn’t appraise for your offer price. However, if you really want the home and have some financial flexibility, it could be a smart way to make your offer stand out.”
Be aware, though, that there are some risks involved in limiting contingencies. So be sure to contact a Oklahoma City agent at (405) 521-1817 to find out the best way to proceed here.
2. Offer More Earnest Money
Another thing you can do to get your offer noticed in the Oklahoma City real estate market is to offer a larger earnest money deposit.
Earnest money, or an earnest money deposit, is “money that you submit to the seller along with your offer to show that you’re serious about buying the home. If you don’t fulfill your obligations under the contract, the money goes to the seller.” And offering a larger earnest money deposit signals a seller that you are indeed a serious buyer, that you have skin in the game. And that’s why it’s a good way to get your offer noticed.
Keep in mind, too, that this earnest money is eventually applied toward the down payment and closing costs. Ultimately, then, it doesn’t cost you anything to offer more earnest money, but it does make your offer stronger. Here’s an example from first-had experience . . .
“[W]hen my wife and I bought our first home, the property was being sold as part of an estate sale and was an excellent deal, meaning that there were multiple offers. Some of them were all-cash offers, which we didn’t have the means to compete with. So, we decided that putting a large amount of money on the table right away would help our offer stand out. While an earnest deposit of $2,000 or so would have been in line with expectations, we wrote a check for $10,000 to accompany our preapproval letter and full-listing offer, just to show how serious we were. And we got the house.”
3. Prove That You’re the Best Buyer for the Home
This third way to get your offer noticed is overlooked by many buyers, but it can work. And that is to show the seller that you are the best buyer for their home, which means making your offer personal.
Many sellers have lived in the house for many years, and it has become their home – the place where they’ve lived their lives, raised their families, and maybe grown old. As result, these sellers have strong emotional ties and sentimental attachments to the home. They don’t see the transaction as a purely business deal. They “want to know that their home is being transferred to good hands.”
So, to make your offer stand out, show the seller that yours are indeed good hands and that you’ll take good care of their home. “Including a personal note with your offer about how the home would be a perfect place for your children to grow up, how much you love some of the design elements they incorporated into the kitchen, or something else detailing why this would be the perfect home for you could go a long way.”
And Hire a Good Oklahoma City Agent to Get Your Offer Noticed
Despite the effectiveness of these things you can do to get your offer noticed, you still need one more thing for success. And that is to enlist the aid of a local Oklahoma City agent. Your local agent will understand the market and will know exactly which tactics are needed to make your offer stand out and get accepted. When it’s time to get your offer noticed in the Oklahoma City real estate market, be sure to contact us at (405) 521-1817.