Try not to depend on what the internet tells you or a simple pre-qualification from a lender. Instead, obtain mortgage pre-approval. You will be more confident in your buying power as you talk about your financial matters with your lender. This is vital in the event that you plan to exclude a money condition in your offer.
Recognize the seller’s necessities
Buyers frequently commit the error of needing to ‘win’ in transactions. Then again, the seller has often the advantage in a hot seller’s market and not the buyer. Go for a ‘win-win’ circumstance by recognizing the contractual parts that are critical for the seller. For example, if the seller prefers a specific closing date. The best thing you can do is to give that preferred date or anything close to it.
Minimize the conditions as much as possible
If the property you are putting an offer has gathered a lot of interest, it might be good to exclude some standard conditions like financing and home inspections. This may not be the recommended approach for many buyers, but it is an inevitable reality. If you are in a bidding war, a strong offer will most likely win than a conditional offer, all things being equal.
Have a large deposit
One of your effective methods to attract the seller to opt for you is to give them confidence in your purchasing power. Do this by putting a large sum of money down on a home. With this, you will have an advantage over other buyers especially in a bidding war.
Make a strong offer
A strong offer may differ depending on the local market. However, each market has a trend that we can analyze. A common example of a trend in a particular market is an offer that should be increased by a particular amount above asking price. Let’s say by $5,000 - $7,000 above asking price.
The above-mentioned points are just tips that you may want to consider. However, you should use your discretion depending on the particular situation.