Whether you’re just starting the process of buying a new home in Wilmington or you’ve found the perfect house or condo and you’re ready to make an offer, you should be aware that you may not be the only one bidding on a home. The real estate market here in Wilmington is very competitive – popular listings can receive a handful of offers within the first few days after going up for sale. In this post we’ll share a few steps that you can take to ensure your offer to purchase a Wilmington home stands out from the rest.
Ask the Seller What Terms Are Important to Them
If a seller is receiving a number of bids on their home, they will have the luxury of choosing the offer that best suits their needs. Ask the seller what terms are important and see if there are any compromises you can make to help meet their needs. It’s safe to say that all sellers would rather have their terms met without having to negotiate.
Have Your Financing, Appraisal and Inspection Ready
Are you going to need mortgage financing in order to buy a new home? If so, it’s best to approach your bank or lender first to get pre-approved for a set amount of funding. Having a pre-approval letter assures the seller that getting your finances in order won’t delay the sale and that there’s no risk of your financing being declined.
You’ll also want to line up your home appraisal and home inspection vendors early. Get a few different times prepared so that the seller can choose one that works for them. The faster you can get the appraisal and inspection complete, the faster your purchase will move along.
Keep the Offer Simple and Avoid Complications
It’s worth mentioning that you’ll want to keep your offer as simple as possible. If you table an offer with a number of contingencies the seller might balk and decide to go with another offer that seems like a faster transaction with less work on their part. Remember – every point in the purchase agreement is subject to negotiation, so if the agreement has a lot of moving parts it can take a while for both parties to commit.
Consider Bumping Up Your ‘Earnest’ Deposit
Placing a deposit of ‘earnest money’ in escrow shows the seller that you’re very serious about buying their home. If you know that the seller is entertaining multiple bids – and if you have the funds available – consider bumping up the earnest money in your offer to 8 to 10 percent of the purchase price.
Buying real estate in Wilmington is a major transaction and one that you shouldn’t try to handle alone. When you work with the Keith Beatty Team you gain access to an experienced group of real estate agents with decades of collective experience here in the Wilmington area. Contact us today at (910) 509-1924 or by email below and we’ll share how we can help.