These five tips will help you craft a better offer than your competitors.

As a buyer, how do you make your offer stand out against the competition in our hot seller’s market? Here are five key tips to remember:

1. Make an earnest money deposit that’s higher than normal. In the Twin Cities area, these deposits are usually 1% to 3% of the home’s purchase price. Making a higher deposit shows the seller you’re serious about wanting their home.

2. Show the seller you’re qualified to buy. Most buyers have a pre-qualification letter, but I recommend getting a pre-approval letter from your lender that states that you’re pre-approved for a loan and have undergone some of the underwriting process. A good way to do this is by having your loan officer call the seller on your behalf.

“Give it your best shot right off the bat so you have no regrets if you don’t win the home.”

3. Give the seller the closing date they want. Sellers often have to find another home to move to after they’ve sold their current home, and with inventory as low as it is, they need time to do this. If you can be flexible, try to find out what closing date the seller prefers. Communicating with the listing agent is crucial in this regard. 

4. Shorten or waive contingencies. For example, you can either schedule a home inspection or waive it entirely. That’s a long conversation you should have with your Realtor, as every situation and home is different. 

5. Write your best offer right away. Give it your best shot right off the bat so you have no regrets if you don’t win the home. 

As always, if you have questions about this or any real estate topic, feel free to call or email me. I’d love to speak with you.