DEARBORN HEIGHTS — In the current home sellers market, it can be challenging to ensure an offer made on a new home stands out above the rest.
Dave Abdallah, a local realtor for more than 35 years, said that there are some pointers and tips he likes to give new home buyers to help them get into the home of their dreams.
“Put a good, earnest money deposit down,” he said. “It’s important to make sure the seller and the listing agent know that you’re a serious buyer. By putting a good, earnest deposit down, it shows that you are very serious.”
Receiving at least one pre-approval from a reputable mortgage lender also shows a seller and listing agent that the buyer is serious.
“If you’re making a cash offer, a proof of funds will be required,” Abdallah said. “It’s always good to get pre-approval; you can even get more than one pre-approval if you want to from different banks. Scheduling a minimal amount of days for a private inspection and amount of days to close by also shows commitment because you’re not dragging the time frame out or extending things in that aspect.”
While most sellers cannot sell above the appraised amount, Abdallah said that there are ways around it.
“When placing an offer, you can place an appraisal guarantee,” he said. “This is telling the seller that you will pay the difference of the appraisal amount and helps your offer stand out even more.”
By minimizing the amount of conditions on an offer, a seller will also take a buyer more seriously.
“Try not to ask for a lot,” Abdallah said. “For example, if a seller is not offering appliances to be included, but your offer is contingent on the refrigerator, stove, washer and dryer staying, buyers who aren’t asking for appliances will become more appealing. Also contingencies on the sale of your own home make your chance of having an offer accepted very slim.”
Abdallah said it’s also important to pick a reputable realtor and become “human.”
“The way the market is right now, sellers are getting many offers and they all become numbers,” he said. “I recommend serious buyers write a complimentary type letter to the seller. Describe your situation a little bit and tell them something you liked about the house. It humanizes you and makes you more relatable when they are reviewing offers.”