By nbkc bank
04/11/2019
If you’re in the market for the first time, navigating the home buying experience can be a bit daunting. You have to think about packing up your stuff, scheduling home tours, and figuring out the oh-so-mysterious home offer process. But there’s more to a home offer than just a number on a piece of paper. If you’re worried about your offer being chosen in a competitive market, there’s plenty you can do to make your home offer even more tantalizing. Read below for five tips on making a home offer that sellers will love:
Get pre-approved early on
As soon as you know you’re serious about house hunting, get pre-approved for a home loan. This will ensure sellers that you mean business and help to speed up the buying process. That way, once you find a home you’re interested in, you can instantly make an offer without holding up the timeline for yourself or the seller. Choose a lender with a reputation for quick turnaround time in the pre-approval department. Not sure how to find a good lender? You can do a little research by reading online reviews or asking your friends who they loved working with. (Button with “Pre-Approval Steps” or similar CTA)
Write a love letter (to the seller)
Think of a home offer love letter like you would a cover letter when you apply for a job. You want to make your offer feel personal by giving the buyer some details about you, and why you’d be the perfect owner for their old home. Don’t be afraid to get personal; tell them what you loved about the house, whether it’s the open floor plan where your future kids will run around or the fact that it has a big back yard for your fur babies. It’s okay to include a picture of yourself, too. When you can connect with the seller on a personal level, your offer will more likely stick in their memory and stand out from the crowd.
Put down a larger earnest money deposit
Let’s talk money: a crucial part of your offer is the earnest money deposit. Not familiar with the term? An earnest money deposit is a check you write—usually around 1-2% of the home’s purchase price—to show the seller you’re serious about buying, and won’t back out unexpectedly. If your earnest money deposit is strong enough, this is a great incentive to the seller that they can take their home off the market instead of seeing what other offers come through. If the home you want has multiple offers, a larger earnest money deposit can often be the deciding factor for a seller.
Ensure a faster closing time
Chances are good that the seller of your next home is ready to move, and they’re ready to move now. If you have the flexibility to work on a fast timeline, make sure it’s clear to the seller that you’re willing to move at their speed. When it comes to fast closing times, choosing the right lender really makes a difference. Any nbkc loan officer will tell you they’ve never missed a closing date. (In fact, we’re so confident in our closing times that we bet $5,000 on it.)
Choose a lender with a good reputation
At the end of the day, someone selling their home needs assurance that the person they’re selling to can actually hold up their end of the bargain. Most real estate agents are seasoned enough that they know which lenders are the real deal, and which to stay away from. If you choose nbkc as your lender, make sure your real estate agent speaks to the listing agent to let them know you’re fully pre-qualified with a reputable lender. When a seller has multiple offers on the table, ultimately they’ll want to go with an offer that won’t fall through.
So best of luck to you, house hunter, as you set out to find your new home. Keep these tips in mind when it comes time to make an offer—we promise it’ll make all the difference! And in case you haven’t chosen your lender, here are a few fun facts about us:
Low closing costs - Moving gets expensive. We keep our closing costs low so you can save money for other important things.
One-on-one service - When you work with us, you never get routed to a call center. We like to keep things personal. From the beginning to the end of your loans process, you get one-on-one service from your loan officer and no one else.
In house underwriting, processing and closing - We keep our process in house, because it keeps costs low and streamlines the process, meaning you can close faster.