Tips for residential buyers in Trinidad and Tobago to secure their offers
So, you’ve found your dream home, it's everything you were looking for and within your budget but there is just one problem, there are competing buyers.
Bidding wars are common when seeking a home in a seller's market.
While it can be very discouraging to compete with other buyers, here are some tips to increase your confidence and secure your bid:
1. Include Your Pre-Approval Letter with Your Offer
We have mentioned before the importance of being pre-approved for a mortgage before you start the search for your home. It puts you in a better position because it assures sellers that you are qualified for a mortgage within the budget of the home. This also illustrates that you will not run into difficulty when the time comes to close the purchase.
A pre-approval letter should not be confused with pre-qualification. Prequalification is often a verbal conversation where you get an estimate of what you can borrow. The preapproval letter, on the other hand, is a comprehensive assessment of your finances that indicates which loans you can be approved for, the amount you can borrow, and the interest rate you will acquire.
Presenting this to the seller is an immense benefit.
2. Make a Higher Offer
This may seem like an obvious option. However, we do not mean surpassing your budget, but rather it means submitting the highest bid that your budget allows.
Pro-tip: ask your real estate agent to contact the sellers’ agent, as they can get more information and insights into the sale. You can let your agent know whether an increase in the offer will be fruitful or if other buyers are escalating their prices. This insight will give you the information you need to determine if you should abandon the sale.
3. Write a Personalized Letter
This tip is particularly beneficial for sellers who want to know that their home is being sold to the right person or someone who will love their home as much as they did. Including a personalized letter with your offer, for these types of sellers, can be effective. This holds true for sellers who have expressed deep sentimental value to their childhood home. There is no value one can place on human emotions, thus replicating thoughtful expressions indicative of household care and appreciation, can put you in a competitive position, regardless of your initial bid.
In the letter, you want to ensure that you convey why you like the property, what you envision for yourself and your family in the home, and what it would mean to live there.
If you can’t increase your bid, this is also where you can explain why you can’t afford more than your current bid. Sellers do not want to be cheated out of the value of their homes.
These are some tips that can help you increase your edge over your competitors on a bid. It is important to remember that buying a home can be a lengthy process, but solace knowing that a home that best suits you is out there being constructed or ready to be sold!
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