The Silicon Valley is one of the most competitive markets in the country, and as such, making an offer on a home isn’t just about coming up with terms both you and the seller can agree on—it’s about making an offer that’ll please the seller more the other offers they’ve likely received. So, what’s the key? What do you need to do to get an offer accepted in the Silicon Valley?
6 Things to Do to Get Your Offer Accepted in the Silicon Valley
Choose Your Agent Wisely
Not only can a good agent help you construct a competitive offer, your agent also represents you as a buyer. Your agent can vouch for your motives for buying, your ability to get a loan, and their ability to keep you on track and moving in the right direction towards the close. Plus, a reputable and trusted agent may have experience with a particular seller and may know the agent’s negotiation styles or what they look for in their offers.
Before you even think of making an offer, get preapproved for a loan. If you don’t show sellers and their agents that you are capable of getting a loan large enough to cover the cost of the house, your offer will be tossed aside as too big a risk, especially if there are any other offers on the home.
Do Your Research
If you want your offer to be taken seriously, research what homes are selling for in the neighborhood. Have your agent provide you with comps so you can determine a competitive price. Offering too low with get your offer thrown out right away. Offering too high will cost you money in the short term and the long term.
Keep your offer as simple and straightforward as possible. Leave out contingencies for inspections, loans, and appraisals. This creates uncertainty for the seller and makes your offer unappealing, especially compared to other, simpler and more certain offers.
Make Your Offer Higher
Sometimes, it all comes down to the numbers. Even if you’re playing your mortgage up against cash offers, you can still come out ahead. Unless the seller needs cash or wants to close fast, they’ll likely pick the higher offer.
Write a Buyer’s Letter
Yes, selling a home is a financial decision. But it can also be an emotional decision, especially for sellers who’ve lived in and loved their home for many years. Relating to the seller (mentioning how your dog or kids will love the backyard, too!), complimenting their home, explaining why you want the house… all of these factors can make you seem less like a number and more like a person they could see living in their old home. It might just be the difference that tips the scale.
Are Your Thinking of Buying a Home in the Silicon Valley?
The market is hot in the Silicon Valley! If you’re thinking of buying a home, now is the time to get started. Contact Gary & Robert today to learn more about the area, discover its beautiful neighborhoods, and find the perfect home in just the right location.