Creative Buyer Tactics to Secure: Becoming a successful first-time home buyer can feel like a daunting task. Market fluctuations and logistics may make you feel like your goal of owning your own piece of property is unattainable, but that is not the case. Look no further for our top creative buyer tactics to secure your first home purchase.
Some overarching tips if you’re a first-time home buyer include:
- Select a real estate professional to guide you through the process and paperwork
- Look into insight reports so you can understand your local real estate market
- Check your credit score and work to improve it
- Shop multiple lenders to get the best rate
- Get pre-approval from your lender before you decide to start looking for a home
- Consider your needs and wants in a property
In a seller’s market, you may need to get creative with your offer in order to win your dream property.
1) Make it clean
Make your offer as clean as possible in order to secure your first home purchase. In a competitive market, ensuring your offer is free of contingencies and seller concessions will make your offer stand out in the sea of other offers.
2) Be financially better
As a first-time home buyer, you may be thinking it’s best to try and get a deal, however in a tough market, you likely will be unsuccessful in securing your purchase unless you offer above asking price and sweeten the deal with strong earnest money.
Another way to be more financially attractive to come to the closing table with an all-cash offer. This makes the sale move faster and is more appealing to the seller because they don’t need worry about dealing with lenders.
3) Appraisal details
Another creative tactic to win your dream home-sweet-home is to waive the appraisal or offer appraisal gap coverage. Waiving the appraisal is appealing the seller because they don’t need to worry about the sale price matching what the value will be appraised. Appraisal gap coverage ensures to the seller that if the home appraises for less than the purchase price, you as the buyer will cover the difference.
4) Personal touch
Sometimes adding a personal note or letter to the seller can be the tipping point to allowing you to secure your first home. Expressing your love for the property and how you plan to maintain the property can make a seller more inclined to choose your offer over others.
5) Go one month free of occupancy
Adding a one month free of occupancy detail to your offer can be the perfect creative way to get you secured into your first home. This means you will purchase the home and pay the bills associated with the home for one month while your seller is still living at the property or working on moving out. If your seller has a home sale contingency, this can be extremely appealing as it will take the pressure off to find a new property to close on at the same time of the sale of their current home.