Are you looking to buy a home in St. George, UT? If you’re ready to purchase a new home, here are some tips for making the strongest offer.
Get Pre-approved
Mortgage pre-approval not only gives you an idea of how much of a home you can afford, but it shows sellers you’re serious about buying a home. When you submit an offer with a pre-approval letter, sellers know you can pay what you offered. It makes your offer stronger and puts you at an advantage. Also, many sellers won’t even entertain offers without a pre-approval letter attached.
Waive Contingencies
Certain contingencies like home inspections and appraisals are standard. After all, you wouldn’t want to purchase a property only to find out it has significant plumbing, electrical, or structural problems. However, in competitive markets, if you find a home you love, waiving certain contingencies can get your offer more attention. Work closely with a real estate agent to determine which contingencies are best to waive.
Consider an Escalation Clause
Did you find a house you love, but you’re worried about a bidding war? Consider adding an escalation clause to the offer. This clause automatically increases your offer each time another buyer outbids you and could convince a seller to go with your offer. However, make sure you know how high you’re willing to go before making the offer to avoid overextending yourself financially.
Are you ready to buy a home in St. George, UT? Get in touch with buyutah.com at https://www.buyutah.com to get started.
