When there are a limited number of homes for sale in an area and lots of buyers vying for them, it is said the home sales market is "hot". If you want to purchase a home in a hot market, then there are special things you can do to ensure your offer isn't passed up for a better one, including following these tips.
Write a Clean and Straightforward Offer
When you sit down with your real estate agent to write an offer in a hot market, you need to end up with an offer that is as clean and straightforward as possible. Meaning, the offer should be free of any extraneous contingencies, should not ask for private property or extras, and should close as soon as possible. When looking at homes for sale, you need to think like the sellers when writing your offer letter. They will be sitting at their kitchen table looking at multiple offers. Those offers that contain a lot of conveniences or other extraneous things will likely be declined out of hand. Those offers that close quickly, have financing already arranged, and offer a quick closing date will be the ones they have left to choose from. If you want your offer in the finalists pile, then you want your letter to be as clean as possible.
Write a Short Letter to the Sellers
In the last few years, one way buyers have predictably been successful in getting their offer accepted in a hot real estate market is to write a short letter to the sellers and submit it with the offer. In this letter, you can tell the sellers a bit about your family and why you are the perfect next inhabitants for their home. For example, if you tour a home that shows all of the signs of being owned by an eco-friendly family, then you should highlight your own family's Earth-saving efforts and how you appreciate that aspect of the home. Include the fact that you noticed the home has been cleaned with natural products and you appreciate that they haven't used harmful pesticides or herbicides in the yard.
Make a Large Good Faith Deposit on the Home
In conclusion, when writing a purchase offer on a home in a hot market where you are competing with other buyers, send along a large good faith deposit with the offer. Your larger deposit amount shows the seller you are a serious buyer and want to get your offer accepted and the deal completed without playing any games.