The Hampton Roads real estate market is booming. With demand over supply, homes are receiving multiple offers within hours of hitting the market. If you are in this boat, here are some actions that may put you in front of the competition.
A great agent or realtor. Find an agent that not only asks about your needs and sets you up on a search, but also works with their network to find out about listings before they hit the market. A proactive realtor may be able to get you into a house before it is listed with the right connections! If they don’t hear about something from their network, they will reach out to local groups to find homes in your desired area. The Coastal Homes of Virginia is ready to go above and beyond for your needs.
Get pre-approved. In this fast moving market, it’s best to have your financing lined up so you can write an offer as soon as you’ve found "the one". Check out our preferred lenders here.
Be flexible. To make your offer more appealing, have your agent ask what settlement date is ideal for the seller and if there is anything else that would make your offer stand out above the others. Sometimes a seller needs to rent back their home before their new home is ready, others may want a quick closing. If you are flexible with the terms, you may edge out others. With that said, ALWAYS get a home inspection. If someone advises you to make a purchase without one, run!
Be prepared to pay closing costs and/or increase your earnest money deposit (EMD). It doesn’t hurt to ask for closing costs, but if you are competing against others you take a chance asking for the seller to come out of pocket. It may not negatively impact your offer to ask for closing assistance, but work with your agent to craft a competitive offer while asking for money from the seller. Additionally, putting more of a deposit down on a house with your offer shows the seller you're serious. Save your money just in case closing cost help isn't an option or you need to increase your EMD.
Write a personalized letter. Sometimes a personal note that is honest and thoughtful will go a long way. Tell them why their home is perfect for you (and your family) and what it would mean if your offer was selected.
Add an escalation clause. An escalation clause means that your offer will outbid other offers up to a maximum price. This means that you make an offer saying you will pay X price for a home, but if a higher offer comes in, you will increase your offer to Y price.
