There is an art, and a science to submitting an offer on a home. Many factors should be considered when deciding how much to offer and what else to add into the ask before it is presented. Don’t let any of these be the reason your offer wasn’t “the one”…

IGNORING HOW LONG THE HOUSE HAS BEEN ON THE MARKET

You should be aware of the number of days the house has been on the market when you are getting ready to submit an offer. If it’s low, like less than 30 days, you’ll need to come with a strong offer. If it has been on the market for more than 90 days, at that time it is ok to present a low offer. And so we are clear, a low offer should still be around 90 percent of the asking price.

SHOWING YOU CAN AFFORD MUCH MORE THAN YOUR OFFER

You want to be the buyer who comes with a strong offer, and having a pre-approval letter in hand will lend you credibility, but you do not want to let the seller know how much you can actually afford. Instead, as your lender to tailor the letter to match the amount you are offering, with the specific down payment accounted for. Your lender should not have a problem with reissuing a letter for each offer and counter-offer you may submit.

ASSUMING ALL FIXTURES ARE INCLUDED IN THE PURCHASE

If you are absolutely in love with a lighting fixture, or window treatments, speak up and make sure you include them in your offer. The seller may not want to part with them, but the time to discuss that is when the offer is submitted not just before closing.

FOCUSING TOO MUCH ON THE HOME PRICE

Coming in with your highest and best offer is not always the way to win the house. Find out what is appealing to the seller. Do they need to sell their home, and may need to rent back until they find the one? Maybe they want a 20 day escrow, or maybe a 60 day escrow. If you can be flexible to help make the offer more appealing it can work in your favor.

NOT FLATTERING THE SELLER

In a competitive real estate market, a thoughtful buyer’s letter can help sway the decision in your favor. Remember, the house you are buying to make your home, was their home. They may have a sentimental attachment to it and want to know they are selling it to someone who really values the property, and doesn’t think of it as just another house. If there are several offers presented that are similar in price and/or terms, that extra effort could be the difference in getting your offer accepted.

LOWBALLING YOUR OFFER

Everyone loves a good deal, but don’t think by first presenting a lowball offer you’ll be able to get a steal. If your offer is too low, the sellers could simply reject your offer without even presenting a counter-offer. A good agent will show you a comparative market analysis on the property before you make an offer. After reviewing that analysis you should make a strong offer, generally coming in no lower than 95 percent of asking price. But, be mindful of the market. Buyers may be able to get sellers to assist with closing costs, a home warranty and more. In a competitive market, buyers will need to bid closer to list price because the sellers are entertaining multiple offers the first day the property is listed.

INSULTING THE HOME

Prospective buyers will attempt to justify their low offer price by outlining how much time and money they will spend bringing the home up to their standards.The seller doesn’t care if you want to change things in their house, and an offer structured like that may even offend them.