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How to make an attractive offer to a seller

On Behalf of | Feb 11, 2022 | Real Estate

When you are looking to buy a house in Rhode Island, it is important to make an attractive offer to the seller. If you want to get the best deal possible, you need to put yourself in the sellers’ shoes and think about what they are looking for. What are some of the things that you can do to make an offer that will stand out from the rest?

Consider having an escalation clause

An escalation clause is a clause that states your offer will increase by a certain amount if another buyer outbids you. This helps you compete with other buyers who may be making offers on the same house. This can be a very effective way to make an offer that the seller cannot ignore, especially if the necessary contingencies are already in place. It shows that you are serious about buying the house and are willing to go above and beyond to get it.

Put down a larger earnest money deposit

An earnest money deposit is the amount of money that you are paying upfront for the house. It shows your commitment to buying the property and can be refundable if something goes wrong with the transaction or inspection process.

A higher deposit signifies that you’re more serious about purchasing than someone who is only willing to put down a small amount. This can help you stand out from other buyers who are competing for the same property.

Offer to pay your closing costs

In many cases, the seller will have to pay for the closing costs associated with the transaction. This can be a large expense, so offering to cover them yourself can be very appealing to the seller. Many sellers often accept offers that include the buyers’ closing costs per the transaction contracts.

If you’re looking to buy a specific piece of property, expect to find other buyers who are also interested in the same house. That means that you need to put your best foot forward and make an offer that the seller cannot ignore.