7 tips to increase the chance of an accepted offer
In the current housing market, buying a house is a huge challenge. The demand for houses is greater than ever and bids are often significantly above the asking price. If you want your bid to be accepted, you have to be smart and creative. To give you a head start over the competition, we share 7 tips in this article to increase your chances of an accepted bid. Good luck!
Go directly to:
- What should you do before making a bid?
- What can you do to increase the chance of an accepted bid?
- How do I quickly find the right real estate agent?
What should you do before making a bid?
In our article about bidding on a house, we discuss the ways you can now make a bid on a property. You can also read how to determine the amount of your bid and what the advantages are of hiring a purchase real estate agent. Below you can read which steps you need to take before making a bid. We also provide further tips on increasing your chances!
Step 1: Engage a purchase real estate agent
A purchase real estate agent supports you in placing the right bid, conducting the negotiations and arranging the legal documents. This professional not only takes tasks and stress away from you, but also increases the chance of an accepted bid. Real estate agents among each other simply (still) get more done. A real estate agent can also help you with choosing the best time to buy a house.
If you want to save money, you can also choose to hire a real estate agent for partial services. On our page about purchase real estate agents you can read more about that.
- Free
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Step 2: Map your maximum mortgage with a mortgage advisor and determine your maximum budget
During a mortgage conversation, you find out what your maximum mortgage can be. If you engage a purchase Real estate agent through our platform, you can also request a free conversation with a mortgage adviser. If you already have a house to buy, then the final budget is naturally also dependent on the sale price and any surplus value.
If you want to have an estimate of the value of your current home, you can request a free value determination with us. You will then receive an update every two months about the estimated value of your house based on recent sales in your area, including a purchase price overview of the houses sold in your area.
Now that you roughly know what you can spend, it is also important to consider what you want to spend. Also take into account the additional costs when buying a house and any costs for renovations and overdue maintenance.
Step 3: Make a good estimate of the property value
Now that you have insight into your budget and what you want to spend at most, it is time to make an estimate of the property value of the house you have in mind. You make a good estimate of the value of the property by checking the selling prices of similar properties in the neighborhood and requesting the WOZ value of the house. Your purchase Real estate agent can perform this for you.
You can also request a free value determination via our website. Note: this always remains an estimate.
Want to know more about this? Read on
Step 4: Determine how to make the offer
During the viewing you can ask the selling real estate agent what type of bidding is being used. Usually, the real estate agent will tell you this without you asking. You can also call or email him later. If you have a purchasing real estate agent, you can also have them inquire about how to make an offer.
Different bidding types include: negotiating, sale by registration, online bidding and auction. Want to know more? Discover how these different bidding types work.
Step 5: Determine the right bidding strategy with your purchase real estate agent
The right bidding strategy depends on the bidding type, what you know about the seller's situation, and what you know about interest in the property. The longer the house has been for sale or the more often the asking price has been adjusted, the more room there is for negotiation. If the seller is in a hurry due to a new house or other reasons, this can work in your favor.
So, gather as much information about the seller as possible and use this to make a strategic offer. When making an offer, it is also important to always put it in writing, even if you've already made the offer by phone. Always confirm the details and any conditions by e-mail.
Tip: if you have a technical inspection done before making an offer, you might uncover any hidden defects. You can always take these into consideration in your bidding strategy. Deferred maintenance, for example, can be a good argument for a lower offer.
Discuss with your real estate agent whether this is a good strategy. With high competition, you might decrease the chance of an accepted offer by bringing this up.
What can you do to increase the chance of an accepted offer?
To increase your chances of an accepted offer, you need to be flexible and a little creative. This is especially true if you don't have a large margin in your budget to overbid. Luckily, there are various strategies you can employ, such as adjusting your conditions or increasing your favor factor with the seller. This way, even without the highest bid, you still have a chance at your dream house.
- Tip 1: Respond to the seller's wishes
- Tip 2: Add flexible conditions
- Tip 3: Reduce uncertainties for the seller
- Tip 4: Look for a mortgage advisor with a quick line to the bank
- Tip 5: Keep your enthusiasm to yourself during the viewing
- Tip 6: Create a good story (favor factor)
- Tip 7: Be strategic in your bid
Tip 1: Respond to the seller's wishes
In addition to the price, other conditions also play a role in whether or not to accept an offer. By responding to the seller's wishes, you can make your offer extra attractive. Therefore, make sure you find out more about the situation and needs of the seller during the viewing or at another time. Your purchase Real estate agent can help you with this.
For example, if the seller wants to move quickly, because he's dealing with double housing costs, you can indicate that the key transfer can take place quickly. If the seller needs more time, you can indicate in your offer that the transfer can be scheduled at a different time.
Tip 2: Add flexible conditions
Sellers value a smooth transition from their old to their new home. An offer showing flexibility, for example about taking over furniture or equipment, is therefore extra attractive to sellers.
Tip 3: Reduce uncertainties for the seller
An offer without cancellation conditions is more attractive to sellers because it gives certainty regarding a successful sale. Discuss with your purchase Real estate agent whether it is wise to make an offer without cancellation conditions. If this is not wise, see if there are other ways to reduce uncertainties for the seller.
To make your offer more attractive, it is often possible to request a statement from your mortgage advisor stating that the financing is likely to come around. This gives the seller more confidence in a successful completion of the sale.
Tip 4: Look for a mortgage advisor with a quick line to the bank
Some mortgage advisors have faster processing times because they have good agreements with lenders about the assessment of complete files. This makes it possible to bid on a house without reservation of financing because you can always cancel the purchase within the legal reflection period if you cannot get the financing. Ask the mortgage advisor about the conditions and risks.
The downside of this can be that you don't get the sharpest mortgage interest, because you have a choice from fewer banks. However, you have a better chance of an accepted offer! Also read our tips for comparing mortgage advisors.
Tip 5: Keep your enthusiasm to yourself during the viewing
During the viewing, it is wise to temper your enthusiasm a bit. If you come across as too enthusiastic, the seller may think that you are willing to pay more. This can influence the negotiations. You can certainly show interest, but keep your great enthusiasm a bit under control until the seller or sales Real estate agent is out of sight.
Tip 6: Create a good story (favor factor)
In addition to a good offer, the favor factor also plays a role. People often find it important that their beloved home goes to people who will 'take good care' of it. Therefore, when making your offer, let something personal know about your situation, for example why this house is important to you. If the seller has to choose between equivalent bids, a personal story can make the difference.
Tip 7: Be strategic in your bid
If you get to make an opening bid, make sure it is lower than your maximum budget, so there is room for negotiation. In some cases, it can be smart to put down your final offer right away, especially if you know the seller wants to sell quickly. This can give the seller the feeling that they don't have to wait for better offers. Your Real estate agent can advise you on the right bidding strategy.
Does it seem almost impossible to buy a house with your budget? Then read our 9 tips for increasing your chances in the housing market. There may be solutions that you haven't thought of yet.
Our platform makes it possible to quickly and easily compare the best real estate agents from the neighborhood. Sign up and receive various proposals from real estate agents in your mailbox this week. Compare the offers based on rates, reviews, and results and get started!
You can come to us for purchase real estate agents, but also for sales real estate agents (for the sale of your current home). They maintain sharp rates, because they compete with each other on our platform. Take full advantage of this! Do you have questions about our service? Read how it works or contact us. We are happy to help.
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One last thing…
Then one last thing! After your offer has been accepted it's of course a celebration, but be aware that the seller can still withdraw the acceptance of the offer until the moment the purchase contract is signed. You can read more about it in our article on withdrawing an accepted offer on a house.
Once both parties have signed the purchase agreement, then the champagne can be popped!
