Buying Real Estate: Get Your Offers Accepted!
September 28, 2017
There’s money to be had in flipping properties, but only if you can get your offers accepted by the sellers. There’s nothing more discouraging than finding the perfect property to flip and having your offer rejected from the start. If you want to be successful in buying real estate and flipping properties, you need to learn how to connect with sellers in order to secure deals. Here are a few tips that can help you succeed in making real estate deals.
Keep Your Financial Data Updated
Sellers want to know that you are financially capable of backing up your offer and closing a deal. If you’re financing the property, you should have a pre-approved loan letter on hand to prove you have financial backing for the deal at hand. If you’re paying cash for property, a detailed “proof of funds” letter will show you’re a serious buyer. Keeping your finances up to date enables you to make offers sellers can’t refuse. It also shows you are in good financial standing to close a deal.
Make Clean Offers
When making an offer, make sure it’s clear and precise in order to avoid misunderstandings. Submit your offer in the written format requested by the seller or his agent and include any details pertaining to the deal. This makes it easier for sellers to compare bids and select accordingly. Make sure your offer includes a financial disclosure or proof of funds letter to assure sellers that you have the financial resources to close the deal.
Defend Your Price
Buying real estate can be tricky, especially if you don’t know the motive behind a person selling his property. Getting a little background on a seller or property could help you make an offer that’s more likely to be received. Once you make an offer, be prepared to justify your stance, in the event a seller should ask. You can show comparable prices for other listings in the area or point out much needed home repairs to help a seller understand your point of view.
Respond Quickly to Counter Offers
If a seller isn’t happy with an offer, he may make a counter offer in an effort to negotiate a better price. Counter offers require a quick response. Whether you choose to negotiate or not, a quick response keeps you in the running by showing you’re still interested in buying.
Be Willing to Make Concessions
Prime property will undoubtedly require negotiation to secure a deal. If you’re willing to make a few concessions, you could come out on top. Some properties are simply too good to give up without a fight. If you want the property bad enough, consider raising your price, waiving the inspection or offering to close quickly to win the seller’s favor and clinch the deal.
Learning how to get your offers accepted is the first step towards becoming a successful buyer. As you gain more experience in buying real estate, you’ll have the resources you need to develop a thriving business in flipping properties.
Looking for the perfect home or investment property? If you are looking to buy, be sure to check out our inventory. You can also call us to see if we can locate a property that may not be available on the market and could save you a lot of money! We buy and sell several houses per month in Alexandria VA and throughout Virginia, we might have the perfect house for you! Call us today at 571-549-3838.