If you want to buy a home here in Portland, you might have to compete against other offers to win the home you love. These tips will help you strengthen your offer without necessarily increasing your offer price:
1.) Rent-back: Say the seller needs another month or two after closing to stay in their home to wrap things up or let the kids finish school. Offering to let them rent back their home after close can significantly strengthen your offer.
2.) Close date: Keeping it as close to the offer date as possible reduces the risk to the sellers. A conventional loan will typically close in 45 days and a cash offer can close in 15 to 30 days since you don’t need an appraisal. By reducing the close time, you reduce the risk to the seller in the event you lose your job or go through a divorce, for example, and you have to rescind your offer.
3.) Reduce or eliminate contingencies: The three standard contingencies are seller disclosures, home inspection, and the appraisal period. I never advise my clients to completely waive the contingency period, but you might offer to not ask for any repairs under $500 from the home inspection, for example. You could also guarantee the seller you can cover a gap between the appraised value and the sale price if the home appraises for less than your offer price.
4.) A personal letter: In the age of social media and technology, we’ve really lost the personal touch. Writing a letter to the seller about how you can’t wait to start or raise your family in the home or entertain friends in the kitchen and backyard is a personal touch that goes a long way.
If you have any questions or would like some more pointers about buying a home here in Portland, don’t hesitate to give me a call or send me an email. I’d love to help you out!