Tips to secure your dream home

When market fortunes turn, buyers should never assume sellers will discount to make the transaction easy.

Often, competition for desirable properties can be intense, and that swings the pendulum back to the seller. 

But there are still some strategies you can use to win the deal.

Find a great agent

You want someone with experience and strong negotiation skills who can make a deal happen.

Boost your earnest money

You can’t beat paying cash, but if you tell a seller you’ll hike your earnest money from 1% to 3% to show your intent, you’ve got a great chance of having a competitive offer accepted. Why? Because a seller’s greatest fear is that their buyer will back-out. 

Finance ready

Show the seller your finance is pre-approved. That’ll put you streets ahead of those who’ve not spoken to a lender. Serious players have their money ready because they know they have to move quickly when they see a great property.

Riding high

Some buyers will insert an escalation clause, stating they’ll up their offer if a better bid comes in. Of course, you put a ceiling on that promise. It prevents you from losing a deal for the sake of a few thousand dollars that you could have covered if you’d known about the higher bid.

Rent-back deal

When you buy a seller’s home, they usually become a buyer. Sometimes, they value the opportunity to take their time to look for their next home, rather than race to make way for you. A rent-back deal to ease their time anxiety could be a compelling proposition. Details such as the term, rent and bond all go into a contract.

Waive goodbye

Knowing what conditions to waive in a contract is an important negotiating skill. Never surrender a property inspection by a licensed contractor. But, a good agent will help you navigate through the dos and don’ts of waivers.