Making an offer in a seller’s market can be difficult. When there are multiple offers coming in on homes, it can be hard to compete without increasing the price.
If you’re concerned about paying too much for a West Knoxville home, that doesn’t mean that you’re completely out of luck. Price is important when you make an offer on a West Knoxville home, but it’s not the only thing that matters. There are other items that can cut into a bottom line and if you leave them out of your offer, you can make your offer just as appealing.
Here are 4 ways to make your offer more appealing without increasing the price.
A home warranty is something that buyers will often ask for when they write an offer on a West Knoxville home. A home warranty generally will cost anywhere from $400 and up, depending on the type of coverage. While this isn’t an incredibly large sum of money, asking the seller to pay for it does cut into their bottom line.
When it comes to evaluating an offer, sellers will look at everything that may cut into their bottom line. If you have concerns over an item in a home, you can still always pay for a home warranty out of your own pocket. This is often a very easy item to leave out of an offer and can make your offer that little bit more appealing.
Closing costs are often an item that buyers ask the seller to pay for. It is also the most expensive item that buyers often ask sellers to pay for. If the price is something you’re really concerned with, you should consider paying a portion or all of your closing costs.
With homes selling at or above list prices, closing costs are definitely a factor you want to consider when making an offer. If you’re unable to pay your closing costs, consider increasing your purchase price a bit to take into account for closing costs. This may be something you want to take into account as you look at homes. If you’re wanting your closing costs covered and are worried about how much you’re going to spend, consider decreasing your price range a bit.
Appliances are another item that buyers will sometimes ask for in an offer. The washer and dryer, the brand new refrigerator, or the large freezer out in the garage. If a seller plans to take these items with them, asking for appliances can significantly hurt a seller’s bottom line.
If you’re able to bring appliances with you or buy new appliances before you move in, consider leaving additional items out of your offer unless you plan to compensate for it in the offer. In many cases, it may just be just as affordable to buy the appliances yourself, since you’ll end up paying for them in one way or another.
Finally, another easy item you can do to help make your offer on a West Knoxville home more appealing is to increase your earnest money. Earnest money is what you stand to lose should you choose to walk away from a transaction for any reason other than what is included in the contract.
By increasing your earnest money, you show a seller that you’re really willing to put some money on the line. It shows that you’re not going to just walk away from the transaction. Instead of just putting $500 down as earnest money, consider doing more. You’ll get credited at closing for the amount you put down, so you really have nothing to lose when you put more earnest money down.
Are you interested in buying a West Knoxville home for sale? If so, please do not hesitate to let us know. Rick can be contacted at 865-696-9002 or via email at [email protected]. Kati can be contacted at 865-696-1888 or via email at [email protected]. Also, be sure to check out our West Knoxville Home Search Page to see what homes are for sale in the area.
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