Buying a home is no longer as simple as going to a handful of open houses on Saturday and having your offer accepted on Sunday. Today’s market is competitive, and it isn’t uncommon for buyers to take creative approaches when making an offer.
In February of 2022, for example, 68.6 percent of homebuyers making offers with Redfin agents engaged in bidding wars.
Another common strategy for sweetening an offer’s appeal in a competitive market is to waive contingencies, such as right of inspection. By foregoing contract conditions like these, buyers remove some of the potential obstacles to a purchase, hoping to make their offer more attractive to sellers.
However, encouraging a seller to accept your offer begins long before the purchase contract is written. Before a seller will consider you as a prospective buyer, they want to know you prequalified for the amount you’re offering to pay, and this is where your loan officer comes in.