Secrets to Getting Your Offer Accepted on Homes for Sale in Oregon

Homes for sale in Oregon

Even though there are a lot of listed homes for sale in Oregon, the process is complicated and lengthy. Many buyers feel frustrated because they need to go through a lot of paperwork, and that is if their offer gets accepted after competing with several others for their dream property. We are in a sellers’ market right now, but it does not mean that buyers still do not stand a chance. According to a National Movers Survey, Oregon got the second-highest percentage of inbound moves, with Vermont taking first place. Oregon also secured the number two spot for three years and is one of the few states that does not have a sales tax. It is no wonder why many people want to move their families to this homely and safe state.

Homes for sale in Oregon – Portland is right there

Portland is the state’s largest city and home to the NBA Trail Blazers if you are a sports fan. When buying a home for sale in Oregon, you will enjoy unique neighborhoods with a laidback and urban hipster lifestyle. The state is also among the greenest communities with several bike-friendly cities.

There are also many renowned universities in the area where your children can study after graduating from high school. Buying a home here does not have to be the most challenging experience if you find the right realtor to support your family’s journey. Here are some secrets on how your offer can stand out from others when buying a home to start your Oregon life.

Get Pre-Approved

If you are planning on getting a loan from the bank, get your mortgage pre-approved by them and include a copy of it while making an offer. This pre-approved letter is valuable to let the seller know how serious you are about buying their property over others. Even if they are looking at other buyers we well, many of them might not have enough funds or qualify for a mortgage on time to lock the deal down as you can. When you demonstrate your pre-approved letter, a seller will be more confident accepting your offer because you are one step ahead and have proven your legitimacy as a buyer. It will show that your bank or mortgage company has already reviewed your credit history and are sure that you will have no problems getting a loan to invest in your family’s future home in Oregon.

Offer Some Earnest Money

Offering up to two percent in earnest money is common practice to let the seller know that you are more serious than other buyers. However, you should always be careful before offering any money. There is always some risk if deals fall through, and you have difficulty recovering funds back. Never make such a commitment unless you are sure about the house you want to buy.

There is no harm in organizing multiple visits and giving yourself plenty of chances to make any decisions. The right realtor can help you negotiate and keep any funds exchanged between you and the seller in escrow until the sale is finalized. This is to give you peace of mind that if something goes wrong, your money is secure and will be returned to you promptly without any hassles. Otherwise, you might have to keep chasing after a seller to get those funds back yourself.

Find Out What Motivates the Seller

There are many reasons why people put their homes up for sale in Oregon. They might be moving to a different state for a new job or wanting a smaller house if their children have grown and left the nest. If you can figure out a seller’s motivation for why they have listed the property on the market, you can structure your offer accordingly. If you have never met the seller or are unable to, your realtor can find out this information. Knowing why a seller is listing their home for sale in Oregon can be tremendously helpful to structure your offer.

Shorten the Process

A lot of sellers feel anxious during the due diligence period when buyers conduct several inspections, especially in situations with multiple offers. If you shorten your inspection period, your offer will get effectively stand out.

This is because a lot of contracts give buyers many chances to drop the deal during the inspection phase. The longer you take, the more you make a seller wait for you to commit to the sale. This is a very risky period for both buyers and sellers. A buyer should do thorough inspections to avoid any expensive repair bills in the future. Sellers, on the other hand, could get other buyers making a faster offer, which would then make them lose interest in selling to you.

With your realtor’s help, you can find a middle ground where your due diligence period is not too long or short and be updated on whether somebody else is making an offer before you. A shorter period is better than eliminating inspections entirely because you should have all the facts before putting any money down, and a seller will understand if you do not take a very long time.

Consider Including an Escalation Clause

If you have your heart set on a house, but there are many other buyers making offers at the same time, you can add an escalation clause. This is extremely useful in a multiple offer situation because you can bid higher automatically if someone else makes an offer. In this provision, you can state that you will bid a certain amount higher than any other bidder.

This shows the seller that you are enthusiastic about buying and will not pull away at a later stage. However, be careful not to offer a bid that is too high. Otherwise, you might get taken advantage of if you put down too much more money than the house is worth. Ask your realtor to help you draft an escalation clause where you offer to bid higher while setting an absolute maximum amount that you will not pay over.

Speak to The Seller

Through your realtor, you can request to speak personally to a seller or send them a letter. This is not a formal meeting. It is an opportunity for them to get to know you better and understand why you are interested in their property. Sellers are people who can empathize and appreciate your honesty and openness.

This might boost your chances of getting an offer accepted if you explain what you plan on doing with the home and how much it would mean to your family’s future. The seller will feel reassured knowing that their home is going to a loving family, and they might choose your offer over others, especially if you also offer them a sooner closing date. It takes several weeks to get a home loan, so this should be factored into your decision when you inform them a closing date. If they see that your closing date is coming up soon, they will appreciate your offer even more.