Buying a home in a Grand Rapids seller’s market is tough—really tough. Buying a home in this market requires two things: courage and the best Realtor in Grand Rapids. With those two things, and the tips below, you’ll have the strongest offer in Grand Rapids.
Join the most connected Grand Rapids Realtor
Your Realtor will make or break your home buying experience in a tight market! Make sure you have a Realtor that’s ready to fight for you.
Ask around! Find the Realtor who is the expert in Grand Rapids. It won’t take long to figure out who they are, since the best realtor is often the most-connected realtor.
The most-connected and most-trusted realtors in Grand Rapids will be your key to getting the best deal. Not only might they be able to bend the seller’s ear and build a custom-tailored offer (as many good Realtors can), but they might be able to source an off-market deal.
Looking for a well-connected Grand Rapids Realtor? We can help.
Use a Trusted Grand Rapids Mortgage Lender and Get Pre-Approved
Just like your Realtor, ask around for the most trusted lender in Grand Rapids—specifically the one with the best track record for reliable, on-time closings. Your Loan Officer plays a key role in arranging the financing of the home loan. If your financing fails or isn’t rock-solid, your offer may never be considered!
The first, and most important step with your Grand Rapids Realtor is getting pre-approved (and not just a pre-qualification). The pre-approval is the letter of verification when the lender validates your eligibility for a home loan, which strengthens your offer to be nearly as good as cash. Don’t skip the pre-approval!
Your team will make or break your offer!
Switch up the Terms
If you need to boost the appeal of your offer even further in Grand Rapids, you’ll need to get creative with your Realtor to change the terms of your bid. Each bid is different, but sellers routinely pick offers with the most convenient bids with the highest probability of closing without issue. Work with your Grand Rapids Realtor to get your offer accepted in Grand Rapids!
Offer a Higher Earnest Money Deposit
The earnest money deposit is the money you place down with your offer. The higher the amount, the more appealing your offer may be for Grand Rapids home purchases. At closing, this cash is placed toward your down payment of the home.
Waive Inspections
Inspection contingencies may be required by some home loan programs in Grand Rapids, but may be able to be waived in some circumstances. Sellers appreciated waived inspections, giving one less thing to worry about with bids.
Make the offer non-contingent
If you are selling a current Grand Rapids home, you may consider making your new home’s purchase separate from the status of your current home’s sale. This is called a non-contingent offer, and it gives sellers peace-of-mind in choosing your simplified offer. Non-contingent offers are commonly built with a Bridge Loan from your lender.
Increase Flexibility
The seller may appreciate more time to close or vacate the property! Whether it’s an extra fourteen days or six months, give the Grand Rapids seller the flexibility they want.
Escalation Clause
Raising the price of your bid may help bolster your offer. An escalation clause for Grand Rapids purchases usually bids an amount of your choice above the highest bid the seller receives. Don’t worry, you can place a cap on your bid.
For example, if you bid $375,000, but the highest offer is $385,000 and your escalation clause increases tops the highest bid by $10,000, your offer will then stand at $395,000.
For getting an offer accepted in Grand Rapids, this is a fantastic choice (just make sure your lender knows!).
Try, Try Again
Not all offers in Grand Rapids are accepted— in fact, most offers are denied. It only takes one accepted offer for you to successfully purchase a home, so if your offer is denied, give it another shot!
A note from Andy:
We’re here to work with you and fight for your Grand Rapids home! Let me know if you’d like our help to win these bidding wars. Me and my team knows the Grand Rapids market best, and we’ll do everything we can to get your offer accepted.