As condo prices continue to rise and inventory wanes, many buyers find themselves facing stiff competition for real estate in Downtown San Diego that holds their interest. The good news is that there are a number of things you can do to make your offer standout. With the right strategies, you can give sellers plenty of incentive to choose you over other investors.
Write a Letter to the Seller
Personalize your appeal by writing a letter to the seller that lists all of the reasons why you want to buy the property. Many sellers maintain strong emotional attachments to their properties until these deals have closed. Due to this fact, they are often more inclined to accept offers from people who seem capable of developing similar emotional ties.
Get a Preapproval Letter
Show sellers that you have the financial power to back up your offer by getting preapproved before submitting any offers. Conventional loans are not guaranteed until loan applications are passed on to underwriters, but preapproval letters show sellers that buyers have had their financial profiles reviewed and approved by banks. If you’re competing with buyers who have already been preapproved and haven’t completed the loan application process yourself, there is little reason for sellers to even consider your offer.
Customize the Length of Closing to Suit the Seller
Closing can occur anywhere between 30 and 90 days after the offer has been accepted. If you’re willing to customize the length of closing in order to better suit the needs of the seller, you may be able to beat out other, higher-priced offers. Most sellers are eager to get things done in 30 days, while others need 60 to 90 days before their own new condo, loft, or penthouse in Downtown San Diego will be ready.
Complete Inspections Sooner Than Later
Schedule inspections quickly in order to avoid creating time-consuming delays. If you have the cash and are confident in your offer, you may even want to do the inspection right away so that the sale is not contingent upon the results of this inspection. While forgoing the inspection contingency can make your offer seem more attractive, there is a significant amount of risk in doing this and it is rarely necessary for gaining the attention of the seller.
Keep Your Offer Simple
While there may be items on the property that you would like to have included in the deal or property features that can be improved upon before closing, a clear, simple offer is far more alluring than one that is filled with special requests. Sellers often have their hands full planning their own moves. Thus, offers that don’t add new burdens tend to be the most appealing.
Need help making your offer stand out? Let us help! We’ve been working in Downtown San Diego real estate for over a decade and know the market frontwards and back. If you’re still shopping, we specialize in Cortez Hill, East Village, Little Italy, Marina, and Gaslamp condos, lofts, and penthouses for sale. Check out our current inventory or give us a call at (619) 649-0368 to schedule and appointment.