In downtown San Diego, condos, lofts, and penthouses are extremely popular and often sell quickly. This can be frustrating for some buyers who feel they might not have a chance in the market. However, there are a few things that can make you stand out to the seller.
Make a Good Impression at Open Houses
Introduce yourself to agents, be respectful when you are visiting the property, and make more than one visit if there are multiple open houses. This shows the agent and seller you are committed when you do present your offer.
Get a Preapproval Letter from Your Lender
You need to go beyond just a prequalification. You will get much further when writing offers if you have a preapproval letter, which in most cases requires a form of underwriting from your lender. Once the letter is provided, all the lender needs from you are the details on the property you want to buy. A solid preapproval letter shows the seller you are qualified to move forward with your loan and minimizes the likelihood of a contract falling through due to financing. Because you’ve gone through underwriting already, it also makes for a quicker closing.
Increase Your Earnest Money Deposit
Increase the amount of earnest money necessary for escrow. This decision shows you are committed and serious about purchasing the property.
Show Proof of Funds
Though not always necessary, it can be helpful to show you have the necessary funds to provide the down payment. This could put you ahead of others who don’t provide this information in an offer.
Write a Clean Offer
Present an offer with little to no contingencies. Contingencies slow down the closing process and give the buyer the ability to easily back out of a contract. If you feel confident about the current state of the property, consider writing an offer without an inspection contingency. Avoid asking for additional items or add-ons. Keep the terms simple.
If you’d like additional tips on giving yourself an extra edge when shopping for real estate for sale in downtown San Diego, reach out to 92101 Urban Living. We can also show you some amazing properties and get you started on the purchasing process. Call 619-649-0368 today to set up an appointment. ')}