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3 tips to consider when making a competitive offer

Los Angeles has a highly competitive housing market. As such, many houses up for sale will receive multiple offers, so it can be important to make your offer competitive when you find a home you want to buy.

And offering more money than the others is not the only way to compete.

Removing contingencies

As this article notes, removing contingencies can make your offer more attractive. Contingencies are events that must occur before a sale proceeds. For instance, a person might make an offer contingent on the sale of his or her current house.

Contingencies can protect buyers and give them the opportunity to walk away from a sale. However, they are not as appealing to buyers - especially when there are several contingencies. Because of this, removing contingencies can make one offer more successful than another.

Offering a quick close

Some sellers are very eager to sell their home. They may be moving to a new state or they may have already purchased another home. In these situations, expediting the process can be highly valuable to the seller.

Offering a quick close is one way to do this. Being able to close weeks faster than other potential buyers can make your offer more attractive to a motivated seller, so this could be an effective option if you can afford to make it.

Making it personal

Purchasing a home can be a personal and emotional experience. Many sellers appreciate this and want to sell their home to a person who will love it and take care of it.

Even if you cannot offer more money for a home, a letter stating why you want to buy the home can be valuable for some sellers.

You might explain why you love the house or what you hope to do in the house. Will you start your family there? Will it allow you to be close to your loved ones? Did you grow up in a home just like it? While these pleas won't factor in to every seller's decision, it could influence the seller of your dream house.

These measures could make your offer more appealing when paying more is not an option. However, they are not right for everyone in every situation, so it is crucial that you consider them carefully.

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