Posted on: 23 July 2021
One thing about luxury homes is that they often have custom features that make them stand out. Unlike cookie-cutter neighborhoods, when you find a luxury home that you love, it can be a challenge to find the exact same features in another home. As a result, if you are interested in the property, you need to motivate the sellers to sell to you.
1. Partner With an Agent
Luxury home purchases are sizeable investments. You can pretty much guarantee the seller has an agent representing their interests. You should also have an agent. Luxury homes do not typically have the same negotiating room as less expensive homes.
The worst thing a buyer can do is to be unaware of this factor and make an unrealistic offer. This mistake will only ensure that the seller does not take you seriously as a buyer. Having an agent is ideal because they guide you throughout the process to keep you from overspending, but to also ensure your offer is suitable to make it more appealing.
2. Submit a Straightforward Offer
Luxury home sellers are often motivated investors. They understand the value of property but, more importantly, they understand the importance of getting cash in hand as soon as possible so that they can move on to the next investment opportunity.
The path of least resistance is often these sellers' goal. Submitting an offer full of one-sided requirements and conditions complicates matters. The more complicated the process, the longer the transaction takes and, therefore, the less favorable the offer is.
3. Get Underwritten Pre-Approval
The purchase of a luxury home comes with a higher price tag. Given the higher cost, the mortgage approval process can be more scrutinizing, which could disqualify some buyers. The last scenario a luxury home seller wants to face is a buyer that is denied the loan at the last minute.
You make yourself a more appealing buyer by getting underwritten pre-approval from the lender before submitting an offer. An underwritten pre-approval is not a guarantee, but it does mean that a full financial assessment has been completed and the lender deems you qualified. When a seller sees this distinction, they will often view your offer more favorably.
Having an agent by your side is an excellent way to motivate a seller to sell their property to you. Make sure you partner with an agent and keep these tips in mind.
Contact a real estate agency, such as Santa Stella RealEstate, for more information.Share