How to get your house offer accepted in a seller's market

You’re finally found the perfect house. It’s just hit the market, and you really want it. You’re willing to pay the asking price. Your offer is sure to be accepted, right? Probably not.

We are in a seller's market. That means that there are more buyers than there are homes available for sale. It may very well mean that your full-price offer just isn’t going to cut it. There may even be 10 other offers on the table, even some for above the asking price.  So, what can you do to get that seller to notice and accept your offer?

In 45 years of working with buyers and sellers in metro Atlanta, FOX 5 real estate expert John Adams has never seen a market in which homes draw multiple offers so quickly. The issue is too little supply and way too much demand, and it’s not changing anytime soon.

So what can a buyer do to make their offer stand out and be accepted by the seller? Adams has four quick suggestions and one Hail Mary pass.

1. Make your offer all cash with no loan contingency:

In other words, even if you are unable to get approved for a loan, you agree to go ahead and buy the house using personal funds. You will have to prove that you have the money for the purchase available with what is called a proof of funds letter from your banker. There are several ways to get that kind of money, but it is extremely attractive to a seller.

2.  Make your offer with no inspection contingency: 

The seller’s greatest fear is that you will have an inspection, then come back and refuse to buy unless he makes a bunch of repairs.  By eliminating the inspection, you are agreeing to buy the house as is where is. How can you do this? One way is to have your inspection while you are looking at the house the first time you see it.  This type of offer is also extremely attractive to a seller.

3.  Make your offer above asking price:

Hopefully, you are working with a great real estate agent who is very familiar with home values in this area. In 2021, home prices in metro Atlanta were up 24%.  That is 2% per month. If a seller asks $350,000, and you offer $20,000 above the asking price, the value would have been made up in less than three months.  Adams know we can’t expect that level of appreciation going forward, but no one expected it last year either.

4.  Make a very large earnest money deposit:

All sellers fear that a buyer will try to find a way to back out of the deal. If you put down $20,000 cash as earnest money, the seller knows you are very serious.  If you put down $50,000 in earnest money, the seller will be ecstatic. Just make sure that this is the house you want.

5.  Hail Mary! Write a love letter to the seller: 

Some agents insist that a personal letter from the buyers to the seller begging for some sort of personal consideration will tug at the heartstrings of the seller, and make that seller more likely to give consideration to their less attractive offer.  

But that assumes that your seller actually has a heart and that there are strings attached to it. Such is usually not the case. In Adams' experience, such considerations have little or no impact on the seller’s decision. 

The bottom line is money speaks louder than words. Find a way to get your financial ducks in a row before you go house hunting. 

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