The Strategic VA Offer
As you shop and shop and shop for that perfect home, it can be discouraging when you work so hard to find a new place to live only to have your offer spurned or someone else beat you to the punch. But you’re not the only person to have made an offer that was unaccepted. There can be a multitude of reasons an offer was rejected. Perhaps someone had a cash offer and could close quickly. A quick close is always desirable accompanying any offer. And if you don’t have the cash to close or even if you did you don’t want to use it, especially with VA rates as low as they are today. But one tactic you can definitely deploy that can make your offer even more attractive is easy.
First, make sure your offer is a fair one. And not only fair, but maybe something a bit above. This is completely dependent upon your local market conditions and not something you should do in a slow market, but if you’re having problems getting an accepted offer, then a slow market is likely not something you’re experiencing.
For example, if a home is listed at $200,000, why not offer $205,000? You can explain to the seller that this is the perfect home for you and you don’t want to lose out. And while you make your offer, ask your agent if it’s appropriate to put a cutoff time and date for your offer. If you’re offering $205,000, the contract may read that the offer expires 24 hours after the offer is made. That will put some urgency on the seller and can more likely have them say “yes” instead of “let us think about it” or make a counteroffer.