You hear it all the time, it’s a fast & crazy real estate market. But that shouldn’t deter you from finding your dream home and becoming a new homeowner. Besides, your dog needs a bigger yard!
How to be the most attractive home buyer
Making sense of the market:
- Because the average home listing is on the market for less than 23 days, we recommend potential homebuyers have their loan pre-approved, their down payment in the bank and a solid idea of when they want to close before starting a home search. Mortgage approvals will set spending parameters and save you both time and heartache.
- With multiple offers being the norm, prospective home buyers need to be ready to compete and act quickly. There’s a saying in real estate: “If you have to sleep on it, you won’t be sleeping in it!”
- Homebuyers also must be reasonable. The longer you take to negotiate a deal, it leaves the door open for other potential offers. Because until an offer is signed and executed, nothing is a done deal.
- Everything is negotiable, not just the list price. While you may not be able to bring crazy amounts of cash to closing over the list price, you may be able to write an offer that allows other perks for the Seller. Working with an experienced agent is your best best to writing the most attractive offer, so don’t assume you won’t win. It’s just like the lottery, you have to play to win.
These 10 tips could just give you the edge in a field full of competition.
You may finally win first place in those frustrating multiple-offer scenarios. Here’s the list:
- Get “full-doc”mortgage pre-approved upfront before you hit the streets with your agent. This means credit report, pay stubs, bank statements and tax returns in the lap of your lender for a confident lending opinion and an ironclad pre-approval letter…upfront.
- Get an advance copy of a blank 10-page Realtor® purchase contract and have a mock write-up session with your agent so you know its terms in advance.
- Choose an agent who is ready and willing to be consistently available during evenings and weekends.
- Write a personal note to the seller describing who you are and why their home appeals to you. Attach and reference the letter in your offer.
- Shorten your offer expiration window. Squeeze the time for other offers to materialize. Typically, 24 hours or less.
- Leapfrog other offers with an escalation clause. In a multiple offer scenario, my clients may bid $500 over the highest verifiable offer, subject to their review and approval.
- Submit a photocopy of your earnest deposit funds with the offer.
- Have a pre-selected home inspector ready to go on speed dial. Sellers want the shortest possible window for the buyer’s due diligence period.
- Ask your agent for the ability to e-Sign documents. No need to schedule a signing meeting at your agent’s office or Starbucks.
- If you offer is rejected, insist that the seller’s agent gets seller rejection signatures on the offer. That way, if the current deal falls apart, you have proof that the seller has seen your offer and was aware of your terms.
These are all great tips, but the best one is getting a Realtor that can tell you these things without having you read these great tips. IF you have any questions feel free to reach out! – Omry
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