Concerned that you could be in a bidding war? Use these strategies to increase your odds of getting your offer accepted.
Encourage your agent to reach out to the listing agent to find out what the seller is looking for, such as a quick close, an above asking-price offer or a waived contingency. This will help you and your agent craft a competitive offer.
Make a cash offer. If you’re not in a position to pay cash, get preapproved for a mortgage and have your preapproval letter in hand.
Pay attention to the listing agent’s request. Many times, they will have you submit your highest and best offer. Ask your agent for some strategies on handling this type of offer.
Consider waiving contingencies. If you are financing, check with your lender.
Figure out where you can be flexible. You’ll need to move quickly, so know your must-haves versus your nice-to-haves before you start your search.
Don’t get emotional. Trust your agent to walk you through each step in the buying process.
Be available. Respond to inquiries quickly and ask your Real Estate Agent to check in regularly with the listing agent to monitor the seller’s progress.
Being pre-approved means you’ve actually been verified and approved by a lender for a specific loan amount. When pre-approved, you will receive a letter that states your approved loan amount.
Unlike getting pre-qualified, when getting pre-approved you provide documented financial information (pay stubs, statements, obligations, credit report, etc.) to be reviewed and verified by the lender.
Benefits of being Pre-Approved:
Gives you negotiation power
Helps you know exactly what you can afford
Allows you to close faster
Keep in mind that being pre-approved doesn’t guarantee you a loan. You still have to complete an application, go through the underwriting process, and wait for final approval from a lender. However, being pre-approved indicates your intent to purchase, so sellers look fondly upon buyers with pre-approval letters.
If you’re thinking about buying a home, the first thing you should do is focus on exactly what you’re looking for by establishing your priorities in the following areas.
Location: determine the neighborhood by prioritizing the importance of how close you need schools, shops, or transportation to be related to your home. Personal tastes: consider how large a home you need and also what style of architecture you prefer. Think about how many bedrooms, bathrooms, and other features that are important to you. Budget: how much home can you afford? Find out as soon as possible! Mortgage specialists can assist you with this; ask them for a pre-approved or pre-qualified letter, which will come in handy when you are ready to make an offer.
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