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.
Purchasing a home isn’t the easiest thing in the world. If you want the best chance of getting a home at a great price, you need to prepare in advance. Check out these 5 tips to ensure you’re ready for your new home purchase.
Get your finances in order. Your credit score should be 700-plus, your source of income should be stable, your debt-to-income ratio should be less than 45%, and you should have a big chunk of money in the bank to cover the down payment and closing costs and have some money left over.
Don’t rush it. If you are under the pressure of a big life event, recognize that you’re probably creating an artificial timeline for yourself. If you are on a deadline to move out of a rental, set up a month-to-month lease instead of racing against the clock.
Know what you want from the house itself and know what a good, reasonable deal is. Pick out specific neighborhoods and home types and analyze them in advance. Make sure you look at houses that have recently sold, not those that are currently on the market.
When you start looking at homes, consider location-related features like your commute time, the parking situation, the school district and property taxes. Know where you stand on HOA communities and factor any HOA fees into your monthly budget.
Once all these things are in order (and you’ve picked out your real estate agent and have been pre-approved for a loan), you are as ready as you’ll ever be. Keep your eyes open for a good deal, and don’t hesitate when that deal pops up.
Step 8: Get the property appraised (if applicable)
Step 9: Close
I can help you during this process. Contact me today!
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