In a seller’s market, the first person to put an offer on a house is not necessarily the person who will get the house. In fact, there may be a number of potential buyers all vying for the same property. How do you win the house of your dreams?
Get Good GuidanceThe best piece of advice you can get when buying a home is to hire a knowledgeable, trustworthy real estate agent who can guide you through the ups and downs of a home purchase. An experienced agent will not only be able to explain the process to you simply and easily, but will also understand how the market is working in your area. A good agent will know what kinds of deal-sweeteners will catch the seller’s eye, and, of course, will write the actual offer in a way that gets you the best deal for yourself, as well.
Get PreapprovedI can’t stress this enough: If you don’t provide a preapproval letter from your lender when you make your offer, you won’t even be considered as a serious buyer. Getting a preapproval is free; it also helps you determine your budget and will give you an idea of what your monthly payments will be. I am ready to sit down and talk with you at any time about the paperwork you’ll need to gather and the steps we’ll take to get you a preapproval letter in hand.
Making ConcessionsTo get what you want, you need to give a little. There are numerous extras you can offer a seller that will push you to the top of the potential buyers’ list.
- Pick up the seller’s escrow fees and county transfer tax or fee. They generally add up to about $1,000, give or take, making this an easy favor that looks like a big deal.
- Bring extra cash. If the house does not appraise for the amount you’ve offered, you can bridge the gap between the appraised value and the offer price at closing.
- Be willing to move as quickly (or as slowly) as the seller needs. If they want a 12-day contingency period, then get a move on and start ordering those inspections. Conversely, if they won’t be ready to vacate the home in order to close in one month, then slow down your own moving plans.
Go the Extra MileWith so many houses receiving numerous offers these days, sellers are able to pick and choose on whatever bases they like. This doesn’t mean they always pick the highest offer. Give yourself an edge by responding promptly in a serious, straightforward manner. Be sure your financing is lined up and ready to go. And be personable. Yes, sometimes a seller will choose the buyer they like the most. One way to get a leg up in this area is to write a personal letter to the seller that not only raves about the house, the location, and the amenities, but also shows you as a real person, with plans to make the house your home. Showing that you will love the home as much as the seller did can propel you ahead of the competition.
Keep in mind that no matter how much you love that house and how desperately you want it, it is never a good idea to waive inspections. Pest, home, roof, and in many cases sewer inspections will save you from seeing your dream home turn into a nightmare. For recommendations on an excellent real estate agent and experienced real estate inspectors, contact me at your earliest convenience, and we’ll get you ready to make a move on a new home!
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