5 Steps to Competing in a Busy Real Estate Market:
So you can determine how much home you qualify for, to know your top offer price…Search in a lower price point to give you room to compete. Seller’s are more comfortable with buyers who have a mortgage approval letter from their lender. This is a step above pre-qualification. Ask your Realtor to explain this!
You have the right to inspections, however in a competitive market, inspections may already have been provided by the seller and when done by accredited inspectors, should be sufficient for you to judge the homes condition. With your loan pre-approval, as long the home appraises for the offer price, you should have few concerns and be able to make your offer non-contingent, raising you to the top of the multiple offer pile!
It’s a nice idea to go in under the asking price, however if you anticipate multiple offers, be more realistic. Make a strong, non-emotional and competitive offer after reviewing area comps.
Heavy on the Down
Make the best down payment you can, even exceeding the required 10-20%. It gives the seller the impression that you will have no issues qualifying for your loan.
Flexible Home Choice
Give yourself room to consider homes other than the perfect home, one that may need cosmetic upgrades. Look at it as an investment. Be sure to consider all costs and find the home that matches your all-in budget.
Partner with your real estate agent to make an aggressive, informed strategy for winning your home in any market.
CYNTHIA PALMER | Vanguard Properties | SAN FRANCISCO & WINE COUNTRY | Realtor, BRE#01445659 | Dedicated to You!
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