If you want to buy a home in America right now, you might have a hard time finding one without competition. In the under 400k range, many homes are under contract within hours. Mortgage rates are at record lows and housing inventory is in short supply in many parts of the country.
So, what can you do to get a leg up on the competition? Here is our list:
Have Your Pre-Approval Done in Advance
Getting pre-approved, or having your lender verify your ability to afford a home loan for a specific amount, lets the seller know you’re qualified—and motivated. It demonstrates financial security, giving the seller confidence that the sale will go smoothly with you as the buyer. The process is different than getting pre-qualified as pre-approval requires documentation and is not based on estimates.
Get a Proactive Agent In Your Corner
Have an agent that sets you up on a search and then sits back? That is not going to cut it. You need someone that is actively looking on the MLS several times a day, reaching out to builders, and scouring FBSO lists to find your home.
Make Your Offer As Clean As Possible
A clean offer should not be contingent on the sale of another property or have other financial constraints if at all possible. It should also be free of seller concessions, which are things that a buyer asks for outside of the offer price, such as help with closing costs.
Avoid Asking For Personal Property
Love that washer and dryer or gorgeous solid wood dining table? Don’t ask for it. Want them to throw in that cool lawn furniture? Skip it. Your offer could be very similar in price to another offer that isn’t asking for items that belong to the seller. Asking for excluded items could weaken your offer.
Put down a larger down payment or Earnest Money Deposit (EMD)
Want to show the seller you are serious? Money talks. The larger the down payment or EMD to secure the home communicates to the seller you are serious about the transaction.
Offer One Month Free for the Seller to "Rent Back" the Home
When purchasing a home with a mortgage, your payment isn’t due until a month after you close.
In this market the seller may be trying to find a new home to buy as well and without a place to stay. If you do decide to offer one month of free occupancy, make sure you discuss all of the details beforehand. It’s wise to have this agreement in writing so guidelines are clear and concise. You don’t want to find yourself an unwelcome house guest for an indefinite amount of time.
We want you to find a home you love and receive an accepted offer on. In the market or thinking of buying? Contact our team today.
Bessie Ostrander, Molly Evans, Alesha Smith are here to serve you!
Women owned real estate company in the mid-Atlantic region, a local real estate resource with a personal touch for buying or selling your next home. We pride ourselves on availability to meet your busy lifestyle. Our team can FaceTime you through homes as we understand the military and corporate lifestyle of clients with time management in mind during the home buying process.
Here for you from start to finish, our experience in this market has helped us create relationships with the best in business. We partner with great local lenders and real estate attorneys to ensure contract to close in a breeze. Need recommendations for painters, flooring, and other contractors? Not a problem- we have an extensive list we can share!
At the heart of our business is service and integrity. While the truth might not always be the easy answer, it will be the one you hear from us. We pride ourselves on helping people make smart financial decisions.
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