Strategies for Buying a Home in a Competitive Market
You are in the market to buy a new home. Congratulations. More than likely you will spend a considerable amount of time and energy finding your dream home. So, once you’ve found it, you don’t want to lose it in a bidding war and then have to start over. If you're a Realtor working with buyers, feel free to share these tips with your clients. Here are a few strategies for making an offer that sellers can’t refuse.
1. Put together a great team of professionals. You will want to have a real estate agent, your mortgage lender, and a home inspector. Having your team assembled will enable you to act quickly when you find the home of your dream. Professional buyer's agents will have a small army of good lenders and inspectors in their back pocket to make referrals for you.
2. Make sure your mortgage professional has your file in place and up-to-date. The buyer’s loan is often the biggest stressor for the seller. Do everything you can to make your loan a non-issue so the only unknowns are the appraisal and title report. After the appraisal, make sure the seller knows you are a sure thing by making your offering on the home non-contingent on financing.
3. Find out through the listing agent what the seller wants, then give it to them. Why are they selling the home? Are they moving out of town? Have they already found a new home? Once you know their situation you can easily deduce what might tempt them. For example, if they have already found a new home and have a contract on it, you can tempt them with a quick and easy, stress-free sale.
4. Remove all your contingencies and have your inspection and appraisal done in a week. This lets the seller know you mean business. If they have to sell their current home before they can find a new home, you can also offer them a “rent back” after closing so they don’t have to move twice.
5. Be prepared to pay top-dollar. While you don’t want to overpay or end up with an appraisal issue, if you want to buy a home in a competitive market you must be prepared to pay. So work closely with your agent and your mortgage professional and once the appraisal is in, and assuming it is in the ballpark, be prepared to give the seller what they are asking.
You are not the first homebuyer to go through this process. If you are in a competitive market you must be strategic, because you want what all the other buyers want. Following these tips will help set you apart and hopefully result in you closing on the home of your dreams.
Juanita Limes - Your Greater Dayton Area Ohio Realtor - Give me a shout for all your real estate needs,
937-776-6903 or just email me.