Today more than ever a buyer and their agent have to be more creative and clever to get that offer accepted. With the inventory of listings being so low buyers are experiencing multiple offer situations and bidding wars.
I have picked up a few tricks that may help you get your offer accepted!
• Have your finances in order; be sure you have your pre-approval letter from your lender on hand.
• If you are paying cash, have your proof of fund available. Better yet give this document to your agent so they have it in your file when you are ready to make that offer.
Time is of the essence:
• This one is critical on so many levels. Be available to look at properties on the fly, they sell fast.
• Be able to make a decision, if you “sleep on it” you will probably lose it or enter into a multiple offer situation.
• Make sure your agent isn’t technologically challenged; they must be connected in this computer age.
• I know this sounds weird for you “Millennials” but bring your checkbook! If you want it, write it now and present it now, don’t wait!
• Have as little contingencies as possible such as… Financing, inspections, having to sell a house, closing date, personal property, closing costs. I know some of these contingencies are not negotiable but less is more. For example, if you can pay cash vs. financing, pay cash. If you can avoid having an inspection done or do it while you’re viewing the property you can eliminate one less thing in your offer. Don’t have a house to sell before you can buy the next one, in today’s market there are not that many sellers are willing to take that risk.
It’s a great time to be a buyer, with interest rates being as low as they have been in decades, buyers are getting more bang for their buck.
If you are so lucky to buy a home just remember home values are increasing buyers are getting instant equity, it is like “money in the bank”! I hope some of these tricks of the trade help you get your offer accepted and you get the home of your dreams.