When the real estate market is booming, it is good news for sellers. Most homes get sold within days. Even better, they may have multiple offers, so they may get more money than they are asking.
This is a little more tricky for buyers. You may find out that the house that you fell in love with is already off the market. So, if you find one that you like, you need to be ready to fight for it.
So, how can you write an offer that stands out above the others? Here are some tips to help.
Make sure that you have a good down payment. You are going to need to have several thousand dollars ready for a down payment before you even start looking at homes. If you don't, you will not be ready to write a contract when you find a house you love. So, take a few extra months (or years) and make sure that you are financially ready to start looking at homes.
You also need a preapproval. When you get preapproved for a mortgage, you have already started the loan process. You have gathered the paperwork, and a mortgage company has told you that they will be able to get you a loan for a certain amount. This shows buyers that you are ready to get started!
Taking this extra step will also help you once your offer has been accepted. It won't take as long to reach a settlement because you have already gotten the ball rolling.
Don't wait to start looking at homes. You need to look at a home within a few days of it being on the market. If you wait, you could lose out.
So, make sure that you watch daily what is coming on the market and schedule a showing right away. If you wait, even a few days, you might not get a chance at the house! Good homes will have multiple offers within days of being on the market, especially during this market.
Put an offer in right away. You also can't wait to put an offer in. Chances are, most homes will have multiple offers within a few days. If you have to take time to think about it, there is a good chance the house will sell before you put an offer in. Though you don't want to rush into a home that you don't love, waiting could cost you the right home.
Don't go through this alone. You should never buy or sell a home without a real estate professional. However, with the market the way it is, it is even more important to have someone on your side. They will help you write a contract that will stand out above the rest.
You may want to consider an escalation clause. This means that you are willing to pay a certain amount of money over the highest bid, up to a certain amount. Sellers like this because instead of going back and forth over price, you are telling them that you are willing to pay an extra ten thousand dollars.
That being said, the best way to make your offer stand out is to have a down payment and be preapproved for a loan. The sellers will know that you are a serious buyer and are ready to settle quickly!
It also helps to work with your real estate professional. The guidance that you will get from a professional who is dealing with the market will really help. They will help you write a contract that will get you the home of your dreams.
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