Attention Buyer’s: How to Buy a Home in a Seller’s Market
In a Seller’s Market, home’s sell VERY quickly and sometimes over the list price. Here are some tips to getting YOUR offer accepted on a home in a seller’s market.
1- Be pre qualified with a lender first. Know the type of financing you will be using, what your down payment will be and what your closing costs are. Make sure your lender has all the required documents he/she needs in order to issue a Pre Qualification letter. This is key. If you find the home you love and you want to write an offer, being pre qualified you can. If you are not, you will be wasting valuable time starting the pre qualification process and there is a good chance you will miss out of the home you love because you were not ready. If you are purchasing a home with cash, have a copy of your bank statement showing your Proof of Funds so your Realtor can submit it with the offer. This will show the seller that you are a serious buyer, you have the funds needed to purchase the home and are ready to move forward.
2- Be available. Since home’s sell quickly, you need to be flexible with your time. If you can only view homes on the weekends, you will be missing a lot of great properties. Schedule lunch appointments to view homes that you are interested in if you have to. The more available you are, the more chances you have to getting the home you want.
3- Limit the Contingencies you have. Clean offers are the way to go in a seller’s market. If you need to sell a home first, consider selling your home and waiting until it closes before writing an offer on another home. Ask to live with family members or rent temporarily in the meantime. Asking a seller to take on your contingencies is a big pill to swallow as a seller when they can get a non contingency offer. If you need closing cost assistance, ask to borrow money from a family member or sell items you don’t need. The less items you ask for in an offer, the better your chances are to getting your offer accepted in a seller’s market.
For more tips and trick to buyer or selling a home, please contact me at 480-229-5861 or Laurel@LaurelNielson.com