Are you thinking about jumping into the buying frenzy? I bet you are a little…A LOT… nervous about what to expect. With interest rates at an all-time low and inventory at an all-time low as well, be ready to move fast.
Here are some tips to keep you sane and hopefully get you inked on an accepted contract:
- Get pre-approved with a reputable, local lender. When sellers are looking at multiple contracts, sometimes the decision comes down to who the lender is. Make sure your lender has indicated that they have verified your income and creditworthiness.
- Best Foot Forward! Now is not the time to try and negotiate a deal. It’s just not the climate we are in. If you really want the house you are writing a contract on, be prepared to offer the asking price and possibly even over asking.
- Make a clean offer. Don’t ask for the seller’s refrigerator, washer, dryer, and couch to remain at no value. Those things have value to the seller. If you are up against another offer that didn’t ask for those things, you may lose in this multiple offer situation.
- Be prepared to make some seller concessions. Since the seller is in the driver’s seat right now, they may ask for a few days of occupancy after the sale to move out. Or they may even ask for the closing to be closer to 60 days to accommodate where they are going next.
- There is no time to think about this. If you see a house that fits your needs and is within your budget, write the offer. Unfortunately, there is no time to sleep on it. It will probably be gone when you wake up. Time is of the essence!
It feels a little like the wild west out there. Know that your buyer’s agent has your best interest in mind, and they will always steer you in the right direction. Remember, they are in the trenches all day, every day. They will be able to guide you and hopefully get you inked on the home of your dreams.
If you aren’t quite ready to purchase and are looking for some guidance, check out our Guide to Buying A Home. This may help answer some of the questions you have!