It’s an extremely tough market out there for potential homebuyers right now. The hand dealt to you contains very little inventory, outrageous home prices and tight access to credit. Given these circumstances, every little thing that you can do to push your name to the top of the seller’s list is pivotal. Lisa Ford, Secretary of the Orlando Regional Realtor Association, provided a very thorough list for how buyers can beat the competition, especially when there is barely any inventory.
Ways to beat out other homebuyers if you have no inventory
She breaks the tips into three categories: Preparation, making the offer and standing out.
Preparation
Have finances in order: Know how much house you are able to truly afford, repair any credit issues, have your down payment available, and delay major purchases.
Get pre-approved for a mortgage, over and above getting pre-qualified.
Determine in advance which home features are “must-have” and which features are “nice-to-have.”
Know what contingencies you are willing to eliminate from your offer.
Be prepared to make an offer quickly if you find a home you like. There is absolutely no time for dawdling on a decision in a seller’s market.
Work with a Realtor to help you locate, select, and negotiate.
Don’t wait until Saturday or Sunday to house hunt. Have your Realtor make appointments to check out homes as soon as possible, even if it means trotting out on your lunch hour.
Making The Offer
Assume that you won’t get the chance to barter on price, so make your best offer up front.
Give the cleanest purchase contract possible, with the quickest closing time and fewest contingencies as advised by your Realtor.
Agree to pay the seller’s closing costs, which puts more money into the seller’s pocket without raising the purchase price and thus jeopardizing the appraisal.
Pay with cash when possible; if not, consider increasing the amount of your down payment.
Don’t leave town or perhaps be otherwise inaccessible for your Realtor in case the seller has questions regarding your offer. If there are questions, respond ASAP.
Standing Out
Amp up the traditional letter to the owners with photos of your family or pets, personal recommendations, or a sentimental memento of the property they are leaving behind. Include incentives which are not associated with the home, such as airline tickets, in your purchase offer.
Nick & Cindy Davis are experienced negotiators with a proven track record for helping their buyers be the one’s who get the home when there are multiple bids. Let us help you find yournew home in the Tampa Bay and surrounding areas. We are always just a click here or call to 813-300-7116 away.