What Should Buyers Know When Making A Purchase Offer?
We are well aware of the low inventory and high prices which have prevailed in the real estate market for over a year. This has intimidated many buyers recently and kept them from attempting to get into the bidding wars. As a buyer, what is the best approach when making an offer today that will help make your offer a stand-out?
Here are five things to keep in mind when you’re ready to make an offer:
- Know Your Numbers: In today’s market it is essential to get pre-approved for a loan before you begin your search. Not only will this give you an idea of what you can legitimately afford, but it shows the seller that you are a serious, qualified buyer giving you a competitive edge.
- Prepare for a Fast Pace: With the average home on the market for just 17days start to finish, you can’t spend too much time lingering over your decision. A skilled agent will help you draft and submit your offer as quickly as possible.
- Trust a Real Estate Professional: While you may go through the home buying experience maybe once every ten years, your Real Estate agent goes through it every day. Trust their experience and their knowledge of the market. They might suggest helpful tips when presenting your offer, to make it stand out in the crowd, such as flexible rent-back options or a quicker close.
- Make a Strong, but Fair Offer: Since more than 50% of homes are being sold above asking price, it is imperative that you turn to your agent to help make a suitable, strong offer that will help secure your home.
- Be a Flexible Negotiator: Be prepared to amend your offer to meet the specific requests of the seller. One contingency that one should strongly consider not waiving, however, is the home inspection. You wouldn’t want to be stuck with a house you can’t afford to fix.
In today’s competitive market, it is important to consider the seller’s needs as well as your own. Your professional agent can help walk you through the more competitive field that is home-buying today.
If you are looking for a fast close to impress your seller, give Sun Pacific Mortgage a call at 707-523-2099. Why? We have been known to fund a mortgage in as little as a week. Even bad credit doesn’t stop us if there is sufficient down payment or good equity in a refinance.
We offer many programs for purchase and refinancing. Need a Bridge Loan so that you can make a sound offer on your new home before selling your present one? We do these, too, and make possible many purchases that might otherwise never happen! Bridge Loans are short term mortgages that can be paid off once you sell your present home and allow you to make a contingency-free offer on a new home.
Our privately funded loans offer great flexibility and fast funding, which are essential in today’s market.
The content of this blog contains general advice only and does not consider individual financial circumstances, desired loan amounts or existing real estate or lending transactions. This information is intended for licensed Real Estate Agents and licensed Lenders/Mortgage Brokers and is posted on our company website and specific blog sites with the express purpose of reaching such licensed individuals.