Are you hunting for a home in a market where inventory is low and there’s often a bidding war for properties in your price range?
Follow these tips to maximize the chance you’ll close.
1. Treat your hunt seriously
House hunting must be your priority, not your weekend hobby. Check new listings regularly, be prepared to drop everything to view a home when it hits the market, and be ready to make a quick decision.
2. Bring paperwork, not promises
Want to be taken seriously by the seller? When you visit homes, bring a mortgage pre-approval letter and a proof of funds form from your bank showing you have enough to cover the down payment.
3. Consider waiving what-ifs
Homebuyers often include contingencies when making an offer so they won’t lose their deposit if, for example, the home doesn’t pass inspection. Waiving contingencies could help you close a deal, but this definitely is not a move for the faint-hearted. To gauge your risks, consult your Realtor and check www.realtor.com/advice/buy/what-really-happens-when-you-waive-contingencies/
4. Don’t play hardball
This isn’t the time to try to low-ball on price. Bid aggressively while still staying within a monthly budget you can afford.
5. Widen your search
You’ll increase your chances of finding a property if you’re willing to consider homes outside your ideal neighborhood and houses that may need some remodeling or renovations.