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Thriving In A Seller's Market
July 12th, 2016 10:05 AM
Barbara's Blog:
If hunting for a home in a market where inventory is still low, there is often a bidding war for properties in a medium price range.  This brings frustration and disappointment for buyers who have diligently been looking for some time.  Here are a few tips to maximize the chances of winning the bid and getting to closing:

1.  Treat your hunt seriously.  House hunting must be your priority, not the 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.  To be taken seriously by a seller, bring a mortgage preapproval letter and a "proof of funds" form from the bank showing there is enough to cover the down payment or to pay cash.  

3.  Consider waiving the "what-ifs."  Homebuyers often include contingencies when making an offer so they won't lose their deposit if, for example, the home does not pass inspection or they have a home to sell.  Waiving contingencies could help close a deal, but is definitely full of risks, depending on the buyer's situation.  Be sure to consult with a realtor or even an attorney before going this route.

4. Don't play hardball.  This is not the time to try to lowball on price.  Bid aggressively, while still staying within a monthly budget that is affordable.

5.  Widen your search.  Consider homes outside your ideal neighborhood and houses that may need some remodeling or renovations.  Narrow choices to several different communities that would serve your specific needs.  

These are just some ideas that would help secure the home of your dreams in a community or neighborhood where available homes for sale are scarce.  

written by Barbara Doeringer

Please note:  there will not be a Blog posting next week. We will be escaping the heat and going to Pennsylvania for my high school class reunion.  I won't mention the number of years. :-)

Posted in:Real Estate
Posted by Allen Doeringer on July 12th, 2016 10:05 AMPost a Comment

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