The Best Ways to Get Your Offer Accepted in the Housing Market
With mortgage interest rates continuing to hover in the area of three percent and enticing home loan programs with low down payment options, it’s an ideal time to buy a home. That being said, there is a low inventory of homes on the market, so you’ll likely encounter strong competition. The best way to stand out among a sea of buyers is to follow some basic rules when making an offer on a home.
Have a solid understanding of the market.
First and foremost: do your research to gain an understanding of how much similar homes in the area are selling for – and most importantly those that have already sold. Your real estate agent can be a very valuable resource during this process, as are Zillow and MLS.com.
Keep it simple.
Even if you outbid another buyer, you may risk getting your offer rejected by attaching terms and conditions to your offer. For instance, requiring the seller to fix or update certain aspects of the home prior to purchase can cause them to look in another direction. Flexibility is also important, as some sellers have restrictions as to when they can close or vacate the home.
Work with the seller on repairs.
If a home inspection uncovers repairs that must be made to the home, try to coordinate with the homeowner as much as possible. Take the pressure off by allowing them sufficient time to complete the work. You may even offer to do the repairs yourself after closing if the seller agrees to lower the sale price accordingly.
Get your finances in order beforehand.
Most sellers will not consider you a serious buyer until you’ve been preapproved by a bank. A licensed loan officer from Cliffco Mortgage Bankers can help you get preapproved so you know exactly what you can afford to offer when you enter competition.
Move on if you have to.
Sometimes, no matter how prepared you are and how solid your offer is, a seller is not willing to budge from an asking price. If you’re sure that price is unreasonable, don’t let your emotions take over. Keep a level head and know when to walk away from an unfair deal. While you may be disappointed about losing a home you had your heart set on, rest assured that there will be another more suitable home in your future.
For more information on getting your offer accepted contact Cliffco Mortgage at (516) 408-7300.