In a competitive housing market, many buyers are finding the process of buying a home increasingly difficult. To avoid making the process even tougher, consider these tips first.
Dragging your feet means the buyer could actually pay more in a bidding war, or miss out on the property altogether. Buyers need to be ready with a mortgage pre-approval letter and escrow deposit money from the day they begin the home search.
Always put your best foot forward
In a seller's market, buyers need to take steps to "look good" in the eyes of the seller. In today's competitive environment, the listing agent is trying to determine which buyer will be the easiest to work with. Buyers may want to avoid pointing out every defect, asking nitpicky questions, and so on. Buyers who act less than enthusiastic will see themselves at a competitive disadvantage when sellers are comparing multiple offers.
Don't Make an offer for the pre-approved amount
Many buyers come in with a pre-approval for the exact offer price, but when competing against other offers, buyers want to show financial strength. A pre-approval for the exact amount of the offer could make the listing agent nervous because of lack of wiggle room or because the buyer may no longer qualify if interest rates rise.
Avoid low offers
Low offers often backfire in a seller's market. A low offer that isn't backed up with comparable sales data is disrespectful, could turn off the seller, and may result in a buyer missing out on the property completely.
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