If you’re going to play, GET IN THE GAME

If competition is a buyer’s biggest concern, for goodness’ sake, get in the game. In a new survey of close to a thousand home buyers conducted by Redfin, affordability is still the number one concern but due to low inventories, competition from other buyers is moving its way up the poll.

26% identified affordability while 19% mentioned competition and 15% mentioned low inventory as their respective top concerns.get in the game-250.jpg

To win, athletes study the competition to come up with a plan and buying a home is not different.

  1. Probe, if you can, what terms are important to the seller before you write the offer.
  2. Once you decide to make an offer, do it swiftly so that your offer might be the only one the seller has to consider.
  3. Make a good (or possibly, your best) offer in the beginning; you may never get a chance at improving it. In highly competitive situations, consider offering above the list price if you believe the property may be under-valued.
  4. Attach your pre-approval letter from a respected lender. This means you’ll need to get pre-approved before you even think about writing an offer. Before you begin visiting properties you’re interested in is wiser.
  5. Ask your agent to share your lender’s contact information with the listing agent to reassure them of your ability to qualify. Let your lender know you’re doing so.
  6. Include a higher amount of earnest money for the price range and market area to focus the seller’s attention on yours being an offer that can be counted on to close.
  7. Eliminate unnecessary contingencies.
  8. Consider whether or not writing a personal, hand-written letter telling the seller what you like about their home and why you want it is a good idea. Ask your agent’s opinion and trust your gut instincts. This an approach that may be either very positively or negatively received by the seller.
  9. Minimize seller expenses paid for the benefit of the buyer.
  10. Shorten inspection times.
  11. Don’t ask for personal property. Accept personal property the seller prefers to leave with the house.
  12. Be flexible on closing dates to accommodate the seller’s move.

Once you find your dream home, don’t take a chance on losing it. Write an offer that is a win for both yourself and the seller.

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