Congratulations! You’ve located your dream home! Unfortunately, lots of other people are in love with it, too. South Orange County, in California, has a very competitive real estate market, and there aren’t a lot of properties available for under six hundred thousand dollars. When they do go on the market, they are snatched up quickly.
How can you make your offer stand out? How do you beat out all those other buyers that want the same home you do?
You can’t sit on this decision. The market moves too quickly. If you wait, the house is likely to get multiple other offers. It is always a good idea to get your offer in as soon as possible.
Your offer should be realistic. Understand that you may need to offer more than the list price if you really want the house. Put your closing date in as well. If you aren’t sure, talk to the agent and ask when the sellers want to close so that your offer matches their needs. Also, keep in mind that there are times than a 45-day escrow is better than a 30-day escrow, simply because the seller may not be ready to vacate the premises yet.
Make sure you hire an agent that comes recommended. Some are better than others, and if you get one that isn’t as good, you may have trouble communicating or getting the paperwork that you need. Also, an agent that has connections is a great plus to your house hunt. He or she may even know the listing agent, giving you an “in.”
Finding Your Lender
Find a lender in your area who will vouch for you and tell the seller’s agent that you will get approved for the loan. You may want to shy away from a lender that isn’t as established, because the listing agent may not pay as much attention to them.
Have a pre-approval letter ready to go. This shows that your loan officer has verified your income, down payment and credit, which gives the seller peace of mind.
If you can, try and cut back on your contingency period. Get a home inspector out right away. If he comes quickly, the inspection contingency can be as short as a week.
Put yourself in the seller’s shoes. What is it about your offer that stands out? Why would they go with you? You can try writing the seller a letter to let them know why you are interested in the home. Sometimes, a personal connection can help to sway them. One exception is a home that is bank owned. The bank only cares about their bottom line!
It really is a seller’s market, which isn’t great news for buyers. However, using the information above, you may be able to snag that dream home after all. If you need assistance, get in touch with a realtor that can help. They’ll work for you, helping you every step of the way.