In the topsy-turvy world of purchasing a home today, buyers should put forth a strategy that makes their offer appealing enough to a seller to at least be considered. A number of properties are selling with more than one competing bid. Communities like Davis have many properties with competing offers. When a home hits the market, priced correctly, it’s sold within a few days if not hours. Here are some helpful tips to digest.
Get Pre Approved For A Mortgage: You must have an iron clad pre approval and all of your ducks in a row to even be considered. It’s highly likely you will be competing against cash buyers or buyers with significant down payments. You must be ready to compete with a strong pre approval with an offer presented by a local, well-respected and knowledgeable agent to increase your chances to win.
Prepare To Pay Over Asking Price: Very often homes with multiple offers will sell above asking price. Prepare yourself emotionally and mentally for that possibility. The contract protects you with over paying because each property applying for a loan has to have an appraisal and if that home does not appraise at value, you can cancel the contract and get your deposit back.
Emotional Appeal To The Seller: Sellers want to know you truly want their home and what better way than through emotionally charged letter written directly to the seller. It’s much more difficult to say no to an offer from a real person versus other offers that are just names on a page.
Choose Your Agent Wisely: I have beaten out higher and stronger offers a number of times, simply with how I presented my buyer and the offer we wrote. I’ve gotten my offer accepted because the agent that represented the seller preferred to work with me because they knew I would perform in a timely manner. I’ve gotten my offer accepted because I’ve been doing this for a long time and have built up good relationships with other local realtors.
This is not the type of market where you can afford to have a friend or family member represent you. If you are serious about buying a home in this ultra competitive market, it’s imperative you have a local, full-time respected realtor on your side. It could be the difference between winning or losing. Please visit my website http://www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home and easy access to view local area homes for sale in Davis, Ca. and the surrounding communities.