You've found the central New Jersey house of your dreams – congratulations! The house is getting a lot of attention from other buyers, and it's priced just right. This is the opportunity of a lifetime, and you don't want to miss out, right? You're fully confident that you're ready to put in an offer with the real estate agent right now.
Remember – lots of other people are looking at this house, too. You definitely want your offer to be the one that's accepted. Is there anything that you can do to guarantee your success? According to KCM, financial offers can be broken down into three broad categories, so let's look at those:
An All-Cash Offer
It's pretty obvious that any seller will favor a cash purchaser. Especially given the fast-fluctuating nature of today’s real estate market, an all-cash offer is even more enticing. It's also important to note that last month, one in four real estate transactions were impacted by a low appraisal. Presenting yourself as an an all-cash buyer will eliminate the need for a bank appraisal.
A Non-Contingency Offer
If you don’t have the cash reserves for an all-cash purchase, the next best option is to make a non-contingency offer. To do this, you should be pre-approved for a mortgage, and have your current house already in contract. These two factors will give the seller confidence that you are already a qualified buyer who will be able to complete the purchase.
A Contingency Offer
Some buyers start the process of looking for a new home before their current home is sold. This has the potential be a big mistake if your dream house suddenly appears on the horizon. If you find the home you want (one that's both perfect for your family, and priced right), it will be very difficult to get your offer accepted because you are not actually qualified to buy.
Asking a seller to wait for your home to sell can be very unreasonable in today’s environment. One of the things that would drive your desire for the home is the seller having priced the home at a value in order to sell it right now. They want to know it is sold when they accept an offer. Smart sellers normally will not even entertain a contingency offer.
Just remember – unless you have the ability to buy outright with cash, the best thing to do is to be pre-approved for a mortgage and have your current house already in contract before looking for the home of your dreams. This virtually guarantees that you'll get the home you love at a price that makes sense.
Ready to buy? Talk with us today, because we're where you are, whether you're in South Brunswick or Monroe (Middlesex County). If you're in Mercer County, let us do the legwork for you in Princeton Junction, East Windsor, West Windsor, and Robbinsville. And if you're ready to sell in Franklin Park or Hillsborough (Somerset County), we're prepared to find the buyers who are looking for your home. Call The Marchany Team today at (732) 997-0019, and don't forget to “Like” us on Facebook! We are dedicated to helping you in every way possible.
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