Helpful Strategies for Home Buyers
ActiveRain Ambassador Debbie Reynolds is sponsoring one of the April contests for blogger members of ActiveRain. You have until the end of this month to submit your entry.
Hot Market Strategies - An ActiveRain Contest
Here's the challenge: Share 3 strategies, tips or ideas that increase the chances your offers are noticed and accepted.
The first thing I suggest is to be very careful with your selection of a buyer agent. You want to have an agent with a proven record of success in the local market where you plan to make your purchase. Do not hesitate to ask for verifications. If you are talking with a RE/MAX agent, for example, their membership in the Platinum Club indicates that they received over $250,000 in commissions last year. Personality does count. Agents who are well liked by other agents receive a preferred welcome. Commit to your buyer agent and do not visit any properties unless your agent is with you.
My second second suggestion is to obtain pre-approval for any needed mortgage financing that you will need. Select a well know local loan officer with several years of successful production experience. An outstanding loan officer will tell you exactly what you need to do and will recommend the type of financing that will best meet your needs. You want to have an impressive pre-approval letter to submit with your contract.
My third suggestion in a hot market is to make smart business decisions rather that emotional reactions. There are often multiple contract situations when you will feel like you are in a bidding war. Do not get caught up in the scene and overpay for a property. Real estate markets are not always in a rising mode and you do not want to end up with a mortgage that exceeds the value of your home when you are ready to sell in a few years. Be fair in your negotiations and try to keep the terms as simple as possible from the perspective of the home seller. Always opt for a home inspection but focus on the significant information in the report.
My bonus suggestion is to select a well known local title company to assure a smooth settlement process. In Kentlands, for example, I always recommend Village Settlements where an attorney always conducts the settlement.
Hibiscus, Longwood Gardens, Kennett Square, PA USA IMG 8323
Canon PowerShot G11 Camera
Photograph by Roy Kelley
Roy and Dolores Kelley Photographs
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