Northern Virginia Seller's Market How To Win

Originally Posted at: https://www.comehomevirginia.com/home-buying-steps/

Buying a home in N. Virginia during any market can be a challenge but during a strong Seller's Market like we have now. Prospective home buyers need to use every method and tactic they can to give themselves the best chance to have their offer accepted; when competeing against others. Follow these tips and strategies to give yourself the best chance of succceeding and buying your new home.

The Cash Buyer

The old axiom Cash is King can frequently feel like an insurmountable obstacle to overcome when buying a home and competing against a cash buyer. The advantages of a cash buyer are even greater since the new TRID regulations went into effect in the Fall of 2015. (Ask me how TRID has changed the competitive advantage of a CASH offer). But there are a number of things that you can and should do to improve your chances and give you a competitive edge. They are helpful regardless of if you end up competing with the dreaded CASH Buyer or just another Buyer that is using a mortgage to buy a home.

Here are a few steps you should take in order to successfully compete against any competing offer — Cash Buyer Or Not.

1. Write your offer as you would a résumé.

Have those professionals that are both directly and indirectly associated with the purchase write letters of recommendation concerning you. The letters should pertain to things that are going to be of concern to the sellers or will help to answer questions they frequently wonder or worry about knowing – that unless they are told could cause reluctance to accept your offer. Have your lender, real estate agent, home inspector and settlement agent write letters for you to the sellers. Each letter should contain information specific about the seller’s home and you — the time each professional estimates their various responsibilities will take to complete, why they see this as an easy deal to close, etc. The various letters should also contain a short resumé about each professional and their respective companies, so the sellers can feel they are dealing with experienced professionals. Additionally, have your boss and their supervisor write letters of recommendation for you, not only concerning your employment and income, but your work ethic, character, etc. Include a letter from you to the sellers pointing out why you want to buy their home – how living there will benefit you and your family. Mention your children, pets or future plans to have them once you have your new home. Also mention at least two specific things that made you fall in love with the home. All of this will help to give the sellers a feeling that they know you personally, which will make it easier for them to picture you in the home

2. Cut inspection / contingency times where possible.

While the new TRID rules have taken many time parameters out of the control of the transaction participants, as they are now regulated, you can check and confirm with the home inspector prior to writing the offer to find out when the earliest they can do the inspection is and include this information in the offer.

3. Offer an Extra Bonus. 

Spending more money to beat a cash offer may sound crazy. But... CONTINUE READING HERE: https://www.comehomevirginia.com/home-buying-steps/

Additional Reading For Home Buyers

8 Costly Mistakes To Avoid In A Seller's Market
Moving-Up to a Luxury Home? Now’s the Time!

To protect your interests and make certain that you make the best decisions possible, it's important that you have an experienced and knowledgeable real estate agent who will watch your back and is an expert in the local real estate market. We are committed to keep you informed and on top of the local Northern Virginia real estate market. You can be certain that we will provide all the information you need to make the best choices for you and your family. We have been helping individuals, couples and families to purchase and sell homes in Alexandria and the surrounding areas of Northern Virginia for the last four decades and we would love the opportunity to help you too. Whether you are buying your first dream home or next we will take the time to answer all your questions and always give you the best advice available so that you can make your dream home a reality.

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