Shopping for a home can be both an exciting and stressful time. Working with the right realtor can alleviate some of the stress. They can walk you through the entire process prior to getting started so you have a general idea of what to expect. Start researching and find the right lender for you. Discuss the types of mortgage loans available to you as well as how much you can afford and how much the bank is willing to lend you.
Having a loan preapproval will definitely strengthen your position when negotiating or making an offer. Remember houses are on the market because the seller wants to sell the house; they are looking for serious buyers. Serious buyers will get preapproved so they can speed up the home buying process.
Another way of potentially strengthening your offer is to have your agent present the offer in person. I know that in the cyber age we live in almost everything is done electronically, but think of the impression you will make by delivering the offer personally (in this case personally means through your agent). This can have a great impact with the seller. You start to build a relationship with the seller by standing out among the other potential offers. The seller may take this gesture as a sign that you will regard the house the same way they did and that they will be making the right decision by accepting your offer.
Another good idea is to rethink inclusions in your offer. Asking the seller to leave behind items that aren’t normally left with the house could make the seller uncomfortable. If you’re not flexible with what you want, the seller may decline your offer. You may be able to work with the seller by offering some sort of compensation for the items you are requesting. See if you can meet some of the seller’s needs. Offering to pay a portion of the seller’s fees can also strengthen your offer.
Probably the biggest way to strengthen your offer is to make a larger down payment. Offering 20% or more along with your preapproval will definitely put you in a better position. If it is possible and you are comfortable, waive the appraisal contingency. This will make your offer stand out
Whichever way you choose to strengthen your offer make sure you do your due diligence and make an offer that is comfortable with. Just remember, giving a little more personal attention and building relationships goes a long way.