In this ultra-competitive Real Estate market, buyers are often competing with multiple offers, and some have lost out numerous times. If you want to purchase a home, a few things could help you.
First, be sure you have representation. Having a buyers' agent representing you is highly recommended. It will give you the best opportunity to get the advice and guidance you need to make a solid offer. Next, make sure you are set up on the Auto email program in MLS. The market is moving very fast. With this program, you will receive an email within a minute of the home becoming available.
When making an offer, price, and contingencies both matter. If your offer is contingent on financing, it will require an appraisal. So, be careful not to offer too high a price, because if the appraisal is less than the agreed upon price, you will either have to make up the difference, the seller reduces their price, or something in between. Meanwhile, you've paid for a home inspection and appraisal, and the seller is in the process of moving. If you don't work this out, the deal is over, and you lose the house you were planning on buying. So be realistic.
Sellers don't always pick the highest offer. They often choose the one that is most likely to close with the least potential hurdles and fallout. This is where contingencies like financing and inspections are factored in. So, be sure that you have a solid pre-qual letter from a recognized and trusted lender. Some buyers are removing their right to a home inspection. There is a risk with this, so be sure you understand what this means.
An escalation clause could help you get the house you want. We will cover that next week.
Lastly, don't panic. Have faith and hang in there. The right house will come up for you.
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