How to Get the Home of Your Dreams and On Your
Terms!
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After reading this document, you’ll have
the knowledge necessary to get the house you want on your
terms. A concept so simple, yet hardly anyone follows these
simple steps that will surely give you a competitive
advantage over other buyers.
Let’s get right to it. Good listing agents
advise their sellers that, in most cases, the first offer
made on a home is usually the best offer and they should
accept it. Makes sense. You’ve probably heard that the
longer a home has been on the market, the less the seller
may take because they may be getting more eager to sell the
home. But, for a home fresh on the market, the offers are
usually going to be close to asking price. And, the number
one goal of the seller is to sell quickly, and then sell
close to asking price. The first offer or two will usually
be close to asking price and will come quickly, so the
advice to accept them makes sense.
So, what does this mean to you, the buyer
looking to offer as little as possible? Well, you could wait
to see if the house you want stays on the market a long
time, but if it’s a nice home and a good value, it won’t
last very long and that strategy will lose you your
opportunity. So, your best strategy is to be the first offer
for the home.
It’s simple. You’re out shopping and you
find the home you want. You learn it’s only been on the
market a little while and maybe have heard that no other
offers have been made yet. So, you make a “reasonable” offer
slightly under asking price, and chances are the sellers
will accept your offer and the home is yours. If the home is
a much nicer property than similar homes in that price
range, you may just want to offer full price to secure the
deal, especially if you'll be asking the seller for closing
cost help, but that's another topic.
BUT WAIT. It’s not quite that simple. No
good listing agent is going to let their seller accept a
contract on a home for a buyer who is not pre-approved for
financing. There’s no way they are going to lock up the
house under contract for someone who may not be able to
afford or obtain financing for the purchase. If you aren’t
already pre-approved, you’ll have to spend the next day or
two (depending upon your situation) going through a
pre-approval process with a lender before being able to
offer the seller assurance that you qualify for financing.
Within that time, another pre-approved buyer could easily
move in and lock the home under contract, and break your
heart.
In a fast moving market, you need to be
prepared to act immediately for the home you want. If you’re
already pre-approved for financing, you can submit a
contract the moment you decide you want the home, and if the
seller follows their agent’s advice, you’ll be into contract
that day on the home you want at a fair price.
Getting pre-approved for financing is
simple and it’s FREE. All that’s required is to provide some
information about your income, assets, liabilities, and
credit, and you’ll know in a short period of time whether
you can obtain financing, the loan amount, and the rate and
terms. You’ll be provided with a pre-approval letter that
will ensure sellers that you are a serious homebuyer.
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