Make Good Offers Better
It’s disappointing, frustrating and sometimes, discouraging when you lose a home you want to buy.
One of the hardest lessons for today’s buyers is that writing an offer doesn’t mean that you’ll get the home or even a counter-offer. The low inventory affecting many of the housing markets requires a different strategy to give you the best chance to get the home you want.
- Make your best offer initially; you may not get a chance to accept a counter.
- Submit a written pre-approval letter from the lender.
- Increase earnest money above what is considered normal.
- Make a larger down payment.
- Eliminate unnecessary contingencies.
- Don’t ask for personal property not included in the listing agreement.
- Pay your own customary closing costs.
- Shorten the inspection period.
- Buy the home “as is” subject to inspections which still allows you to get your earnest money back if the inspections are unacceptable but doesn’t require the seller to make repairs.
- Write the seller a hand-written, personal letter telling them why you want their home; include a picture of your family.
- Offer to use the seller’s or listing agent’s preferred title company.
- If you can pay cash, do so and arrange financing after closing. Be prepared to show proof of available funds.
- Schedule the closing as soon as possible but let the seller know you can be flexible.
- Once you decide on a home, act with expedience.
- Ask your real estate professional if they have any other suggestions.
Think of making an offer like applying for a job. You want to make your best impression and show why you are the best choice. You won’t always know that there are multiple offers. Approach the process like the competition is doing their best to get the home.
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Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.
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Private mortgage insurance is required on loans that exceed 80% of the home’s value. For conventional loans, the premiums range from 0.5% to 1% annually. The PMI could add close to $100.00 a month to the payments on a $200,000 mortgage and over $200.00 a month on a FHA mortgage.
and knowing the right questions to ask, however, will expedite the process, boost your confidence, and help you make a wise decision.
Consider these suggestions along with your other normal efforts:
Additions to a home or other improvements that have a useful life of more than one year may be considered an increase to basis or cost of the home. Other increases to basis may include special assessments for local improvements like sidewalks or streets and amounts spent after a casualty loss to restore damage that was not covered by insurance..jpg)
While the act of relocating a new place can certainly be exciting, there are, of course, challenges to be met, especially during a hot, busy summer season. Although there are no foolproof ways to make the experience totally stress-free, there are, thankfully, actions you can take to make your “adventure” a more positive one.
