5 Tips For Prospective Buyers To Submit A Winning Offer

Dated: 03/28/2018

Views: 475


5 Tips For Prospective Buyers To Submit A Winning OfferIn a hot real estate market, agents often tell buyers they must expect to make multiple offers before one is accepted. Disappointment may be the new normal rather than an exception. The stress of repeated rejections isn’t easy, so be prepared.

Significant numbers of first-time buyers find the process difficult, and recent research indicates that about 60 percent of Millennials choose to rent rather than own, delaying other important life decisions, including marriage and family. 

There are, however, at least 5 ways to strengthen your buyer profile and give yourself an advantage: 

Check Your Credit

Take advantage of the free credit checks offered by the three credit reporting agencies, and clean up any questionable entries. At the very least, be prepared to offer clear and cogent reasons for any late payments that appear within the last couple of years. Pay down credit card balances and student loan debt as much as possible, and assure that your employment record is stable. 

Sock Away Some Cash

Try to delay your home search until you have enough money for a reasonable down payment and required closing costs, plus a comfortable nest egg or contingency fund. Demonstrate a consistent savings habit. If you plan to borrow the down payment from parents or other family members, be certain it will be adequate and available when you need it.

Talk With Your Loan Officer

Get a definitive idea of how much you can comfortably afford. If you’re a veteran or qualify for other special loan programs, find out in advance. Gain a comfort level with a lender, and listen to the advice that is offered. Interest rates are currently still low, but any rate change will affect the amount you can borrow. Limit your home search homes priced lower than your loan limit.

The only thing better than a pre-qualification letter is approval confirmation for a specific loan amount. In a fast-paced real estate market, seek that pre-approval, so that you’ll be able to move quickly when you find the right property. A pre-approved loan, an offer with no contingencies, and a quick closing date are the marks of an “A-list” buyer.

Define Your Needs

Know your preferred neighborhoods, and prepare a list of “must have” items as well as a wish list to guide your search. But be realistic. Know that home-buying is a matter of priorities and a game of give and take.

Look at a home’s structure and condition; consider the location, and realize that there is no such thing as the perfect house. Know that tired style can be updated, and decor changes are relatively easy on the pocketbook.  

Make the First Offer Your Best Offer

In a seller’s market, it’s wise to make the initial offer your best offer. A lowball bid will not impress the seller, and you may never get a chance to submit a higher bid. When there is serious competition for homes, it pays to be serious about every offer. 

Finally, know that if you’re persistent and prepared, you will find a home to suit you. Practice patience!

For More Info Visit: http://www.bondstreetloans.com

Latest Blog Posts

6 Metrics You Must Know To Identify Great Investments

biggerpockets.com/Billionaire Andrew Carnegie famously said that 90 percent of millionaires got their wealth by investing in real estate.While this is true historically, we seem to have reached a

Read More

How AI Will Enter The Real Estate Market And Accurately Predict Future Property Appreciation Values

Technology continues to disrupt the residential real estate industry at a rapid pace. In 2020, it’s becoming more and more necessary for brokers to utilize technology and artificial intelligence

Read More

December NJ Real Estate Market Stats Are In

In 2019 home prices were up again in most markets. Buyer demand continues to be strong but with tepid seller activity still in many locations, total sales are lower than they would normally be in a

Read More

2020 Home Improvement Projects With The Highest ROI

Curb appeal really does have a major impact on the return you'll see at resale. Among the top 10 home improvement projects with the highest return on investment (ROI) in Remodeling magazine's

Read More