Tips on Buying in a Tight Market
Increase your chances of getting your dream
house instead of losing it to another buyer,
with these easy steps.
1. Get prequalified for a mortgage. You’ll
be able to make a firm commitment to buy and
make your offer more desirable to the seller.
2. Stay in close touch with your real estate
sales associate to find out first about new
listings that come on the market. And be ready
to go see a house as soon as it goes on the
market.
3. Scout out new listings yourself. Look at
Internet sites, newspaper ads, and drive by
the neighborhood frequently. Maybe you’ll
see a brand-new “for sale” sign
before anyone else.
4. Be ready to make a decision. Spend lots
of time in advance deciding what you must have
so you won’t be unsure when you have the
chance to make an offer.
5. Bid competitively. You may not want to start
out offering the absolute highest price you
can afford, but don’t try to go too low
to get a deal. In a tight market, you’ll
lose out.
6. Keep contingencies to a minimum. Restrictions
such as needing to sell your home before you
move or wanting to delay the closing until a
certain date can make your offer unappealing.
In a tight market, you’ll probably be
able to sell your house rapidly. Or talk to
your lender about getting a bridge loan to cover
both mortgages for a short period.
7. Don’t get caught in a buying frenzy.
Just because there’s competition doesn’t
mean you should just buy anything. And even
though you want to make your offer attractive,
don’t neglect inspections that help ensure
that your house is sound.
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