Since the beginning of the New Year, the market is on fire! If you are one of many buyers in search of your dream home, and you want to know how to beat the competition, then please read these tips.
1. Come in strong… This market will not tolerate games, so it is best to not try to bargain if you are in competition. Come in with your highest and best offer, and with the cleanest and best terms. You could tighten up your timelines by shortening the inspection contingency date for example, and you could also be flexible on when you can close.
2. Write a letter… If the sellers have been living in the house for a while, and you have a sense they have enjoyed living there, you should write a love letter. If this really is the home of your dreams, then the words will truly come naturally. Compliment how the house shows, and what you like about the inside and outside. Make it all about them! And of course share your story and how you see yourself living there.
3. Be aggressive… Something that is common here are “offer review periods.” If a listing goes live on Thursday, and the offer review date is Sunday evening, you can make a very strong offer and have it expire that evening. Don’t be afraid to make your own review period! Fear of loss is powerful, and often times sellers are afraid to lose a good offer.
4. Pre-inspection… You should not waive the “home inspection contingency” because you never know what could be going on with a house, and when emotions are high it is easy to make irrational decisions. A better strategy is to have the house inspected before you make an offer, but do make sure you get the seller’s permission first. There are a lot of real estate transactions that fall apart because of home inspections, so if this contingency is already satisfied upfront, you just gained some serious consideration!
Ultimately, you should give it your best shot so that if you do not get the house you truly desire you know you did everything you could. Don’t be greedy! Sometimes the old saying goes “you have to give to get.” This actually holds true for both buyers and sellers!
Happy House Hunting in 2015!