When the market conditions favor sellers, behaviors and strategies follow suit.
Buyers get frustrated when they lose out on one or more homes to another buyer, who presumably offered a higher price for the house and got the sellers’ attention.
To set your offer apart from any others the sellers may receive, you may want to adopt a more aggressive strategy.
Here are a few things to consider.
Timing
Go see the house, then get your offer in as soon as possible.
If you work, this may require some flexibility and creativity to take time off to get out seeing a house the minute it hits the market. This is your new house we’re talking about here. You may have to make some sacrifices.
If you and your significant other have been shopping for some time, you may decide only one of you needs to go take a look in order to be confident it is a home you want to pursue.
Purchase price
When you want to stand out on price, if the house listed is close to the current fair market value, offer a little bit more than the asking price. Obviously, this is all relative to your price point, but adding a few thousand more into your home loan will cost you very little at today’s interest rates. On the flip side, adding a few thousand more dollars into the sellers’ pocket is quite significant.
Length of escrow
The typical length of escrow in our area today is 30 days. To get ahead, don’t include a longer escrow period in your offer. Rather, with your lender’s support, you may be able to close faster than 30 days, which could be attractive to many sellers, especially if the home is vacant.
Removal of contingencies
The most obvious contingency you want to remove before you even write an offer is the contingency for the sale of your current house. If you do need the equity from your house to buy the new one, get creative by securing a bridge loan or a home equity line of credit before you go shopping for houses.
These tools can provide you the funds for your down payment and closing costs, which can then be paid back from the proceeds from the sale of your house. If that happens after you are due, bring in the money necessary to buy your new home.
You can also accelerate the removal of your appraisal and loan approval contingencies to be more attractive to sellers and stand out from other offers.
Check with your lender to make sure they can support you when you consider making this move.
Rent back
If you can support it, include in your offer a provision for the sellers a chance to stay in their house for a while after the close. Whether they need it or not, it’s nice gesture that will make your offer stand out.
Leslie Sargent Eskildsen is an agent with Realty One Group. She can be reached at 949-678-3373 or leslie@leslieeskildsen.com.
"House" - Google News
February 29, 2020 at 09:30PM
https://ift.tt/3agQT6u
Tips to land a house: Move fast, skip (some) contingencies, offer a lease back - OCRegister
"House" - Google News
https://ift.tt/2q5ay8k
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
Bagikan Berita Ini
0 Response to "Tips to land a house: Move fast, skip (some) contingencies, offer a lease back - OCRegister"
Post a Comment