Many houses are receiving multiple offers as home prices continue to recover and interest rates are at record low. Buyers need to stand out to seal the deal. Here are a few tips on how to do so:
Be prepared. Since markets are moving fast, housing experts recommend buyers have their loan pre approved and their down payment ready before starting their search.
Have your game face on. Multiple offers are the norm, so buyers need to be ready to compete. The longer the negotiations, the bigger the chance a buyer could lose out to someone else who made a better offer.
Always be reasonable. Buyers also must be reasonable without being difficult because until an offer is signed, sealed, and delivered, other buyers can and probably already have sent back up offers.
Do not cut corners. Even though it's a competitive market, buyers should maintain their budget. Experts also warn that buyers shouldn't skip things like the home inspection.
Time is of the essence. Since time isn't on the buyers side, buyers who spot a good deal shouldn't wait days to make an offer. With that said, buyers should be doing their homework in the area they are looking to buy.
Cash is king. In this market, the more cash a buyer has, the more appealing they are as a buyer. Putting down 20 percent or more also make a buyer look more finically stable and gives seller comfort that the buyer qualifies.
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