It May Be A Sellers Market but Buyers Can Be Prepared With These Few Little Tips!!

In hot real estate markets around the country, not excluding the Portland Metro & SW Washington area bidding wars are becoming more common. While the process may be intimidating for many buyers, there are some ways you can be prepared to increase your chances of getting your offer accepted.

1. Prepare.

Preparation is the foundation for a great competitive offer. A competitive offer is when you give your best offer first. You must not ask for "would like" items but "must have" item & terms. For example maybe the buyer doesn't ask for the washer and dryer to be thrown into the deal or they’ll pay their closing costs themselves. When the buyers offer is submitted you want to eliminate a counter offer from the seller otherwise you put yourself at jeopardy of other buyers making an offer and the seller calling for the highest and best offer putting you at a higher price point or the seller may not even give you that chance and will accept another offer.

2. Concessions.

In multiple offer situations, the seller often chooses the offer that is the most beneficial to them. This is largely to do with the whole terms of the offer, a seller may choose a lower net proceeds offer but more favorable financing or percentage of a down payment. Present your best terms including price, loan program or cash & don't ask for closing costs if you don't need them or any personal property.

3. Get Pre-approved

It is not like it used to be. You MUST make an offer with a pre-qualification letter if you want your offer to be considered serious or considered at all. Make sure you take the necessary steps to secure a lender that is very responsive & works weekends. Your Real Estate Agent needs to know how to structure your offer and not all homes qualify for all loan programs so this step is crucial in achieving a smooth process for you, the buyer and achieving the home you desire.

It is not all doom & gloom for today's buyer however. Their are many positives for buying a home today's market. Some Pro's include Down payment grants up to 5%, low interest rates and mortgage insurance has just decreased 0.5%. In Melissa Lewis-Hutton's of Lewis Realtors opinion, it is a great time to buy and she is very excited for her clients. With these few simple tips above your new home purchase will become reality in no time.

Blessings! Melissa Lewis-Hutton of Lewis Realtors www.MelissaLewisHomes.com