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How to Get the Home of Your Dreams On Your Own Terms!After reading this document, you’ll have the knowledge necessary to get the house you want on your terms. A concept so simple, yet hardly anyone follows these simple steps that will surely give you a competitive advantage over other buyers. Let’s get right to it. Good listing agents advise their sellers that, in most cases, the first offer made on a home is usually the best offer and they should accept it. Makes sense. You’ve probably heard that the longer a home has been on the market, the less the seller may take because they may be getting more eager to sell the home. But, for a home fresh on the market, the offers are usually going to be close to asking price. And, the number one goal of the seller is to sell quickly, and then sell close to asking price. The first offer or two will usually be close to asking price and will come quickly, so the advice to accept them makes sense. So, what does this mean to you, the buyer looking to offer as little as possible? Well, you could wait to see if the house you want stays on the market a long time, but if it’s a nice home and a good value, it won’t last very long and that strategy will lose you your opportunity. So, your best strategy is to be the first offer for the home. It’s simple. You’re out shopping and you find the home you want. You learn it’s only been on the market a little while and maybe have heard that no other offers have been made yet. So, you make a “reasonable” offer slightly under asking price, and chances are the sellers will accept your offer and the home is yours. If the home is a much nicer property than similar homes in that price range, you may just want to offer full price to secure the deal, especially if you'll be asking the seller for closing cost help, but that's another topic. BUT WAIT. It’s not quite that simple. No good listing agent is going to let their seller accept a contract on a home for a buyer who is not pre-approved for financing. There’s no way they are going to lock up the house under contract for someone who may not be able to afford or obtain financing for the purchase. If you aren’t already pre-approved, you’ll have to spend the next day or two (depending upon your situation) going through a pre-approval process with a lender before being able to offer the seller assurance that you qualify for financing. Within that time, another pre-approved buyer could easily move in and lock the home under contract, and break your heart. In a fast moving market, you need to be prepared to act immediately for the home you want. If you’re already pre-approved for financing, you can submit a contract the moment you decide you want the home, and if the seller follows their agent’s advice, you’ll be into contract that day on the home you want at a fair price. Getting pre-approved for financing is simple and it’s FREE. All that’s required is to provide some information about your income, assets, liabilities, and credit, and you’ll know in a short period of time whether you can obtain financing, the loan amount, and the rate and terms. You’ll be provided with a pre-approval letter that will ensure sellers that you are a serious homebuyer. |
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