Jake's Lending Tip of the Week
The inventory shortage is real! With so many individuals relocating to the Valley, it seems that there are less homes on the market daily. When you finally find that dream home, it seems that everyone else likes that same one. Below are some keys to strengthen your offer and increase the chances of making your dream home a reality!
- Work with a seasoned real estate agent: This can make or break your chances on a competitive property. Understanding the purchase contract and intricacies of the area's market are essential. A seasoned agent will also know how to build a rapport with the listing agent, which can make for a smoother negotiation.
- Know your bottom line: Oftentimes you will be required to pay above the list price to have your offer accepted. Seller concessions can also come off the table in these negotiations. Know how much you can comfortably provide for a down payment and closing costs. This will allow you to increase your offer if needed.
- Get properly prequalified: Sellers require that potential buyers have spoken with a lender, and have a complete prequalification. A complete prequalfication consists of a credit review and analyzation of various documents. Those documents include tax returns, pay stubs, and bank statements. Many retail banks do not conduct a complete prequalification before writing a prequalification letter.
In a competitive housing market, it is essential to be ready when writing an offer. If you follow the above steps, you can be in the best possible position to get your offer accepted on your dream home!