Coming up with a winning offer can take some guts. Here are some tips forÂ dealing with multiple competing offers on the home you want.
Get preapproved for a mortgage. Not a prequalification!! AÂ preapproval from a lender is a strong indicator of your ability to get a mortgage. Without this assurance, the seller may disregard your offer.
Work with a real professional. An experienced real estate agent canÂ alert youÂ about listings about to hit the market. Plus, they will guide you through the process. Working with a mortgageÂ broker who knows the local market is a plus.
Do Not LOWBALL. Figure out the most you can afford to pay for the home first, then make a strong offer. But. do not let emotions run high and get yourself into a position that you’ll later regret.
If you do wind up offering more than theÂ list price,Â know that yourÂ lender’s appraisal may come in lower,Â leavingÂ you responsible for the difference..
Consider waiving the mortgage contingency. InÂ a sellers’Â markets,Â offers that areÂ contingent on the buyersâ€™ ability to obtain a mortgage are less appealing to the seller.Â If your financing falls throughÂ youÂ could lose your deposit money. Speak to your attorney about this.
Cash is king. If you can, make a cash offer you are way ahead of the pack.