With the inventory in the housing market falling and buyers continuing to compete for houses, it makes sense to give yourself an advantage when putting in the bid on your dream home. Here are seven ways you can give yourself the edge over other potential buyers.
1.Pay Down Debt: To ensure you are financially attractive, pay down any debt you might have while you are in the looking process. The better your credit when you do find a home, the better your chance is of having your bid accepted.
2. Educate Yourself: Find out what homes are worth in the area you are looking. When you do find your home, put in an offer as soon as possible, but be sure that the offer is reasonable based on your findings.
3. Save, Save, Save: Putting down 20% used to be the norm, but it isn't often practiced today. The closer you can get to that number, the more attractive you will look.
4. Get Preapproved: The preapproval process can take a little time, and sellers are often anxious to sell their properties. By going through the preapproval process before you put in an offer, a big step (and waiting period) is taken out of the process. Not only that, but you will also be sure that you are shopping within your range.
5. Limit Special Needs: If you load your offer with special needs such as needing to sell your home first or extemporaneous maintenance requests, sellers will look for an easier buyer.
6. Send a Letter: You know the address! Send a letter to the buyers. Let them know why you are interested in buying the home. This adds a personal touch and lets the sellers get to know you as a person rather than an offer.
7. Be Flexible: When it comes to closing dates, getting the keys, and other things of this nature, be flexible. Let the sellers set the dates and times if possible. Let them know up front that you are willing to let them have more control in this area.
With all of this in mind, be careful that you are not spending outside of your budget or cutting corners just to get a property. Instead, give one or all of these suggestions a try and hook yourself up with a reliable agent like Lang Premier Properties.
Lang Premier Properties is home to a leading Oakland County Short Sale Realtor. Specializing in all aspects of real estate including Clarkston, MI short sales, foreclosures and working with home buyers and sellers with Macomb County Luxury homes. When you hire Lang Premier Properties, whether you are purchasing or selling Metro Detroit Real Estate, you can rest assured that you are in good hands.