7 things to do before writing an offer in a real estate buying frenzy
Increase your chances of getting your dream house instead of losing it to another buyer, with these easy steps.
1. Contact your bank and get pre-approved for a mortgage. NOT PRE-QUALIFIED. This person/bank does not have to be the bank you go with but it makes your offer more desirable to the seller. Also include a personal letter letting the seller know who you are, why you want the property and add a photo of yourself and/or family. P.S. include the dog :)
2. React quickly. If you see a house that is on the market make an appointment to see it immediately.
3. Scout out new listings yourself. Look at Internet sites, newspaper ads, and drive by the neighborhood. You might see a For Sale by Owner and we can help you craft an offer.
4. Be ready to make an offer. What I mean by that is BE READY. You need to react quickly in an active market.
5. Buyer beware of buying frenzies where selling agent says offer has to include no contingencies and no inspections. This is the biggest investment you will be making and to be told that you can't do any inspections and remove all contingencies could be a disaster.
7. Don't bog down the deal with too many restrictions like the offer is contingent on you selling your present home, or an escrow closing date of over 60 days. Too many demands make your offer fall to the bottom of the pile.