In competitive housing markets across the country, making an offer that sticks has become increasingly difficult. Ensure you don’t make the process even tougher with one of these common mistakes.
- Delay making the offer
Time kills deals…Dragging your feet means you could wind up paying more in a bidding war situation or missing out on the property altogether.
Buyers need to be ready with their paperwork…a pre-approval letter, and documents supporting proof of funds…from the day you begin house-hunting mode. That way you can pounce quickly with an offer when they do find a home they like.
- Making an offer for their preapproved amount
Smart buyers are getting pre-approved to show a seller they’re financially able to purchase a home…BEFORE they start looking at homes.
But in making an offer…many buyers come in with a preapproval for the exact offer price. The issue is…when you’re competing against other offers…including cash offers…you want to show financial strength!
So having an exact amount pre-approval…could make a listing agent nervous because not only does the buyer not have any wiggle room to negotiate…but they might no longer qualify if interest rates rise.”
- Making a lowball offer
Lowballing a seller often backfires…particularly in a seller’s market.
A lowball offer that isn’t backed up with math or comparable sales data is disrespectful and could turn off the seller and possibly mean you will miss out on the property completely.
- Waiving inspection contingencies
I don’t care whether it’s new construction or even your mom’s house you’re buying from her – get it inspected!
Further, if you waive the inspection contingency in your offer…you may lose the earnest money if you later back out of the deal. Because even ‘as is’ offers…have deadlines for you to do inspections…so do NOT put 0 days in this blank!
- Not presenting yourself well enough
In a seller’s market…buyers need to take steps to make sure they look good in the eyes of the seller.
In today’s highly competitive environment…the listing agent is trying to determine which buyer will be the easiest to deal with. Buyers may want to avoid pointing out every defects…making nitpicky queries…or questioning the seller’s tastes.
Basically buyers who act less than enthusiastic will see themselves at a competitive disadvantage when sellers are comparing multiple offers.
Always helps to point out the positives…you can catch more flies with honey they say ?
This is why you need an experienced real estate agent helping you to
find your home…and I can help!
My direct number is (352) 843-1988