How to win the homebuying game!
If you continue to caught in bidding wars with other buyers – and lose the great homes, perhaps nobody told you how to win at this game.
The internet is great for educating potential buyers on areas and general price ranges. It’s great for letting the consumer know what to expect to get for their money…..But it’s not a great strategy for buying the house you really want. Here’s why:
You can’t go buy a home the way you decide to go buy a car. Instead, there’s deliberate preparation to position yourself as the MOST DESIREABLE buyer your potential seller has….
1 – You MUST be pre-approved by a reputable lender….in writing….on the lender’s letterhead with all his/her contact info.
2 – You really should NOT have a house to sell, especially one that isn’t on the market yet.
3 – You MUST write your best offer. If you’re still looking for a foreclosure or a “good deal” in northeast Tarrant County, TX, that ship sailed two years ago.
Start the homebuying game by interviewing a few reputable, experienced Realtors. Choose one you feel comfortable with and trust. Ask for references on lenders and begin the pre-approval process with ONE lender. If you own a property that needs to be sold before you can buy, ask your Realtor to give you a market analysis, as well as an accurate estimate of net once you pay closing costs on the sale of that home. Be sure you’re in the right price range and have the needed funds to not only make a down payment, but pay closing costs on the new place.
NOW go shopping for a home. Your Realtor should be able to show you 5-10 of the best homes that fit your needs, saving you days and days of looking at the “junk” that might be out there. Then you’re ready to make an educated and informed offer on the one that appeals to you most. Ask your Realtor to prepare a good market analysis on the one you’re considering buying before you make your offer.
Get INFORMED advice on how quickly homes are selling in the area you want to live. Check the sales price to list price ratio to know if you can risk offering below asking price. Offer a clean sales price with an attractive closing date for your seller. Give them as little reason as possible to counter and plenty of reasons to want you as their buyer.
Then you both win and that’s the only way to buy a home.