QUICK POINTER FOR BUYERS IN TODAY'S MARKET
House hunting can be exhausting, especially when there's low inventory and high demand like in today’s market. But all is not lost: These tips may help you find what you're looking for!
- BE QUICK ON YOUR FEET TO SHOWINGS
With many sellers accepting offers in less than a week across the country, it's incumbent on buyers to get in and look at a home they have interest in ASAP! First and foremost, you want to make sure you're first in the door for a chance to make an offer before the deadline. Our team makes it a priority to get our buyers in the door FIRST - we will always make sure you're covered for showings!
- SHOP BELOW YOUR BUDGET
Looking for properties under your maximum budget allows you to bid comfortably above list price and beat out other buyers - without risking your financial standing. Being pre-approved and knowing your comfort level with monthly payments is essential when looking at homes in this market so you can make an offer quickly and know where you stand!
- CONSIDER WAIVING INSPECTIONS
If your financing allows, you should consider waiving inspections in your offer. Offers that waive inspections can be more attractive to sellers because they know they won't face repair costs or the buyer possibly backing out of the contract. Ask us about our Home Inspectors that will come to the showing with us and give you a pre-inspection so you can make the MOST informed decision when writing your offer!
- CONSIDER WAYS TO GET MORE $$ INTO THE POCKET OF THE SELLER WITHOUT JACKING UP THE PRICE OF THE HOUSE
Some ways you can get more money into the pocket of the seller and make your offer more attractive is to cover transfer and recordation taxes, cover other seller costs, pay for their movers, etc. Ask your agents, the experts, on what they would do depending on the home and its situation.
- FREE RENT BACK
What is a rent back, and why may it be offered?
A rent back is a rental agreement between the home buyer and seller that allows the seller to continue to live in the home after the closing date in exchange for rental payments based on the buyer's new mortgage payment. Basically, the homebuyer will become a ‘landlord’ to their home before moving in because the sellers are not ready to move out yet. For example, they could still be looking for their next home, the moving company isn’t available on closing day, etc.
Offering a free rent back at NO cost to the seller is a great incentive and makes the moving process more flexible and stress free for them.
- APPRAISAL GAP
What is an appraisal gap?
An appraisal gap is the difference between the value determined by the appraiser and the amount you agreed to pay for the home. It doesn't mean you have to cancel the sale, but it may mean you have to negotiate with the seller or pay the difference for the home out of pocket in cash.
Offering UP FRONT to cover an appraisal gap, or part of it, is a great reassurance to the seller that they will still net the most from your offer regardless of appraisal.