Home buying is an important decision whether you have moved around a bit, or it’s your first purchase. In today’s competitive market, you might find yourself embroiled in a bidding war for your dream home, or simply lose out to a cleaner offer. There are a couple of ways buyers can have an advantage over the competition and we have listed them here.
Use A Professional Buyers Agent – The biggest advantage a buyer can have is a qualified professional working on their behalf. There is a lot of paperwork that must be filed correctly, completely and in accordance with deadlines. Negotiations can become lengthy and involved; you want an experienced professional negotiating the best outcome for you. The homeowner pays the compensation for the agents work with each buyer.
Get Pre-Approved – Before you start looking for prospective homes, make an appointment with your bank or a lending institution and get a pre-approval. There is a big difference between a buyer being pre-qualified and a buyer who has a pre-approved mortgage. Getting pre-approved means that a lender has looked at all of your financial information and they've let you know how much you can afford and how much they will lend you. This will help narrow your search criteria to homes that you are actually able to purchase, and lets vendors know that you are serious and can close quickly.
Adjust Your Expectations – Low-ball offers are off the table in a competitive environment, and may eliminate you completely if the homeowner feels insulted by your offer. It is important to respond to counteroffers quickly to keep other buyers from entering the picture; you don’t want to encourage a bidding war. If a bidding war ensues, it’s a good idea to have a few other homes in mind so you can walk away if the price soars beyond your approval amount.
Khan Waqar has experienced, professional Buyer Specialists that would be happy to represent your interests throughout the home buying process, and will work with you until you move into your new home.