Being a Competitive Buyer: Part 2

Today, we’re continuing our previous discussion on how best to compete as a buyer in our market.

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Today we’ll be covering the second half of our discussion on being a competitive buyer in today’s real estate market. 

Last time, we focused on how you as a buyer can influence a seller in taking your offer. Today, we’ll be further covering this topic. 

First of all, consider the amount of money you have available for an earnest money deposit. Earnest money will show the seller you are a serious, interested buyer. The more you put down, the better. Increasing the “normal” amount will boost your offer in the eyes of the seller.

Next, think about the due diligence fee, which is money to be paid up front. Understanding our North Carolina contracts will help you be aware as a buyer. 

Having professional help at every step will make a world of difference.

Due diligence money is another way to influence the seller. However, it becomes nonrefundable once the due diligence period expires.  

Also, don’t forget the North Carolina Offer to Purchase and Contract, which outlines the commitment you and the seller are both making within the transaction. 

Ultimately, though, the best way you can be competitive in the market is to work closely with a real estate professional who will be able to support you through the process all the way through closing. 

Having professional help at every step will make a world of difference.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon. 

4 Tips for Homebuyers in Today's Competitive Market

Today I have four tips to help you get a leg up in today’s competitive market.

Selling your Iredell County or Lake Norman, NC home?

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Buying an Iredell County or Lake Norman, NC home?
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Things are jumping in the real estate market in our county, just like many areas of the country. It’s important that you understand what you need to do in order to be competitive as a buyer in order to purchase a home.

First, you need to make sure you are pre-qualified. Get with a lender and get that letter that proves that you are able to purchase the home you’re interested in. Every seller wants to see that letter. The lender will also cover closing costs, interest rates, and how long it’s going to take to close on the home you intend to purchase. 

Next, you need to know the top dollar that you’re willing to pay, in case you have to spend that amount in order to get the home that you want. Especially in a competitive market, you may find yourself in a multiple offer situation, so be prepared. When you speak with a lender, you’ll be able to determine a comfortable range from which you can make an offer.

Don’t start your offer so low that you offend the seller.

Additionally, don’t start so low in your offer that you offend the seller. It’s critical to the seller that you’re a cooperative buyer. Both you and the seller will have access to comparable homes in your area, so make sure that you understand the market and know what homes are actually selling for. 

Remember that if you’re asking for closing costs, that amount comes out of the seller’s pocket. It affects their net bottom line. With that in mind, you may need to increase the amount in your offer to cover those closing costs. That way, you have that taken care of and there’s less stress to the seller.

With these tips, you should be able to get a leg up against the competition when you put in an offer on the home of your dreams. If you have any further questions or you’re looking to buy or sell a home, please give me a call. I’d be happy to help!