It’s not easy to buy a house, and there’s no assurance the seller would pick you over another potential buyer. Nonetheless, there are steps you can take to increase the likelihood that your offer will be accepted. With that in mind, read on to find out what some of these steps are to help you get the house of your dreams.
Get Pre-Approved
A pre-approval letter from a mortgage lender demonstrating your ability to pay the loan’s monthly payments is a crucial piece of evidence to have on hand before making an offer on a home. This pre-approval letter will demonstrate to the seller that you are a more serious buyer than others who have not yet been pre-approved for a mortgage. This is evidence that a financial institution or mortgage lender has assessed your credit and thinks you will be approved for a loan up to a particular amount (which will be mentioned in the pre-approval).
This reassures the seller that you are serious about buying their house and have the means to do so. Having a pre-approval letter in hand is a good starting point for house hunting and could put you above the competition, even if your offer is lower.
Do Your Research
Research is maybe the most important step. If you don’t pay attention to some obvious signs, you might miss out on savings. For example, before you make an offer on a house, it’s a good idea to find out how long it’s been for sale. If it’s been for sale for a long time, it could mean that the price is too high. Also, if the asking price has gone down since the house has been on the market, it could mean that the owner is having trouble selling it and wants to move on, so they’ll be more willing to take a lower offer.
If the sellers aren’t selling privately and decided to hire a realtor, that realtor is the best person to talk to. They’ll give you the history you’re looking for, and they will be able to liaise with the sellers on your behalf.
Be Quick And Realistic
Once you’ve found the perfect house, you should move quickly to submit an offer. In today’s fast-paced real estate market, delays could result in missed opportunities, and you might miss out.
However, as well as acting quickly, you also need to be realistic. It might be tempting to try a really low offer to begin with, but be careful because this could do more harm than good. Both you and the vendor are looking for a fair deal. They’re probably going to be annoyed by your ridiculous offer, and some of them might even find it offensive. If you are declined and then go back with another offer, the seller might reject you because you made a ridiculous offer initially. It might not be in their best interest, but selling a property can be an emotional time, and they might not be thinking properly.