How to Submit a Winning Offer! 🙌🏡
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-Interest rates have dipped again after a three week climb! There will continue to be movement throughout the year, but right now we are sitting around 3% mark. ?
-Using a local lender can be an advantage to you! Local lenders often have relationships with other industry professionals that can work in your favor. ⭐
-Make sure your lender isn’t afraid to pick up the phone! They absolutely can reach out to the listing agent to assure your validity as a buyer.
-Competing with cash buyers can be difficult, but there are ways to combat that! Flexibility in your price point can play a big factor. ↕️ Understanding the numbers, talking through what you are comfortable with, and being willing/having the ability to submit an offer $10-15k over the asking price is key.
-You can also get a renovation loan that is wrapped into your mortgage! There are both Conventional and FHA versions. Reach out to Allison for more details!
-Properties in the $500k+ price range are more likely to have appraisal issues. 30% of appraisals as a whole are coming in below the list/market price. There are 40-50% of buyers are signing an appraisal waiver, and coming up with the cash difference in the event the home doesn’t appraise.
-Buyers have been shortening their option period to 3-5 days, instead of the more typical 7-10 days of the past.
-If a property is 5 years or younger, and the home appears in good working order and has been taken care of, it may be a good strategy to waive the option period.
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832-545-9654
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