Problems and misunderstandings in the buying process lead to unhappy homeowners. A common one is buying close to their pre-approval and then they are stretched financially. It may seem like a great purchase at the time but will lead to frustration over time. How do we limit these mistakes?
Homebuyers remember these five strategies when making your next real estate purchase.
#1 Stay Consistent: Real estate values tend to rise over time. If you give up on looking at properties, you will never find the home you are looking for. The key is to learn why you are losing out on your offers.
#2 Be Creative: Personalize your offer. A video or letter will be unique and may draw attention to your offer. It will stand out from the others. Make the video short and entertaining or the letter short and sweet. Your agent can use this to introduce your offer to purchase.
#3 Location: As months pass when you continue to look, the market may change. You may need to look in nearby towns and explore other options.
#4: Rely on Documents Not Verbal: Written documentation is very important in real estate. If the seller says they will leave a refrigerator, make sure it is documented. Read through your offer letters and purchase and sale. Read through the clauses and make sure you understand what they are saying. Speak with your lawyer if unsure about a clause or phrase.
#5 After Offer Accepted. The Real Work Begins: After accepted, the house is still the sellers until close. This can be between 30-60 days on average. The seller is responsible for insuring the property and keeping it in condition when the offer was accepted. You can schedule an inspection and renegotiate will the seller. You will review the purchase and sale. You will need a financing commitment from your lender.
Hopefully, these 5 essential tips are helpful! Until you get the keys, the process is not officially over. If you found this article helpful, please share with a friend!
Blog courtesy of Steve Bracero