Buying
in a Tight Market
Increase
your chances of getting your dream house instead
of losing it to another buyer, with these easy
steps.
- Get
pre-qualified for a mortgage. You’ll be able
to make a firm commitment to buy and make your
offer more desirable to the seller.
We recommend Ray Reinhardt at
Centennial Mortgage and Funding.
He can be reached at 952-577 1197.
- Stay
in close touch with your agent at Alfred
Mitchell REALTORSÒ
to find out first about new listings that come
on the market. And be ready to go see a house
as soon as it goes on the market.
- Scout
out new listings yourself. Explore what’s
available on the Internet through
AlfredMitchell.com and drive by the
neighborhood frequently. Maybe you’ll see a
brand-new “For Sale” sign before anyone
else.
- Be
ready to make a decision. Spend lots of time
in advance deciding what you must have so you
won’t be unsure when you have the chance to
make an offer.
- Bid
competitively. You may not want to start out
offering the absolute highest price you can
afford, but don’t try to go too low to get a
deal. In a tight market, you’ll lose out.
- Keep
contingencies to a minimum. Restrictions such
as needing to sell your home before you move
or wanting to delay the closing until a
certain date can make your offer unappealing.
In a tight market, you’ll probably be able
to sell your house rapidly. Or talk to your
lender about getting a bridge loan to cover
both mortgages for a short period.
- Don’t
get caught in a buying frenzy. Just because
there’s competition doesn’t mean you
should just buy anything. And even though you
want to make your offer attractive, don’t
neglect inspections that help ensure that your
house is sound.
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