Buying in a Tight Market 

Increase your chances of getting your dream house instead of losing it to another buyer, with these easy steps. 

  1. Get pre-qualified for a mortgage. Youíll 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.
  1. Stay in close touch with your agent at Alfred Mitchell REALTORS 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.
  1. Scout out new listings yourself. Explore whatís available on the Internet through AlfredMitchell.com and drive by the neighborhood frequently. Maybe youíll see a brand-new ďFor SaleĒ sign before anyone else.
  1. Be ready to make a decision. Spend lots of time in advance deciding what you must have so you wonít be unsure when you have the chance to make an offer.
  1. Bid competitively. You may not want to start out offering the absolute highest price you can afford, but donít try to go too low to get a deal. In a tight market, youíll lose out.
  1. 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, youíll 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.
  1. Donít get caught in a buying frenzy. Just because thereís competition doesnít mean you should just buy anything. And even though you want to make your offer attractive, donít neglect inspections that help ensure that your house is sound.

Reprinted from REALTORS Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS Copyright 2004 All rights reserved www.REALTOR.org/realtormag

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