You’re ready to move on up and out, but aren’t sure how successful you will be finding the home of your dreams. Relax! It can be done! Just put a few things in place or in motion before you start the hunt and you’ll be golden.
Here’s how to make a strong offer a home seller will find hard to refuse.
First, be preapproved for your mortgage. I can’t say it enough that a buyer coming in with financing in place is much more attractive to a seller. It says to them that you are serious about buying, you’re financially ready to pull the trigger and will have a much shorter time between offer and closing than a buyer who isn’t pre-approved.
If you have a home to sell, put it on the market now. Having your home under contract and ready to settle, or even sold, will mean that you don’t have the need for a “I need to sell my home” contingency. That seller knows how that can go, and you having to sell your home first will not be as attractive to them as a buyer without that encumbrance.
If you are renting, let your landlord know you are home shopping and when you expect to move. Giving your notice will mean less problems in getting back a needed security deposit or delay settlement because you can’t afford rent and a mortgage payment.
Agree to shorten up inspection times. This doesn’t mean give up the right to inspections, but have a company ready to go for your home inspection, water testing, termite inspections, etc. Lining them up early means you don’t have to delay and you’ll know the answers to questions about them should a renegotiation be needed due to inspection issues.
Lastly, if the area you are looking is a seller’s market, make your offer over asking. Even if it’s over by just a few hundred dollars, it will make your offer irresistible to a seller.