How buyers can navigate this tricky housing market and find success.
Today, let’s dive into the dynamics of the current competitive real estate market. If you’re a buyer striving to secure that winning offer, you’ve probably encountered the challenges of today’s seller’s market. That’s why today, Team Gabriel is here to share six valuable suggestions to help boost your chances of getting your bid accepted:
1. Consider contingency removal. In the heat of a bidding war, think about removing some of the typical contingencies associated with the home-buying process. These often include financing, inspections, and appraisal. To make your offer more enticing, consider pre-approving your loan before house-hunting. With a fully completed loan process, your offer becomes much more attractive to sellers, as there’s no loan contingency.
“Consider pre-approving your loan before house-hunting.”
2. Swift inspections. Speed is the name of the game when it comes to inspections. Adjust your inspection timeline to a shorter period to expedite the process. Alternatively, if the seller has already conducted inspections and the home is in excellent condition, you might opt to remove inspection contingencies. This can be a wise move for condominiums when the association is responsible for exterior maintenance.
3. Appraisal gap consideration. Explore financing options that help cover the appraisal gap. Some loan programs offer solutions for minimal expenses to bridge the gap in case the appraisal doesn’t meet the full value. If you have the funds available to cover this difference, it can be a very appealing contingency removal for sellers.
For more information or to receive our comprehensive tip report, don’t hesitate to reach out to Team Gabriel. You can give us a call at 860-618-6233 or send an email to team@teamgabriel.net. Visit our website at www.teamgabriel.net to explore further resources and discover how we can assist you throughout your real estate journey.
