Get Ready for Multiple Offers

appraisal inspectionWith this historically low inventory, most houses that go on the market have a lot of buyers competing to buy. You’re probably not going to be the only one who is making an offer on the house that you want. As a buyer, you need to be ready, increasing the chances that your offer is the one accepted. Here’s how to get ready…

Get Pre-Approved. Before you start your home search, you need to be pre-approved for a loan. This means that your lending institution has formally told you the amount of money that they are willing to lend you. Remember, being pre-qualified is not the same as pre-approval. Read the difference between pre-qualification and pre-approval here.

Get a Buyer’s Agent. The average person only buys five houses in a lifetime. A buyer’s agent brings needed experience to the bargaining table. Having someone who regularly makes offers on homes is invaluable in crafting an offer that will stand out from the competition.

Get Prepared to Offer More. The buyer who offers the most money is usually the one accepted, and very often that offer is above the listing price. Because of this, when you start looking for a home, it’s a good idea to not look at home in the upper range of your pre-approval amount. You may need that extra capital to make the most attractive offer.

Alamance County continues to have the extremely low home inventory. Right now there are less than 400 homes on the market, less than half what is usually available. Get ready now to make an offer that will get you into the home that you want. Give us a call today. We’re ready to help you.