Sellers Market
Read the paper, ask a friend, listen to your neighbors and you will hear it is a seller’s market these days. This entails competition the day a property comes on the market with multiple offer. What is a buyer to do in this day and age? Write a letter and make a strong offer. Check out the cover of today’s $mart section in the Denver Post and you will see an article describing just that. Of course, the photo with palm trees in the background is not Denver or Boulder.
Buyer Prep
What is a buyer to do in today’s market? Be prepared. Prep is the hardest part of any job and the one that will pay off the most when you are ready to purchase your new home. Many buyers use mortgages to purchase their home. And with rates under four percent, it makes sense to borrow. As part of the process, buyers frequently line up a mortgage banker or two and based upon a very cursory review, will get “pre-approved” for a home loan. In a buyer’s or neutral market this can work out very well. Once the contract is signed, the buyer finalizes the financing and purchases the home.
In today’s Seller’s market, buyers utilizing a home mortgage are competing with cash offers and multiple bids. A Pre-Approval letter isn’t enough. Buyers should be prepared and consider working through the complete approval process with their lender to their maximum ability. Now their offer is only contingent upon a successful appraisal. The mortgage buyer is as strong as the cash buyer.
Home Buyer Love Letter
Writing a letter is of course a good idea. Why not let the seller know how much you will treasure and love the house. You can leave off the part about remodeling, replacing the outdated appliances and off color paint choices. Let’s be honest – sellers want to sell and being prepared gives you the best opportunity to purchase the home of your dreams.
About The Author
I’m Bob Gordon. My crazy goal? Blog every day for a year. This month I also sold my personal residence and am in the midst of a move to our new house. Thank you for reading my blog. Search for property, read more posts, leave me a message.