|Home buyers are finding themselves in a seller's market. More often than not, buyers are reporting bidding wars.
How can you improve your odds of winning?
It may take more than just offering more than the asking price. Here are some ways to enhance your chances:
- Get a strong pre-approval letter. Better yet, get a DU Approval Letter (Desk Top Underwritten Approval Letter). This is considered a must-have because it proves you can close the deal. Ideally, a comprehensive review of all your financial documentation and credit before you make an offer.
- Be prepared to act quickly. Bidding early can often be just as important as offering the right price. Settle on the type of home and the location they want so they'll be ready when a property is available.
- Understand home price vs payment. You could lose the house you really want if you won't budge over a certain price. But price is only one factor in your payment. Spending a little more may make only a small difference in your monthly payment.
- Consider full price of ownership. If the home your bidding on is newly built or renovated, you may spend less in maintenance or utility costs. The savings could offset a higher monthly payment.
We will help you be as prepared as possible to win the bid on the house you love.
Give us a call and we can direct you to a qualified lender to assist with your approval letter and get you into the home of your dreams.