What's a Buyer To Do?
March 6, 2013
The inventory of residential real estate for sale continues to shrink. The tales that agent are telling about the number of offers they have written for a potential buyer increases. As I posted yesterday buyers and their agents are frustrated. So.....what's a buyer to do?
I cannot reiterate enough that a serious buyer in today's real estate marketplace MUST select a lender and do what ever is required to get a pre approval. That means making aloan application, paying for the crdit check, providing copies of bank statements and tax forms and whatever other documentation the loan agent requests in order to approve a loan for you. The pre approval letter is strongest when the only issue remaining is the appraisal.
It was once the case that submitting an offer as soon as possible when a property came on the market gave a buyer an advantage; i.e. having your offer accepted before other offers came in. No longer does this seem to be an advantage. Listing agents are waiting days, if not weeks, before the seller responds to the offers. It seems like they enjoy collecting as many offers as possible. This can give both the agent and the seller bragging rights as to how many folks wanted the property.
So....what's a buyer to do? The first step - the pre approval letter. The second step is to find the property that that meets your lifestyle and needs and that is located where you want to live. Then write the highest and best offer you possibly can qualify for and make it as straightforward an offer as fits your comfort zone. Unfortunately, this is not a market that gives buyers negotiating room.
The inventory of residential real estate for sale continues to shrink. The tales that agent are telling about the number of offers they have written for a potential buyer increases. As I posted yesterday buyers and their agents are frustrated. So.....what's a buyer to do?
I cannot reiterate enough that a serious buyer in today's real estate marketplace MUST select a lender and do what ever is required to get a pre approval. That means making aloan application, paying for the crdit check, providing copies of bank statements and tax forms and whatever other documentation the loan agent requests in order to approve a loan for you. The pre approval letter is strongest when the only issue remaining is the appraisal.
It was once the case that submitting an offer as soon as possible when a property came on the market gave a buyer an advantage; i.e. having your offer accepted before other offers came in. No longer does this seem to be an advantage. Listing agents are waiting days, if not weeks, before the seller responds to the offers. It seems like they enjoy collecting as many offers as possible. This can give both the agent and the seller bragging rights as to how many folks wanted the property.
So....what's a buyer to do? The first step - the pre approval letter. The second step is to find the property that that meets your lifestyle and needs and that is located where you want to live. Then write the highest and best offer you possibly can qualify for and make it as straightforward an offer as fits your comfort zone. Unfortunately, this is not a market that gives buyers negotiating room.
posted by shirley harry at 8:32 AM
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