5 Tips to Win Your Bid in a Tight Housing Market by Cheryl Grant
Grand Rapids, MI (PRWEB) April 17, 2014 -- With experience and incisive negotiating skills, Cheryl Grant prepares her buyers for success in a tight housing market. These tips from Cheryl will help get buyers ready to win before setting foot in their first showing.
"It’s heartbreaking when I’m working with clients who find their perfect home but lose out to a competing offer because they didn’t act fast enough, or aggressively enough, for the current market conditions."
The current local housing shortage (worst in five years) is making it critical that every step in making an offer on your dream home is executed flawlessly, which is why a savvy buyer needs an accredited buyer’s representative in their court who will prepare them for what’s ahead.
TOP FIVE BUYER'S TIPS IN A TIGHT HOUSING MARKET by Cheryl Grant
1. GET PRE-APPROVED - NOT PRE-QUALIFIED - FOR A MORTGAGE
Many people are unclear on the distinction between pre-qualification and pre-approval, but in this market the difference can make or break your offer.
Pre-qualification is the initial step in the mortgage process where you supply a bank or lender with your overall financial picture.
Pre-approval, on the other hand, is a step further, and includes completing an official mortgage application and having the lender perform an extensive check on your financial background. Once you’re pre-approved, the lender is ready to make you a loan and you're more attractive to a seller.
Some listing agents won’t even accept an offer right now unless the clients are pre-approved. That’s reasonable in a market where homes are moving as fast as they’re listing.
2. BE PRO-ACTIVE IN YOUR SEARCH & READY FOR ACTION
Once you’ve received a firm mortgage pre-approval from your lender, you’re ready to look at homes. Be ready to see a new listing as soon as it goes on the market - if it’s a great home, it will go fast.
3. BE READY TO MAKE A DECISION
You’ll be more successful in getting what you want if you’ve first fully discussed the criteria that makes a home right for you, and you are ready to act swiftly and decisively.
4. BID COMPETITIVELY
You may not want to start out offering the absolute highest price you can afford, but don’t go too low to get a deal. In a tight market, you’ll lose out. This is where your agent has your back.
5. KEEP CONTINGENCIES TO A MINIMUM
Nothing kills a deal faster than a long list of conditions, so do everything in your power to minimize these.
Get more on detail on these tips at http://www.grandrapidsrealestatebycherylgrant.com/about/win-bid-tight-market/.
Follow them and you’ll beat out the competition when bidding on your dream home in a tight market. First and foremost, make certain you’re working with an accredited buyer’s agent whom you trust and whose advice you will follow.
Cheryl Grant, Cheryl Grant, +1 6163562545 Ext: 10, [email protected]
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