Timing is Everything in a Multiple-Offer Market

Guest post and photo courtesy Melinda Schnare

If you are looking for a home in this market, know what you want and where, and be prepared to weigh any number of contingencies or offerings to put your offer in a competitive position and get the home you just fell in love with.

This is a multiple-offer market. The number of available homes are fewer than last year. And the homes that are nice can go in a snap. It’s doable, if you are prepared. Here are a few tips:

• Be prequalified by a mortgage lender. It takes very little time. Speak with a loan officer who will ask you to submit financial information. Within a day or two, they should be able to provide you with the ceiling you are approved for and an estimate of what that monthly payment would be. A prequalification letter is required to accompany any offer you make. They are normally good for 90 days.
• Have a good down payment. 
• Use reputable professionals for every aspect of your purchase. Your real estate agent can provide names of licensed contractors to perform inspections. Ensure the settlement company you select is buttoned up and reputable.
• Be committed to your search and be ready to fly out the door to meet your realtor if a home comes on the market that gets your attention. Don’t necessarily wait until open houses.

We often see offers presented on Tuesdays after an open house. You need the time to think, “Is this the home I want?”

You also need to know if the home is in good shape. In multiple-offer situations, we’re seeing many pre-contract inspections taking place, enabling buyers an opportunity to waive the home inspection contingency, thereby making their offer more attractive.

Good luck out there. And have fun.

Melinda Schnare is a real estate agent with RLAH Real Estate.