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You'll enjoy a huge advantage over other prospective buyers if you've gotten yourself pre-approved for a loan before you even start your home search. Our office has the latest information available on virtually every type of home loan.
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Be Prepared
Get Pre-Approved in Competitive Markets
Bidding wars often erupt in markets with tight inventories of "dream homes," and time-strapped buyers are willing to pay much more than the listing price to land a property that needs little work. Because time is of the essence, buyers who are not preapproved for financing or whose contracts are peppered with contingencies are generally brushed aside.
To give themselves a competitive edge, buyers should be preapproved and present such documentation to the sellers. Moreover, they should let the sellers know how much they want the property, especially since the buyer's interest and commitment are often key factors in choosing the winning bidder. Buyers should also respond quickly to questions and to counteroffers.
It is also a good idea for buyers in competitive markets to hire an agent to negotiate for them. After informing the real estate professional of their desire to make the purchase and how far they will go to close the deal, the agent will devise a strategy to help them do so. |
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