lack some basic features that the housing markets consider essential? • Don’t expect the price to lower after inspections. Bid lower than you can pay, and make your final offer with the most comfortable price you can afford. • Sign cautiously. Make sure you acknowledge all terms and realize all liabilities before you sign any documents. Once you sign the contract, there’s no way to make amendments without renegotiating.
WHAT IF THERE ARE MULTIPLE OFFERS?
In a seller’s market, you’ll probably have competition for the house you wish to buy. Sellers might be considering several offers at the same time. They will make their decision based on the best overall offer. The best way to protect yourself in a multiple offer situation is to make your offer better than the others. Receiving a preapproval rather than a prequalification for the mortgage will be a good start to becoming the seller’s top choice. Also, let the seller know the financial options you have, for example, if you plan to put down 20%, can pay cash, etc. Some mortgage conditions and funding programs are more attractive and may influence the seller’s decision. In a seller’s market, bid close to or over the listing price. There isn’t much sense in offering significantly less in this type of market. Doing this will save you time on the ongoing counteroffer process. It would be helpful to review your contingencies list. The fewer clauses you have, the more attractive your offer will be to the seller. However, it’s recommended not to remove the home inspection. That would mean the seller wouldn’t be liable for any 54
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