lack some basic features that the housing markets consider essential? • Don't expect the price to lower after inspections. Repairs after the inspections will likely not cost the seller millions. 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 the terms and realize all the liabilities before you sign any documents. Once you sign the contract, there's no way to make amendments without renegotiating and signing a new one.
ARE THERE MULTIPLE OFFERS? FFERS?
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 offer. They may also work with one potential buyer and only send counteroffers to them. You, as a buyer, won't know! The best way to win in a multiple-offer situation is to bring your best and final offer first. Don’t expect to get a counteroffer. If a seller gets ten or more offers, he or she will just choose the best one. So, try to make your offer as attractive as possible. Attach a pre-approval for the mortgage, and let the seller know your financial options – for example if you plan to put down a 20% down payment, let them know. Some mortgage conditions and funding programs are more attractive and may influence the seller's decision. Depending on how hot the seller’s market is, bid the asking price or at least close to it. Again, in 2020/2021, people offered more than asking price in their first offer. There isn't much sense in offering significantly less if you’re in a seller's market. It would be helpful to review your contingencies list. The fewer 42
Powered by FlippingBook