house in 2, 5, or 10 years. Will it be possible, or does it 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. Repairs after the inspections will not, most likely, cost the seller millions. • 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 and signing a new one.
WHAT IF THERE ARE MULTIPLE OFFER TIPLE 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 offer. They may also choose to work with one potential buyer and only send counteroffers to them. You, as a buyer, won’t know (unless they tell us). The best way to protect yourself from multiple offers is to make your offer better than the others. Receiving a pre-approval for the mortgage before you begin house hunting 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% instead of 3.5%. Some mortgage conditions and funding programs are more attractive than others to some sellers and that may influence the seller’s decision.
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