Discover the 4 ‘Secrets’ to solving this problem in today’s hot real estate market.
When there is a lack of inventory of homes for sale, it is not unusual to see intense bidding wars for homes. But rather than get enthralled in a competition that drives up the price of a home, why not look for other solutions? With over two decades in the real estate industry as a lender, I’ve seen a lot of useful and creative ways to get into a new home. Below are four of my favorites when trying to look for a home in a Hot Real Estate Market:
While many sellers will be focused on the bottom line, don’t forget that selling a home can be an emotional (even traumatic) event for a seller. That’s why it is good to appeal to their emotions. There is nothing wrong with handwriting a very personal letter addressed to the seller telling them about yourself and/or your family and all of the reasons why you would like to take “stewardship” of their home. You will be surprised at how well this works. I have even seen this strategy get offers accepted BELOW other offers that were higher.
Get Your Lender Involved!! In a competitive environment, you need all the advantages you can get. I have buyers whose offers were accepted in front of others simply because the listing agent knew and trusted our ability to get their buyers to the closing table. In addition, there are innovative programs (like our FAST AS CASH CLOSING) that may allow you to be as competitive as even the best cash offer.
Can’t find the perfect home with all of the features you are looking for? Sometimes looking at a home that needs renovation or updates can be a turn off to other buyers but a great opportunity for you. Our Re-Hab Loans can provide a perfect opportunity to help you find a diamond in the rough. We offer a very flexible Re-Hab loan with as little as 5% down – this is a sure way to get EXACTLY what you are looking for in a new home.
This is my favorite! If you want to avoid all the other buyers competing in a hot market….take the road less traveled. Look at homes not on the market or not listed! That’s right! There is nothing wrong with driving around the area you would like to live in and identifying potential homes that you would be interested in, and then simply asking your real estate agent to approach the seller to let them know you are interested in buying their home. You will be amazed at the potential success that you may encounter!