If you're thinking about buying a house this spring/summer in Charlotte there's a good chance that you may have to deal with a multiple offer situation on the house you want.
Here are some tips to help you put together your best offer and be the "winner".
1. Don't get too Invested
Finding out that you lost the house you loved and '
had to have' because the seller accepted another offer - yes that's disappointing.
I recommend that everyone be cautious about falling too much in love with your 'dream house' before your offer has been accepted.
I know it's hard but if you stay calm and realistic you are less likely to make a mistake - for example over-paying.
2. Educate yourself
It's never too early to start looking at "For Sale" listings and getting an idea of how much you can get for your money in various neighborhoods.
Research your preferred subdivisions and then look further afield to see what else is out there which offers very similar benefits.
3. Hire a Realtor
There is no downside to having a buyer's agent working for you. Commissions are generally covered by the seller but your agent represents YOU.
A good professional will help you to write the strongest offer possible and will understand all the factors which might lead to your success.
4. Get Prequalified
Without a pre-qualification letter from your lender you will not almost certainly be unsuccessful in a multiple offer situation.
Talk to some lenders early - find out what you can borrow and who you want to work with before you start looking at houses.
5. Plan your Move
If you have a house to sell or you're locked into a lease then you will need to consider how that will factor into your purchase. An offer which is contingent on a sale will not be as strong as one that isn't.
You may want to explore selling your current home and even moving into temporary accommodation so that you are in a stronger position when you make an offer on your new place.
Price is not the only factor a seller will consider in deciding which offer to accept - timeframe can also be a key component in their decision making.
6. Don't Leave Anything on the Table
If you make an offer on a property in a popular neighborhood make sure you make your strongest offer.
Often sellers will come back to the pool of buyers and ask for "Highest and Best" offers. However it's important to know that
they don't have to so if you don't submit your best offer at the start you may lose out.
Think about the financials and the relevant dates - a quick close or a short due diligence period may also be attractive to the sellers.
6. Put your Best Foot Forward
You may want to consider writing the seller a letter to accompany your offer - telling them how much you love their house and why you think you would be the right buyer.
These personal touches can be a factor particularly when there are several quite similar offers.
7. Be Ready to Move on
Don't stop looking when you make an offer. Stay aware of what other properties are coming to market so that if you are unsuccessful you can put your efforts into the next opportunity.
Thinking about Buying, Need Guidance?
Call/Email/Text - Any Time!
Louise Norton
704 408 0733
louise@charlotteandthelake.com
PO Box 481487, Charlotte NC 28269
