How to be a SUCCESSFUL buyer in a CRAZY HOT market
HOW TO BE A SUCCESSFUL BUYER IN A CRAZY HOT MARKET
Seattle real estate is hot. A lot of markets are hot. HOW can you possibly get into a house, when the market is going 100 miles per hour and competition is fierce. Good news, there's a way. I go through 5 KEY ways that YOU can be a successful buyer in a hot market.
HAVE A GOOD LENDER
- This has to be one of the most important boxes to cover. You want a good mortgage broker and a good lending team.
- It's important that you choose a lending avenue that has a track record of closing similar loans like yours and closing them ON TIME.
- Shop around a bit or ask your realtor. If you're in Seattle, I recommend Chris Lord of Caliber Home Loans.
- Another tip for this is to get pre underwritten - this will shrink your closing time significantly as it essentially get's you started on the underwriting process before you even go mutual.
ACT FAST AND BE READY TO MOVE QUICKLY
- This means seeing the house the same day or next day.
- A lot of these houses have "offer review dates" where they review dates on a specific date. You don't want to wait until the open house to see it.
- Make the decision early on if it's something you're considering as it gives the lender AND your realtor PLENTY of time to craft an offer to the sellers liking.
- Personally, I build a relationship with the selling agent to get them on our side and have them WANT to work with us!
HAVE A GOOD REALTOR ON YOUR SIDE
You don't want a realtor that's going to just be there to write offers.
Choose a FULL TIME realtor that has a track record of winning bidding wars and has strategies that WORK.
It may make sense to interview a few realtors to see who you like and also ask them about their business and strategies.
UNDERSTAND CONTINGENCIES AND LIMIT THEM
Common contingencies include Inspection, Financing, and Title contingency.
If you have these in your offer in a competitive situation, it's not likely to be considered.
So how can you waive these with confidence? Make sure you have a good team with YOUR best interest.
PREPARE FOR A BIDDING WAR
The Seattle market is the #1 market with the most bidding wars.
If you're searching and your top end is $800,000, search BELOW that, in anticipation of a bidding war.
This all comes back to having a good team on your side.
HAVE A GOOD REALTOR
The title contingency ensures that you're buying the home FREE and CLEAR of any encumbrances and proves that they're the legal seller.
So, how do you waive this? Simply have your realtor reach out to their title rep, to see if there are any "red flags" that they notice. Or if preliminary title is ordered, you can review that as well.
Are you thinking about starting your home buying journey? Reach out, we can help you.