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You finally found the house of your dreams! It is priced right and is receiving a lot of attention from other buyers. You don’t want to miss this opportunity so you are ready to put in an offer with the real estate agent immediately. What can you do to guarantee your offer is the one accepted?
Financially, offers can be broken down into three categories: 1. An All-Cash Offer: Obviously, a cash buyer is always favored by any seller. In today’s real estate market, an all-cash offer is even more enticing. Last month, one in four real estate transactions were impacted by a low appraisal. An all-cash buyer eliminates the need for the bank appraisal.
2. A Non-Contigency Offer: If you don’t have the cash for an all-cash purchase, the next best thing would be to make a non-contingency offer. To do this you should be already pre-approved for a mortgage. This gives the seller the confidence that you are already a qualified buyer who will be able to complete the purchase.
3. A Contingency Offer: Some buyers start the process of looking for a new home before talking with a lender to see what price range and payment they can qualify for. This could be a big mistake. If you find the home you were hoping for (perfect for your family AND priced right), it will be very difficult to get your offer accepted because you don't know whether or not you are actually qualified to buy the perfect home. Most likely, one of the reasons you would want the home is because the seller priced the home at a value to sell it NOW. They want to know it is sold when they accept an offer. So generally, sellers will not entertain a contingency offer, especially if they have other offers on the table. So...unless you have the ability to purchase with cash (and if so...good for you!), the best thing to do is to be pre-approved for a mortgage and before looking for the home of your dreams. That guarantees you will get the home you love at a price that makes sense. The good news? You can do that right now. Click the link to the left to download the application and submit it online. One of our expert Mortgage Consultants will contact you within one business day. OR, if you'd like to chat with one of our Mortgage Consultants FIRST...call us directly at 336 855-5715. Dial 301 for Mike, 303 for Cheryl, 305 for Dail, or 308 for Penny. We look forward to the opportunity to be part of this exciting process. Information taken from KCM.
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