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Tips for Buying in a Tight Market
Increase your chances of getting your dream house instead of losing it to
another buyer, with these easy steps.
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Get pre-qualified for a mortgage. In this
way, you’ll be able to make a firm commitment to buy and make your offer
more desirable to the seller.
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Stay in close touch with your real estate
sales associate to find out first about new listings that come on the
market. And be ready to go see a house as soon as it goes on the market.
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Scout out new listings yourself. Look at
Internet sites, newspaper ads, and drive by the neighborhood frequently.
Maybe you’ll see a brand-new “for sale” sign before anyone else.
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Be ready to make a decision. Spend lots of
time in advance deciding what you must have so you won’t be unsure when you
have the chance to make an offer.
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Bid competitively. You may not want to
start out offering the absolutely highest price you can afford, but don’t
try to go to low and get a deal. In a tight market, you’ll lose out.
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Keep contingencies to a minimum.
Restrictions such as needing to sell your home before you move or wanting to
delay the closing until a certain date can make your offer unappealing. In a
tight market, you’ll probably be able to sell your house rapidly. Or talk to
your lender about getting a bridge loan to cover both mortgages for a short
period.
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Don’t get caught in a buying frenzy. Just
because there’s competition doesn’t mean you should just buy anything. And
even though you want to make your offer attractive, don’t neglect
inspections that help ensure that your house is sound.
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