If you’re ready to find homes for sale in Oconomowoc or the Lake Country area, raise your chances of getting the home that you really want by following these tips. It has been a competitive housing market for homes in the Oconomowoc Area priced below $350,000 due to low inventory. These tips can help you win a bidding war on a great home in a hot housing market.
- Get pre-approved for a loan and obtain a pre-approval letter. Once you are pre-approved for a loan, request a pre-approval letter from your lender. This letter can accompany your offer to purchase to show a Seller you are a serious home buyer.
- Make an all cash offer. If you can afford to do so, your all cash offer can give you a competitive advantage over other buyers bidding on the home. These types of offers are attractive to Sellers because it can speed up closing and prevents the sale from being contingent on financing.
- Submit a clean offer. Limit the number contingencies in your offer to purchase as they can turn a Seller off when reviewing your offer. Avoid too many requests for the Seller such as paying your closing costs or buying you a home warranty. You could miss out on a home you love due to these small requests, if the Seller decides to entertain better offers over yours.
- Consider selling beforehand. In today’s market, it can be difficult to compete with other buyers if you submit an offer that is contingent on the sale of your current home. This contingency can concern Sellers due to the uncertainty it causes for the sale of their home. If your offer is contingent on the sale of your current home, a bump clause allows the Seller to accept your offer but continue to receive offers from other buyers. If the other buyer does not have the same contingency, the Seller can bump your offer requiring you to waive the contingency or allow them to accept the secondary offer.
- Act quickly. Try to see the home right away so you can make an offer quickly and be first in line. This may help kickstart the negotiating process for the Seller to make a counter offer to you before they start receiving other offers.
- Personalize your offer. Writing a short letter to the Seller can help personalize your offer and make you more memorable. You could introduce your family, describe what you love about the home, and why the neighborhood would be a perfect fit for you.
- Be flexible on closing. In a hot real estate market, a Seller may receive offers on their home soon after being listed. Extending the courtesy of pushing back a closing date or offering the Seller the option to rent back may provide them with a sense of relief, and make your offer more favorable. If the home is vacant, the Seller may want to close quickly, so proposing to close faster could make your offer more appealing to them.
- Work with a local Realtor. A local realtor will know the area well and be knowledgeable about what neighborhoods would be a great fit for you and your family. This can help you prioritize what homes to look at first, enabling you to act quickly on a home you really like. Another perk about working with a local realtor is their established relationship with other realtors in the area. These other local realtors may divulge information about upcoming listings they are aware of.
By following these tips, you can increase your chances of beating out the competition when bidding on a home in a tight housing market. First and foremost, make sure you are working with a realtor that you can trust and who will give you good advice.
If you’re looking to find a realtor in Oconomowoc, contact Oconomowoc Realty. Our team of realtors have extensive knowledge and experience in real estate contracts and strong contract negotiating skills. Learn what others have to say about working with us by visiting our Testimonials page.
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