As you know the current real estate market is extremely challenging for buyers. The limited number of properties available for sale coupled with very strong demand are creating a market that favors sellers. It’s still possible to buy your dream home without getting into a crippling biding war but you have to be ready, be prepared and know what it takes to close the deal.
In this article we’ll show a couple of things that will help you secure your dream home.
1. Pre-Qual/Proof-of-Funds Letter
A “pre-qual letter” or “proof of funds” is needed to make an offer in any market but it’s crucial in current conditions. if you are buying a home for cash the seller will need to see “proof of funds” in order to consider you offer. If you are planning on financing your home you’ll need a solid “pre-qual” letter. Our finance specialists will be able to get you one after a brief telephone conversation
In a slow market buyers usually interview lawyers after the offer has been accepted and pick the one with which they feel most comfortable very often an acquaintance or a friend of a friend . Current conditions demand something different! In this market you have no time for all that . In this market you need to have your attorney picked out already before you make an offer and he/she has to be an honest to goodness Real Estate Attorney with lots of local experience.
This is no time to do a favor to your friend’s friend who “mostly handles DUI’s but also does Real Estate on the side” two counties away!
If you pick the wrong lawyer chances are good that you’ll quickly spend your weekends searching for properties…again. Your lawyer needs to be able to get your property in and out of “attorney review” as soon as possible if not sooner or you may lose the property to a higher bidder.
So after you’ve gotten you pre-qual letter and you picked out your attorney then what? How do you secure a winning bid? We’ll get to that in a second but first I just want to point out how strong demand is for quality properties.
In 2013 there were 730 MLS listed properties sold in Downtown Jersey City, of those 305 sold at the offer price or higher! In Hoboken, 412 of 931 condos sold in 2013 sold at the offering price or higher!
What does that mean? It means that over 40% of the properties sold were sold at the price that the sellers were asking and many sold for an even higher price. And I think I know what you’re thinking, what about the other 60% ? I have to tell you that even though those properties sold for less than the offering price most of them did in fact get multiple offers!
So does that mean that you’ll have to get into a debilitating bidding war to get your dream home?
No, not necessarily!
Of course you’ll have to make a strong, serious offer but keep in mind that the “BEST BID” is not always the highest bid!
At Exit Realty we’ve marshaled our international resources, working closely with our legal advisers, and came up with a series of techniques that have yielded some very impressive results. Clients were able to secure winning bids on properties without necessarily having the highest bid!
For obvious reasons we’re not going to disclose these valuable strategies here but if you are considering buying a property you need to know this!
Simply fill out the form bellow and we’ll be very happy to share them you in a private consultation!
You’ve worked hard to find the right home, don’t let it slip away in a bidding war! Fill out the form below and we’ll help you get the home you’ve been dreaming about!
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