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< About Buying Real Estate
Increase your chances of getting your dream house in a competitive housing
market, and lower your chances of losing out to another buyer.
- Get prequalified for a mortgage. You’ll be able to make a firm
commitment to buy and your offer will be more desirable to the seller.
- Stay in close contact with your real estate agent to find out about the
newest listings. Be ready to see a house as soon as it goes on the market —
if it’s a great home, it will go fast.
- Scout out new listings yourself. Look at Web sites such as
this one, browse your local newspaper’s real estate section, and drive
through the neighborhood to spot For Sale signs. If you see a home you like,
write down the address and the name of the listing agent. Your real estate
agent will schedule a showing.
- Be ready to make a decision. Spend a lot of time in advance
deciding what you must have in a home so you won’t be unsure when you have
the chance to make an offer.
- Bid competitively. You may not want to start out offering the
absolute highest price you can afford, but don’t go too low to get a deal.
In a tight market, you’ll lose out.
- 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.
- Don’t get caught in a buying frenzy. Just because there’s
competition doesn’t mean you should just buy it. And even though you want
to make your offer attractive, don’t neglect inspections that help ensure
that your house is sound.
< About Buying Real Estate
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